Document:

NYU-Regulus License Agreement

 Exhibit 10.29 
 ***Text Omitted and Filed Separately 
 with the Securities and Exchange
Commission. 
 Confidential Treatment Requested 
 Under 17 C.F.R. Sections 200.80(b)(4) 
 and 230.406 

NYU-REGULUS 

LICENSE AGREEMENT 
 This Agreement, effective as of March 28, 2011 (the “Effective Date”), is by and between: 
 NEW YORK UNIVERSITY (hereinafter “NYU”), a corporation organized and existing under the laws of the State of New York and having a place of business at 70 Washington Square South, New York, New
York 10012 
 AND 
 Regulus Therapeutics Inc. (hereinafter “CORPORATION”), a corporation organized and existing under the laws of the State of Delaware having its principal office at 3545 John Hopkins Ct., San
Diego, CA 92121-1121. 
 RECITALS 
 WHEREAS, Dr. Kathryn Moore and Dr. Carlos Fernandez-Hernando of NYU (hereinafter “the NYU Scientists”) have made certain inventions relating to microRNA 33, metabolic disorders, and
atherosclerosis, all as more particularly described in U.S. patent applications US provisional patent application number [...***...], filed [...***...], and US provisional patent application number [...***...], filed
[...***...], both titled “[...***...]” owned by NYU (hereinafter “the Pre-Existing Patent Applications”); 
 WHEREAS, subject to the terms and conditions hereinafter set forth, NYU is willing to grant to CORPORATION and CORPORATION is willing to accept from NYU the License (as hereinafter defined); 

NOW, THEREFORE, in consideration of the mutual promises and agreements contained herein, the parties hereto hereby agree as follows:

 1. Definitions. 
 1.01. “Affiliate” shall mean any company or other legal entity which controls, or is controlled by, or is under common control with, CORPORATION; control means the holding of twenty five and one
tenth percent (25.1 %) or more of (i) the capital and/or (ii) the voting rights and/or (iii) the right to elect or appoint directors. 
 1.02. “Calendar Year” shall mean any consecutive period of twelve months commencing on the first day of January of any year. 

1.03. “Date of First Commercial Sale” shall mean the date on which a Licensed Product is first offered for sale by CORPORATION
or an Affiliate or sublicensee of CORPORATION. 

  
 1. 

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 1.04. “Dominant Patent” shall mean a patent CORPORATION would be required to
license to practice the Therapeutic Claims in the NYU Patents. 
 1.05. “Field” shall mean the prophylactic or
therapeutic reduction of microRNA 33 levels or activity for the treatment or prevention of metabolic disorders or atherosclerotic plaque in humans. 
 1.06. “License” shall mean the exclusive worldwide license to practice the NYU Patents (as hereinafter defined) for the development, manufacture, use and sale of the Licensed Products (as
hereinafter defined) in the Field. 
 1.07. “Licensed Products” shall mean all products in-the Field, covered by a
claim of any unexpired NYU Patent (as hereinafter defined) which has not been disclaimed or held invalid by a court of competent jurisdiction from which no appeal can be taken. 

1.08. “Net Sales” shall mean the total amount invoiced in connection with sales of the Licensed Products to any person or
entity that is not an Affiliate or a sublicensee of CORPORATION under the License, after deduction of all the following to the extent applicable to such sales; 
  

	 	i)	all trade, case and quantity credits, discounts, refunds or rebates; 

  

	 	ii)	allowances or credits for returns; 

  

	 	iii)	sales taxes (including value-added tax); 

provided that such deductions do not in the aggregate exceed five percent (5%) of such sales. 

1.09. “NYU Patents” shall mean the Pre-Existing Patent Applications, and any non-provisional or foreign patent applications
claiming priority thereto, and any divisions, continuations, and continuations-in-part thereof, and any patents issuing thereon, and any reissues, renewals and extensions thereof. 

1.10. “Therapeutic Claims” shall mean any claims on a method of treating or preventing a disease or a composition of matter of
a therapeutic or prophylactic product contained in the NYU Patents. 
 2. Effective Date. 

This Agreement shall be effective as of the Effective Date and shall remain in full force and effect until it expires or is terminated in
accordance with Section 13 hereof. 
 3. Title. 
 3.01. Subject to the License granted to CORPORATION hereunder, it is hereby agreed that all right, title and interest, in and to the NYU Patents, shall vest solely in NYU. 

  
 2. 

 3.02. For so long as each NYU Scientist is employed by NYU, any and all inventions made by
such NYU Scientist and relating to the Field shall be owned solely by NYU. 
 4. Patents and Patent Applications. 

4.01. Upon the issuance of any Therapeutic Claims of an NYU Patent, CORPORATION shall pay NYU a one-time, non-refundable, non-creditable
license fee of twenty five thousand dollars ($25,000). 
 4.02. At the initiative of CORPORATION or NYU, the parties shall
consult with each other regarding the prosecution of all patent applications within the NYU Patents. Such patent applications shall be filed, prosecuted and maintained by a Law firm jointly selected by NYU and CORPORATION. Copies of all such patent
applications and patent office actions shall be forwarded to each of NYU and CORRORATION. NYU and CORPORATION shall each also have the right to have such patent applications and patent office actions independently reviewed by other patent counsel
separately retained by NYU or CORPORATION and at such party’s expense, upon prior notice to and consent of the other party, which consent shall not unreasonably be withheld. 

4.03. All applications and proceedings with respect to the NYU Patents shall be filed, prosecuted and maintained by NYU at the expense of
CORPORATION. Against the submission of invoices, CORPORATION shall reimburse NYU for all reasonable costs and fees incurred by NYU during the term of this Agreement, in connection with the work authorized by the parties pertaining to the filing,
maintenance, prosecution, protection and the like of the NYU Patents. 
 4.04. If at any time during the term of this Agreement,
CORPORATION decides that it is undesirable, as to one or more countries, to prosecute or maintain any patents or patent applications within the NYU Patents, it shall give prompt written notice thereof to NYU, and upon receipt of such notice
CORPORATION shall be released from its obligations to bear all of the expenses to be incurred thereafter as to such countries in conjunction with such patent(s) or patent application(s) and such patent(s) or application(s) shall be deleted from the
NYU Patents and NYU shall be free to grant rights in and to the NYU Patents in such countries to third parties, without further notice or obligation to CORPORATION, and the CORPORATION shall have no rights whatsoever to exploit the NYU Patents in
such countries. 
 4.05. Nothing herein contained shall be deemed to be a warranty by NYU that 

i) NYU can or will be able to obtain any patent or patents on any patent application or applications in the NYU Patents or any portion
thereof, or that any of the NYU Patents will afford adequate or commercially worthwhile protection, or 
 ii) that the
manufacture, use, or sale of any element of the NYU Patents or any Licensed Product will not infringe any patent(s) of a third party. 

  
 3. 

 4.06. CORPORATION and any Affiliates and sublicensees of CORPORATION shall insure that they
apply patent markings that meet all requirements of U.S. law, 35 U.S.C. § 287, with respect to all Licensed Products. 
 5. Grant of
License. 
 5.01. Subject to the terms and conditions hereinafter set forth, NYU hereby grants to CORPORATION and
CORPORATION hereby accepts from NYU the License. 
 5.02. NYU reserves the right to use, and to permit other non-profit academic
institutions to use, the NYU Patents for educational and research purposes. 
 5.03. The parties acknowledge that the United
States government retains rights in intellectual property funded under any grant or similar contract with a Federal agency. The License is expressly subject to all applicable United States government rights, including, but not limited to, any
applicable requirement that products, which result from such intellectual property and are sold in the United States, must be substantially manufactured in the United, States. 
 5.04. The License granted to CORPORATION in Section 5.01 hereto shall commence upon the Effective Date and shall remain in force on a country-by-country basis, if not previously terminated under the
terms of this Agreement, until the expiration date of the last to expire of the NYU Patents in such country. CORPORATION shall inform NYU in writing of the Date of First Commercial Sale with respect to each Licensed Product in each country as soon
as practicable after the making of each such first commercial sale. 
 5.05. CORPORATION shall be entitled to grant sublicenses
under the License on terms and conditions in compliance and not inconsistent with the terms and conditions of this Agreement (except that the rate of royalty may be at higher rates than those set forth in this Agreement) (i) to an Affiliate or
(ii) to other third parties for consideration and in an arms-length transaction. All sublicenses shall only be granted by CORPORATION under a written agreement, a copy of which shall be provided by CORPORATION to NYU as soon as practicable
after the signing thereof. CORPORATION may redact the copy provided to NYU to remove confidential information so long as such redactions will not prevent NYU’s reasonable determination as to (i) whether such sublicense was entered into in
accordance with this Agreement, and (ii) the consideration due to NYU from such sublicense. Each sublicense granted by CORPORATION hereunder shall be subject and subordinate to the terms and conditions of this License Agreement and shall
contain (inter-alia) the following provisions: 
 (1) the sublicense shall expire automatically on the termination of the
License; 
 (2) the sublicense shall not be assignable, in whole or in part; 

  
 4. 

 (3) the sublicensee shall not grant further sublicenses; and 

(4) both during the term of the sublicense and thereafter the sublicensee shall agree to a confidentiality obligation similar to that
imposed on CORPORATION in Section 9 below, and that the sublicensee shall impose on its employees, both during the terms of their employment and thereafter, a similar undertaking of confidentiality; and 

(5) the sublicense agreement shall include the text of Sections 11 and 12 of this Agreement and shall state that NYU is an intended third
party beneficiary of such sublicense agreement for the purpose of enforcing such indemnification and insurance provisions. 
 6. Payments
for License. 
 6.01. In consideration for the grant and during the term of the License with respect to each Licensed
Product, CORPORATION shall pay to NYU: 
 (a) CORPORATION will pay to NYU a one-timer, non-creditable, nonrefundable license
issue fee of $25,000.00 within 45 days after full execution of this Agreement and presentation by NYU of an invoice for such amount; 
 (b) upon the achievement of the following technical milestones and the issuance of any Therapeutic Claim in an NYU Patent, with respect to each Licensed Product, provided that with respect to any
Therapeutic Claim which is a composition of matter claim, such composition of matter claim covers the Licensed Product achieving the technical milestone the payments as indicated below:· 

Milestone Payments 
  

			
	 i) [...***...]
	  	$[...***...]
	 ii) [...***...]
	  	$[...***...]
	 iii) [...***...]
	  	$[...***...]
	 [...***...]
	  	$[...***...]

 If a particular technical milestone is achieved before the issuance of a Therapeutic Claim, then the
milestone payment for such milestone will be made upon issuance of a Therapeutic Claim. If a Therapeutic Claim issues before a particular technical milestone, then the milestone payment for such milestone will be made upon achievement of such
technical milestone. 

  
 5. 

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 (c) a royalty of [...***...] percent ([...***...]%) of the Net Sales of
CORPORATION and each Affiliate and sublicensee of CORPORATION. If there is a Dominant Patent for miRNA 33 which cover a Licensed Product in a particular country, royalties on such Licensed Product shall be reduced to [...***...] percent
([...***...]%) in such country, during the period in which such dominant patent is in force. If no such dominating patent is in force, and CORPORATION is required to make royalty payments to a third party in order to manufacture, use or sell a
particular Licensed Product, then the amount of royalties due to NYU on such Licensed Product will be reduced by an amount equal to fifty percent (50%) of the royalty owed to such third party for such Licensed Product during the same period,
but such royalty shall not be reduced to less than [...***...] percent ([...***...]%) of the Net Sales of CORPORATION and each Affiliate and sublicensee of CORPORATION. 

(d) a percentage of any consideration, monetary or otherwise (not including, however, consideration received for royalties on net sales,
amounts representing the reimbursement of out-of—pocket costs and expenses for future research and development of Licensed Products under a written agreement including a research plan: and budget, or any equity investment by a Sublicensee in
the CORPORATION at fair market value), received by CORPORATION and allocated to a microRNA 33 program from a sublicensee of CORPORATION (not being a Affiliate) under the terms of, or as a consideration for the grant of, a sublicense of any rights or
for grant of an option to acquire such a sublicense as indicated below. Consideration received from a sublicensee shall be allocated equally among the bona fide microRNA programs included in such sublicense. 

 

			
	 Date Sublicense or Option to

Sublicense is Signed
	  	Percentage to NYU
	 [...***...]
	  	[...***...]%
	 [...***...]
	  	[...***...]%
	 [...***...]
	  	[...***...]%
	 [...***...]
	  	[...***...]%

 If, in order to manufacture, use or sell the Licensed Product, a sublicensee is required to either
license or sublicense other patents from CORPORATION, then the percentages above shall be reduced based upon the comparable values reasonably attributable to such other CORPORATION and/or CORPORATION licensed patents and the NYU Patents, provided
that such 

  
 6. 

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percentages shall be no less than [...***...] percent ([...***...]%) of the percentages above (i.e. [...***...]%, [...***...]%, [...***...]%, or [...***...]%
respectively). 
 6.02. For the purpose of computing the royalties due to NYU hereunder, the year shall be divided into four
parts ending on March 31, June 30, September 30, and December 31. Not later than sixty (60) days after each December, March, June, and September in each Calendar Year during the term of the License, CORPORATION
shall submit to NYU a full and detailed report of royalties or payments due NYU under the terms of this Agreement for the preceding quarter year (hereinafter “the Quarter-Year Report”), setting forth the Net Sales and/or lump sum payments
and all other payments or consideration from sublicensees upon which such royalties are computed and including at least · 

i) the quantity of Licensed Products used, sold, transferred or otherwise disposed of; 

ii) the selling price of each Licensed Product; 
 iii) the deductions permitted under subsection 1.08 hereof to arrive at Net Sales; and 
 iv) the royalty computations and subject of payment. 
 If no royalties or other payments are due,
a statement shall be sent to NYU stating such fact. Payment of the full amount of any royalties or other payments due to NYU for the preceding quarter year shall accompany each Quarter-Year Report on royalties and payments. CORPORATION shall keep
for a period of at least six (6) years after the date of entry, full, accurate and complete books and records consistent with sound business and accounting practices and in such form and in such detail as to enable the determination of the
amounts due to NYU from CORPORATION pursuant to the terms of this Agreement. 
 6.03. On reasonable notice and during regular
business hours, NYU or the authorized representative of NYU shall each have the right to inspect the books of accounts, records and other relevant documentation of CORPORATION or of Affiliate and the sublicensees of CORPORATION insofar as they
relate to the production, marketing and sale of the Licensed Products, in order to ascertain or verify the amount of royalties and other payments due to NYU hereunder, and the accuracy of the information provided to NYU in the aforementioned
reports. The cost of such inspection shall be borne by NYU, unless it is determined in such inspection that NYU has been underpaid in any period by more than five percent (5%) of the amount which NYU should have been paid, in which case the
cost of such inspection shall be reimbursed to NYU by CORPORATION. 
 7. Method of Payment. 

7.01. Royalties and other payments due to NYU hereunder shall be paid to NYU in United States dollars. Any such royalties on or other
payments relating to transactions in a foreign currency shall be converted into United States dollars based on the closing buying rate of the Morgan Guaranty Trust Company of New York applicable to transactions under exchange regulations for the
particular currency on 

  
 7. 

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the last business day of the accounting period for which such royalty or other payment is due. 
 7.02. CORPORATION shall be responsible for payment to NYU of all royalties due on sale, transfer or disposition of Licensed Products by each Affiliate and sublicensee of CORPORATION. 

7.03. Any amount payable hereunder by one of the parties to the other, which has not been paid by the date on which such payment is due,
shall bear interest from such date until the date on which such payment is made, at the rate of [...***...] percent ([...***...]%) per annum in excess of the prime rate prevailing at the Citibank, N.A., in New York, during the period of
arrears and such amount and the interest thereon may be set off against any amount due, whether in terms of this Agreement or otherwise, to the party in default by any non-defaulting party. 
 8. Development and Commercialization. 
 8.01. CORPORATION undertakes
to use reasonable diligence to carry out the Development Plan (annexed hereto as Appendix I and which is an integral part of this Agreement), including but not limited to, the performance of all efficacy, pharmaceutical, safety, toxicological and
clinical tests, trials and studies and all other activities necessary in order to obtain the approval of the FDA for the production, use and sale of the Licensed Products, all as set forth in the Development Plan and within all timetables set forth
therein. CORPORATION further undertakes to exercise due diligence and to employ its reasonable diligence to· obtain or to cause its sublicensees to obtain, the appropriate approvals of the health authorities for the production, use and sale
of the Licensed Products, in each of the other countries of the world in which CORPORATION or its sublicensees intend to produce, use, and/or sell Licensed Products. 
 8.02. Provided that applicable laws, rules and regulations require that the performance of the tests, trials, studies and other activities specified in Paragraph 8.01 above shall be carried out in
accordance with FDA Good Laboratory Practices and in a manner acceptable to the relevant health authorities, CORPORATION shall carry out such tests, trials, studies and other activities in accordance with FDA Good Laboratory Practices and in a
manner acceptable to the relevant health authorities. Furthermore, the Licensed Products shall be produced in accordance with FDA Good Manufacturing Practice (“GMP”) procedures in a facility which has been certified by the FDA as complying
with GMP, provided that applicable laws, rules and regulations so require. 
 8.03. CORPORATION undertakes to begin the regular
commercial production, use, and sale of the Licensed Products in good faith in accordance with the Development Plan and to continue diligently thereafter to commercialize the Licensed Products. 

  
 8. 

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 8.04. CORPORATION shall provide NYU with written reports on all activities and actions
undertaken by CORPORATION to develop and commercialize the Licensed Products; such reports shall be made within sixty (60) days after each anniversary of the Effective Date of this Agreement, commencing one year after the Effective Date.

 8.05. If CORPORATION shall not commercialize the Licensed Products within a reasonable time frame, unless such delay is
necessitated by FDA or other regulatory agencies or unless NYU and CORPORATION have mutually agreed to amend the Development Plan because of unforeseen circumstances, NYU shall notify CORPORATION in writing of CORPORATION’s failure to
commercialize and shall allow CORPORATION sixty (60) days to cure its failure to commercialize. CORPORATION’s failure to cure such delay to NYU’s reasonable satisfaction within such 60-day period shall be a material breach of this
Agreement. 
 9. CONFIDENTIAL INFORMATION. 
 9.01. Except as otherwise provided in Section 9.02 and 9.03 below CORPORATION shall maintain any and all of the NYU Patents in confidence and shall not release or disclose any tangible or intangible
component thereof to any third party without first receiving the prior written consent of NYU to said release or disclosure. 

9.02. The obligations of confidentiality set forth in Sections 9.01 shall not apply to any component of the NYU Patents which was part of
the public domain prior to the Effective Date of this Agreement or which becomes a part of the public domain not due to some unauthorized act by or omission of CORPORATION after the effective date of this Agreement or which is disclosed the
CORPORATION by a third party who has the right to make such disclosure. 
 9.03. The provisions of Section 9.01
notwithstanding, CORPORATION may disclose the NYU Patents to such third parties with a bona fide interest in pursuing a sublicense from CORPQRATION, or a party seeking to purchase equity in the CORPORATION and who are under obligations of
confidentiality to CORPORATION or third parties who need to know the same in order to secure regulatory approval for the sale of Licensed Products. 
 10. Infringement of NYU Patent. 
 10.01. In the event a party to
this Agreement acquires information that a third party is infringing one or more of the NYU Patents, the party acquiring such information shall promptly notify the other party to the Agreement in writing of such infringement. 

10.02. In the event of an infringement of an NYU Patent, CORPORATION shall be privileged but not required to bring suit against the
infringer. Should CORPORATION elect to bring suit against an infringer and NYU is joined as a party plaintiff in any such suit, NYU shall have the right to approve the counsel selected by CORPORATION to represent CORPORATION and NYU. The expenses of
such suit or suits that CORPORATION elects to bring, including any expenses of NYU incurred 

  
 9. 

 
in conjunction with the prosecution of such suit or the settlement thereof, shall be paid for entirely by CORPORATION and CORPORATION shall hold NYU free, clear and harmless from and against any
and all costs of such litigation, including attorneys’ fees. CORPORATION shall not compromise or settle such litigation without the prior written consent of NYU which shall not be unreasonably withheld. 

10.03. In the event CORPORATION exercises the right to sue herein conferred, it shall have the right to first reimburse itself out of any
sums recovered in such suit or in settlement thereof for all costs and expenses of every kind and character, including reasonable attorneys’ fees, necessarily involved in the prosecution of any such suit, and if after such reimbursement, any
funds shall remain from said recovery, CORPORATION shall promptly pay to NYU an amount equal to fifty percent (50%) of such remainder and CORPORATION shall be entitled to receive and retain the balance of the remainder of such recovery.
Notwithstanding the foregoing, for any recovery by CORPORATION for lost profits on past sales of product, which if sold by CORPORATION, would be Licensed Products, such lost profits shall be converted into lost sales based on CORPORATION’s
profit margin for such Licensed Product during the same period, for the purposes of this Agreement, and CORPORATION shall pay NYU royalties as specified in Section 6. 
 10.04. If CORPORATION does not bring suit against said infringer pursuant to Section 10.02 herein, or has not commenced negotiations with said infringer for discontinuance of said infringement within
ninety (90) days after receipt of such notice, NYU shall have the right, but shall not be obligated, to bring suit for such infringement. Should NYU elect to bring suit against an infringer and CORPORATION is joined as a party plaintiff in any
such suit, CORPORATION shall have the right to approve the counsel selected by NYU to represent NYU and CORPORATION, and NYU shall hold CORPDRATION free, clear and harmless from and against any and all costs and expenses of such litigation,
including attorneys’ fees. If CORPORATION has commenced negotiations with an alleged infringer of the NYU Patent for discontinuance of such infringement within such 90-day period, CORPORATION shall have an additional ninety (90) days from
the termination of such initial 90-day period to conclude its negotiations before NYU may bring suit for such infringement. In the event NYU brings suit for infringement of any NYU Patent, NYU shall have the right to settle any such suit by
licensing the alleged infringer. In the event NYU brings suit for infringement of any NYU Patent, NYU shall have the right to first reimburse itself out of any sums-recovered in such suit or settlement thereof for all costs and expenses of every
kind and character, including reasonable attorneys’ fees necessarily involved in the prosecution of such suit, and if after such reimbursement, any funds shall remain from said recovery, NYU shall promptly pay to CORPORATION an amount equal to
fifty percent (50%) of such remainder and NYU shall be entitled to receive and retain the balance of the remainder of such recovery. 
 10.05. Each party shall always have the right to be represented by counsel of its own selection in any suit for infringement of the NYU Patents instituted by the other

  
 10.

 
party to this Agreement under the terms hereof. The expense of such counsel shall be borne by the party initiating such infringement suit. 

10.06. CORPORATION agrees to cooperate fully with NYU at the request of NYU, including, by giving testimony and producing documents
lawfully requested in the prosecution of any suit by NYU for infringement of the NYU patents; provided, NYU shall pay all reasonable expenses (including attorneys’ fees) incurred by CORPORATION in connection with such cooperation. NYU shall
cooperate and shall endeavor to cause the NYU Scientist to cooperate with CORPORATION at the request of CORPORATION, including by giving testimony and producing documents lawfully requested, in the prosecution of any suit by CORPORATION for
infringement of the NYU Patents; provided, that CORPORATION shall pay all reasonable expenses (including attorneys’ fees) incurred by NYU in connection with such cooperation. 
 11. Liability and Indemnification. 
 11.01. CORPORATION shall
indemnify, defend and hold harmless NYU and its trustees, officers, medical and professional staff, employees, students and agents and their respective successors, heirs and assign( (the “lndemnitees”), against any liability, damage, loss
or expense (including reasonable attorneys’ fees and expenses of litigation) incurred by or imposed upon the Indemnitees or any one of them in connection with any claims, suits, actions; demands or judgments (i) arising out of the design,
production, manufacture, sale, use in commerce or in human clinical trials, lease, or promotion by CORPORATlON or by a licensee, Affiliate or agent of CORPORATION of any Licensed Product, process or service relating to, or developed pursuant to,
this Agreement or (ii) arising out of any other activities to be carried out pursuant to this Agreement. 
 11.02. With
respect to an Indemnitee, CORPORATION’s indemnification under subsection 11.01(i) shall apply to any liability, damage, loss or expense whether or not it is attributable to the negligent activities of such Indemnitee. CORPORATION’s
indemnification obligation under subsection 11.01(ii) shall not apply to any liability, damage, loss or expense to the extent that it is attributable to the negligent activities of any such lndemnitee. 

11.03. CORPORATION agrees, at its own expense, to provide attorneys reasonably acceptable to NYU to defend against any actions brought or
filed against any Indemnitee with respect to the subject of indemnity to which such Indemnitee is entitled hereunder, whether or not such actions are rightfully brought. 
 12. Security for Indemnification. 
 12.01. At such time as any
Licensed Product, process or service relating to, or developed pursuant to, this Agreement is being commercially distributed or sold or tested in clinical trials by CORPORATION or by a licensee, Affiliate or agent of CORPORATION, CORPORATION shall
at its sole cost and expense, procure and maintain policies of comprehensive general liability insurance in amounts not less than (i) $[...***...] per incident and $[...***...] annual aggregate during the period that

  
 11.

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such Licensed Product, process, or service is being tested in clinical trials prior to commercial sale, and (ii) $[...***...] per incident and $[...***...] annual aggregate
during the period that such Licensed Product, process, or service is being commercially distributed or sold, and in each case naming the lndemnitees as additional insureds. Such comprehensive general liability insurance shall provide
(i) product liability coverage and (ii) broad form contractual liability coverage for CORPORATION’s indemnification under Section 11 of this Agreement. If CORPORATION elects to self-insure all or part of the limits described
above (including deductibles or retentions which are in excess of $[...***...] annual aggregate) such self-insurance program shall include assets or reserves which have been actuarially determined for the liabilities associated with this
Agreement and must be acceptable to NYU. 
 The minimum amounts of insurance coverage required under this Section 12 shall
not be construed to create a limit of CORPORATION’s liability the respect to its indemnification under Section 11 of this Agreement. 
 12.02. CORPORATION shall provide NYU with written evidence of such insurance upon request of NYU. CORPORATION shall provide NYU with written notice at least sixty (60) days prior to the cancellation,
non-renewal or material change in such insurance; if CORPORATION does not obtain replacement insurance providing comparable coverage within such sixty (60) day period, NYU shall have the right to terminate this Agreement effective at the end of
such sixty (60) day period without notice or any additional waiting periods. 
 12.03. CORPORATION shall maintain such
comprehensive general liability insurance beyond the expiration or termination of this Agreement during (i) the period that any product, process or service, relating to, or developed pursuant to, this Agreement is being commercially distributed
or sold or tested in clinical trials by CORPORATION or by a sublicensee, Affiliate or agent of CORPORATION and (ii) a reasonable period after the period referred to in (i) above which in no event shall be less than fifteen (15) years.

 13. Expiry and Termination 
 13.01. Unless earlier terminated pursuant to this Section 13 or Section 5.04 hereof, this Agreement shall expire upon the expiration of the period of the License in all countries as set forth in
Section 5.04 above. 
 13.02. At any time prior to expiration of this Agreement, either party may terminate this Agreement
forthwith for cause, as “cause” is described below, by giving written notice to the other party. Cause for termination by one party of this Agreement shall be deemed to exist if the other party materially breaches or defaults in the
performance or observance of any of the provisions of this Agreement and such breach or default is not cured within sixty (60) days or, in the case of failure to pay any amounts due hereunder, thirty (30) days (unless otherwise specified
herein) after the giving of notice by the other party specifying such breach or default, or if either NYU or CORPORATION discontinues its business or becomes insolvent or bankrupt. 

  
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 13.03. Upon sixty (60) days written notice by CORPORATION to NYU if CORPORATION, at its
sole discretion, determines development of the Licensed Product is not scientifically or commercially feasible, CORPORATION may terminate this agreement. 
 13.04. Upon termination of this Agreement for any reason and prior to expiration as set forth in Section 13.01 hereof, all rights in and to the NYU Patents shall revert to NYU, and CORPORATION shall
not be entitled to make any further use whatsoever of the NYU Patents. 
 13.05. Termination of this Agreement shall not relieve
either party of any obligation to the other party incurred prior to such termination. 
 13.06. Sections 3, 9, 11, 12, 13 and 17
hereof shall survive and remain in full force and effect after any termination, cancellation or expiration of this Agreement. 
 14.
Representations and Warranties by CORPORATION. 
 CORPORATION hereby represents and warrants to NYU as follow:

 (1) CORPORATION is a corporation duly organized, validly existing and in good standing under the laws of the State of
Delaware. CORPORATION has been granted all requisite power and authority to carry on its business and to own and operate its properties and assets. The execution, delivery and performance of this Agreement have been duly authorized by the Board of
Directors CORPORATION. 
 (2) There is no pending or, to CORPORATION’s knowledge, threatened litigation involving
CORPORATION which would have any effect on this Agreement or on CORPORATION’s ability to perform its obligations hereunder; and 
 (3) There is no indenture, contract, or agreement to which CORPORATION is a party or by which CORPORATION is bound which prohibits or would prohibit the execution and delivery by CORPORATION of this
Agreement or the performance or observance by CORPORATION of any term or condition of this Agreement. 
 15. Representations and
Warranties by NYU. 
 NYU hereby-represents and warrants to CORPORATION as follows: 

(1) NYU hereby a corporation duly organized, validly existing and in good standing under the laws of the State of New York. NYU has been
granted all requisite power and authority to carry on its business and to own and operate its properties and assets. The execution, delivery and performance of this Agreement have been duly authorized by the Board of Trustees of NYU. 

(2) There is no pending or, to NYU’s knowledge, threatened litigation involving NYU which would have any effect on this Agreement or
on NYU’s ability to perform its obligations hereunder; and 
 (3) There is no indenture, contract, or agreement to which
NYU is a party or by which NYU is bound which prohibits or would prohibit the execution and delivery by NYU of this Agreement or the performance or observance by NYU of any term or condition of this Agreement. · 

  
 13.

 16. No Assignment. 
 Neither CORPORATION nor NYU shall have the right to assign, delegate or transfer at any time to any party, in whole or in part, any or all of the rights, duties and interest herein granted without first
obtaining the written consent of the other to such assignment, except that CORPORATION may assign this Agreement without the consent of NYU as part of a sale, merger or any other transfer of CORPORATION’S entire business 

17. Use of Name. 

Without the prior written consent of the other party, neither CORPORATION nor NYU shall use the name of the other party or any adaptation
thereof or of any staff member, employee or student of the other party: 
 i) in any product labeling, advertising, promotional
or sales literature; 
 ii) in connection with any public or private offering or in conjunction with any application for
regulatory approval, unless disclosure is otherwise required by law, in which case either party may make factual statements concerning the Agreement or file copies of the Agreement after providing the other party with an opportunity to comment and
reasonable time within which to do so on such statement in draft. 
 Except as provided herein, neither NYU nor CORPORATION will
issue public announcements about this Agreement without prior written approval of the other party, not to be unreasonably withheld. 
 18.
Miscellaneous. 
 18.01. In carrying out this Agreement the parties shall comply with all local, state and federal
laws and regulations including but not limited to, the provisions of Title 35 United States Code §200 et seq. and 15 CFR §368 et seq. 
 18.02. If any provision of this Agreement is determined to be invalid or void, the remaining provisions shall remain in effect. 
 18.03. This Agreement shall be governed by and construed in accordance with the laws of New York, without regard to principles relating to conflicts of law. The courts of the State of New York in New York
County and the United States District Court for the Southern District of New York shall have exclusive jurisdiction over the parties with respect to any dispute or controversy between them arising under or in connection with this Agreement and, by
execution and delivery of this Agreement, the parties to this Agreement submit to the jurisdiction of those courts, including, but not limited to, the in personam and subject matter jurisdiction of those courts, waive any objection to such
jurisdiction on the grounds of venue or forum non conveniens, the absence of in personam or subject matter jurisdiction and any similar grounds, consent to service of process by mail in accordance with paragraph 18.04 or any other manner permitted
by law and irrevocably agree to be bound by any such judgment rendered thereby in connection with this Agreement. These consents to jurisdiction shall not be deemed to confer rights on any person other than the parties to this Agreement. 

  
 14.

 18.04. All payments or notices required or permitted to be given under this Agreement shall
be given in writing and shall be effective when either personally delivered or deposited, postage prepaid, in the United States registered or certified mail, addressed as follows: 

 

			
	To NYU:	  	 New York University
 Office of
Industrial Liaison
 650 First Avenue, 6th Floor
 New
York, NY 10016
  
 Attention: Abram M. Goldfinger

Executive Director,
 Industrial
Liaison/Technology Transfer
  
 and

 
 Office of Legal Counsel
 New York University
 Bobst Library
 70 Washington Square South
 New York, NY 10012

 
 Attention: Annette Johnson, Esq

Vice Dean and Senior Counsel for Medical School Affairs

		
	To CORPORATION:	  	  
 Regulus Therapeutics Inc.

3545 John Hopkins Court, Suite 210
 San Diego, CA
92121
 Attention: CEO
  

and
  
 Regulus Therapeutics Inc.
 3545 John Hopkins Court, Suite 210

San Diego, CA 92121
 Attention: Corporate
Counsel

 or such other address or addresses as either party may hereafter specify by written notice to the other.
Such notices and communications shall be deemed effective on the date of delivery or fourteen (14) days after having been sent by registered or certified mail, whichever is earlier. 

18.05. This Agreement (and the annexed Appendix) constitute the entire Agreement between the parties and no variation, modification or
waiver of any of the terms or conditions hereof shall be deemed valid unless made in writing and signed by 

  
 15.

 
both parties hereto. This Agreement supersedes any and all prior agreements or understandings, whether oral or written, between CORPORATION and NYU. 

18.06. No waiver by either party of any non-performance or violation by the other party of any of the covenants, obligations or
agreements of such other party hereunder shall be deemed to be a waiver of any subsequent violation or nonperformance of the same or any other covenant, agreement or obligation, nor shall forbearance by any party be deemed to be a waiver by such
party of its rights or remedies with respect to such violation or non-performance. 
 18.07. The descriptive headings contained
in this Agreement are included for convenience and reference only and shall not be held to expand, modify or aid in the interpretation, construction or meaning of this Agreement. 

18.08. It is not the intent of the parties to create a partnership or joint venture or to assume partnership responsibility or liability.
The obligations of the parties shall be limited to those set out herein and such obligations shall be several and not joint. 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement effective as of the date and year first above written. 

 

			
	NEW YORK UNIVERSITY
		
	By:	 	/s/ Abram M. Goldfinger
		 	Abram M. Goldfinger
		 	Executive Director,
		 	Industrial Liaison/Technology Transfer
		
	Date:	 	3/27/11

  

			
	REGULUS THERAPEUTIC INC.
		
	By:	 	/s/ Kleanthis G. Xanthopoulos
		 	Kleanthis G. Xanthopoulos, Ph.D.
	Title:	 	President and CEO
		
	Date:	 	29 March 2011

  
 16.

 Appendix I 
 Development Plan 
  

	 	1.	Within [...***...] of Effective Date, CORPORATION will identify a development candidate and initiate IND-enabling studies. 

 

	 	2.	Within 2 years of Effective Date, CORPORATION will file an IND or IDE. 

  

	 	3.	Within [...***...] of Effective Date, CORPORATION will [...***...]. 

 

	 	4.	Within [...***...] of Effective Date, CORPORATION will [...***...]. 

 

	 	5.	Within [...***...] of Effective Date, CORPORATION will [...***...]. 

 

	 	6.	Within [...***...] of Effective Date, CORPORATION will [...***...]. 

 

	 	7.	[...***...] within [...***...] of Effective Date. 

  
 17.

 ***Confidential Treatment RequestedExclusive Patent License Agreement

 Exhibit 10.30 
 ***Text Omitted and Filed Separately 
 with the Securities and Exchange
Commission. 
 Confidential Treatment Requested 
 Under 17 C.F.R. Sections 200.80(b)(4) 
 and 230.406 

EXECUTION COPY 
 EXCLUSIVE PATENT LICENSE AGREEMENT 
 This Exclusive Patent License Agreement (hereinafter
“Agreement”), effective as of 18th May, 2010 (hereinafter the “Effective Date”), is by and between the BAYERISCHE PATENT ALLIANZ GMBH, having a
place of business located at Destouchesstr. 68, 80796 Munich, Germany, commissioned by JULIUS-MAXIMILIANS-UNIVERSITÄT WÜRZBURG, having its principal place of
business at Sanderring 2, 97070 Wuerzburg, Germany (collectively, “University”) and REGULUS THERAPEUTICS INC., a corporation organized and existing under the laws of the State of
Delaware and having a place of business located at 1896 Rutherford Road, Carlsbad, CA 92008 (hereinafter “Regulus”). 
  

	1.0	Preamble 

  

	 	1.1	University is the owner of the Licensed IP as defined below. 

  

	 	1.2	University desires that the Licensed IP be used for the development of products and processes for public use and benefit, and to this end desires to license the
Licensed IP to Regulus. 

  

	 	1.3	Regulus desires to acquire a license to the Licensed IP so that it can develop products and processes for public use and benefit. 

 

	2.0	Definitions 

  

	 	2.1	Terms defined on Appendix A of this Agreement, and parenthetically defined elsewhere in this Agreement, will throughout this Agreement have the meaning here or there
provided. Defined terms may be used in the singular or in the plural, as sense requires. 

  

	3.0	Grant of Rights 

  

	 	3.1	Grant. Subject to the terms of this Agreement, including but not limited to the reservation of right’ in Section 3.2, University hereby grants to
Regulus, and Regulus accepts, an exclusive, royalty-bearing license, with the right to Sublicense, under the Licensed IP, limited to the Field, to research, develop and Commercialize the Licensed Products in the Territory. 

 

	 	3.2	 Reservation of Rights. The University expressly reserves the right to use the Licensed IP (i) for University’s academic,
non-commercial research, teaching and educational purposes, including for the avoidance of doubt contract research for commercial 

  
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entities; and (ii) to transfer or distribute tangible property which is the subject of the Licensed IP to other German universities, academic institutions and non-profit organizations to
practice and use such tangible property for academic research and educational purposes only; provided that any such use will not include the right to Develop or Market Licensed Products (i.e., any use will focus on research only and
may not be performed in conjunction with the Development of a Licensed Product). For purposes of this Section 3.2, the term “Market” means activities directed to manufacturing, obtaining pricing and reimbursement approvals, carrying
out Phase 4 trials, or marketing, promoting, distributing, importing or selling a Licensed Product, and the term “Development” or “Develop” means human clinical trials and other development activities reasonably related to
supporting the approval of a drug by a Regulatory Authority. 

  

	 	3.3	No Other Rights Implied. This Agreement confers no license or rights by implication, estoppel, or otherwise under any Patents or Know-How of University other
than the Licensed IP under Section 3.1 of this Agreement, regardless of whether such Patents are dominant or subordinate to the Patent Rights. 

  

	4.0	Sublicensing 

  

	 	4.1	Right to Sublicense. During the term of the license granted in Section 3.1 of this Agreement, Regulus may grant Sublicenses of its rights under
Section 3.1, provided such Sublicenses are for the purpose of developing or Commercializing a Licensed Product and Regulus has obtained prior written approval from University which shall not be unreasonably withheld. All Sublicenses executed by
Regulus pursuant to this Section 4.1. will expressly state that such Sublicense is subject to the terms of this. Agreement (including for the avoidance of doubt the direct obligation vis-A-vis University to provide reports in accordance with
Article 9.0, and to keep records as set forth in Article 10.0). Notwithstanding the foregoing, without written approval from University, Regulus may grant Sublicenses of; its rights under Section 3,1-to a Qualified Partner for the purpose of
developing or Commercializing a Licensed Product; provided such Sublicense expressly states that such ,Sublicense is, subject to the terms of this Agreement (including for the avoidance of doubt the direct obligation vis-à-vis University to
provide reports in accordance with Article 9.0, and to keep records as set forth in Article 10.0). 

  

	 	4.2	Obligations of Regulus. With respect to the right to Sublicense granted pursuant to this Section; Regulus will 

 

	 	4.2.1	assume responsibility for ensuring its Sublicensees comply with the terms of this Agreement and that such Sublicense does not grant any rights that are inconsistent
with the rights and obligations of this Agreement; and 

  

	 	4.2.2	 promptly provide University the name and address of each Sublicensee with whom it concludes a Sublicense, and forward to University a copy of each
executed Sublicense within thirty (30) days of the date of execution of such Sublicense (which copy may be redacted to remove confidential information so long as such redactions will not prevent University’s reasonable

  
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determination as to whether such Sublicense was entered into in accordance with this Agreement). 

  

	 	4.3	Sublicense Survival. Any Sublicense entered into in accordance with the terms of this Agreement prior to the date of any notice of termination under Article 11
will survive any such termination of this Agreement if (1) the relevant Sublicensee is not in breach of this Agreement; and (ii) the relevant Sublicensee agrees in writing to make any payments required under this Agreement directly to
University and to comply with the terms of this Agreement (including for the avoidance of doubt the direct obligation vis-à-vis University to provide reports in accordance with Article 9.0, and to keep records as set forth in Article 10.0).
In such event, the provisions of this Agreement will survive in full force and effect insofar as necessary to preserve such Sublicense. 

  

	5.0	Confidential Information 

  

	 	5.1	Confidentiality Obligation. Beginning on the Effective Date of this Agreement and continuing throughout the term of this Agreement and thereafter for a period of
five (5) years, neither party wilt at any time, without the express prior written consent of the other, disclose or otherwise make known or available to any Third Party any Confidential Information of the other party. The receiving party will
utilize reasonable procedure:4 to safeguard the Confidential Information of the disclosing party, including releasing such Confidential Information only to its employees, agents, or Affiliates on a “need-to-know” basis. Regulus is
authorized to release Confidential Information to potential Sublicensees or potential investors for the purpose of negotiating and granting a Sublicense or financing (as the case may be), provided that Regulus takes reasonable precautions to
safeguard such Confidential Information: of University. 

  

	 	5.2	Regulus’ Confidential Information. Except as required by law, University will maintain in confidence all Confidential Information designated in writing or
dearly identified by Regulus as Regulus’ Confidential Information. In the event of a request for such information, University agrees to inform Regulus of such request. Any report furnished by Regulus to University in accordance with
Section 6.1, below and the terms of this Agreement are considered Regulus’ Confidential Information without requiring a designation in writing or clear identification. 

 

	6.0	Diligence 

  

	 	6.1	 Diligence Obligations. Regulus, during the term of this Agreement, will use its Commercially Reasonable Efforts to diligently develop,
manufacture, sell, and commercialize the Licensed IP, including achieving the milestones by the dates set forth on Appendix C attached hereto. The efforts of a Regulus Affiliate or Sublicensee will be considered the efforts of Regulus. Within sixty
(60) days after the Effective Date, Regulus will furnish University with a written commercial development plan and benchmarks (“Commercial Development Plan”), including

  
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the timetable set forth on Appendix C, according to which Regulus intends as of the Effective Date to develop Licensed Products. University acknowledges and agrees that this Commercial
Development Plan is a statement of Regulus’ current intention regarding the development of Licensed Products and that Regulus’ plans regarding the development of Licensed Products may have to be changed due to scientific challenges or
requirements imposed by a Regulatory Authority or other circumstances that are outside of Regulus’ control. Regulus will keep the University adequately apprised of any changes to the Commercial Development Plan and the reasons for them. Without
limiting the foregoing, in any year where Regulus or a sublicensee either (a) achieves any of the milestones specified in Section 8.7, or (b) spends an aggregate amount equal to or greater than the applicable Minimum Investment in
such year, Regulus will be deemed to have complied with this Section 6.1. 

  

	 	6.2	Failure to Meet Diligence Obligations. If University determines that Regulus has failed to use Commercially Reasonable Efforts to meet the diligence obligations
set forth in Section 6.1, University may furnish Regulus with written notice of such determination. Within sixty (60) days after receipt of the notice, Regulus will either (a) fulfill the relevant obligation, or (b) negotiate
with University a mutually acceptable resolution of such matter. In the event University and Regulus are unable to reach a mutually acceptable resolution, either party may, upon written notice to the other party, initiate arbitration pursuant to
Section 6.3 below. 

  

	 	6.3	 If the parties are in dispute as to whether Regulus has breached its diligence obligation under Section 6, then the dispute will be resolved
according to an expedited arbitration review process in, accordance with Section 17.2, except (a) the arbitration will be with a single independent arbitrator mutually agreed by the parties, (b) will take no longer than
60 days; and (c) will held in London, England. At such arbitration, the arbitrator will first determine if Regulus has in fact breached such obligation (giving due consideration to any scientific challenges or re4uirements imposed by a
Regulatory Authority or other circumstances that are outside of Regulus’ control), and will make a definitive determination as to the existence of the alleged diligence breach, and if so, will grant Regulus a cure period of 6,0 days. During
such cure period, the arbitration will continue, and if the material breach is not cured within such cure period, the arbitrator may, as part-of the same arbitration, (i) set specific development plan and milestones that must he met by Regulus;
or (ii) allow University to terminate the exclusive license granted to Regulus under Section 3.1 by delivering a written notice to Regulus of such termination within 30 days of the arbitrator’s determination. For purposes of clarity,
if the arbitrator specifies a cure for any such breach or a monetary remedy for any such breach, then, so long as Regulus satisfies its obligation to cure or pays such monetary remedy to the University, the University will not also have the right to
terminate the exclusive license granted to Regulus under Section 3.1. The decision of the arbitrator will be the sole and exclusive remedy between the affected parties regarding any such dispute. Any decision

  
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rendered in connection with arbitration pursuant to this Section 6.3 will be final and binding upon the parties. 

 

	7.0	Patent Prosecution, and Enforcement 

  

	 	7.1	Patent Prosecution. Following the Effective Date, Regulus, at Regulus’ expense and in the name of University will have sole control over the filing,
prosecution, maintenance, and management of any and all Patents encompassing the Patent Rights; provided that Regulus shall exercise due care in prosecuting the Patent Rights to grant; and further provided that Regulus will not be
obligated to file, prosecute, or maintain any of the Patent Rights outside of the Identified Countries. University and Regulus will mutually select all outside counsel for prosecution of the Patent Rights and such counsel will represent University
in such prosecution. Regulus will keep University fully informed, of all prosecution related actions, including submitting to University copies of all official actions and responses, and University will reasonably cooperate with Regulus upon
Regulus’ request and upon Regulus’ reimbursement of its expenses to whatever extent is reasonably necessary to provide Regulus the full benefit of the license granted herein. Each party will promptly inform the other as to all matters that
come to its attention that may affect the preparation, filing, prosecution, or maintenance of the Patent Rights in the Identified Countries and permit a reasonable amount of time for each other to provide comments and suggestions with respect to the
preparation, filing, and prosecution of Patent Rights in the Identified Countries, which comments and suggestions will be considered. by the other party and which Regulus will not Unreasonably refuse to incorporate in prosecution documents and/or
matters. Regulus shall in particular take into consideration University’s interest in the prosecution to grant of subject matter outside the Field and upon University’s request shall file divisional applications covering such subject
matter which if solely covering subject matter outside the Field, shall be further prosecuted, maintained, and managed at University’s expense and under its sole control. 

 

	 	7.2	Election to Discontinue Patent Rights. Regulus may discontinue or abandon the filing, prosecution and maintenance of any of the Patent Rights only upon providing
University with at least four (4) months written notice or upon University’s express written approval. In such case, University may elect to take over the filing, prosecution, and/or maintenance of such Patents at University’s sole
discretion and expense by providing Regulus an express written notice to this effect. If University elects to take over the filing, prosecution, and/or maintenance of such Patents, such Patents will not be considered as Patent Rights licensed to
Regulus hereunder. Should University upon expiry of the four (4) months notice period not have granted its approval or taken over the filing, prosecution, or maintenance of such Patents, Regulus shall submit a second notice to University and
file, prosecute, or maintain such Patents at University’s expense until the earlier of the date (i) that is 60 days following the date Regulus sent such second 

  
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notice; and (ii) University either grants the approval or takes over the filing, prosecution, and/or maintenance of such Patents. 

 

	 	7.3	Extension of Patent Rights. The parties will cooperate to extend the normal term of any Patent Rights under a country’s procedure of extending patent term
for time lost in governmental regulatory approval processes, and will take whatever reasonable action is requested by the other party to obtain such patent term extension, and the expense of doing so will be borne by Regulus. In the event that
Regulus does not elect to extend Patent Rights, University may, at its own discretion and expense, effect the extension of such patents. If University elects to pay such expenses, such extended Patent Rights will not be considered Patent Rights
granted to Regulus hereunder unless and until Regulus has fully reimbursed any such expenses, at which tune such Patent Rights will resume being Patent Rights under this Agreement. Should Regulus have the opportunity to extend a Patent that
(i) is controlled by Regulus, (ii) covers a Licensed Product, and (iii) has a longer normal term than the Patent Rights, Regulus may decide to extend that patent. However, in ease that such extension precludes an extension of the
Patent Right under the respective applicable laws, Regulus shall pay University a lump-sum compensation, calculated as 50% of the royalties set forth in Article 8 over the time the Patent Right could have been extended, based on the average Net
Sales Revenues during the last full Calendar year before the expiry of the Patent Rights. 

  

	 	7.4	Notification of Infringement. University and Regulus will promptly notify each other of any infringement or possible infringement of the Patent Rights, as well
as any facts that May affect the validity, scope, or enforceability of the Patent Rights, of which either party becomes aware. Both parties will use reasonable efforts and cooperation to terminate infringement without litigation.

  

	 	7.5	Rights to Sue for Infringement. Pursuant to this Agreement and the provisions of Chapter 29 of Title 35, United States Code, Regulus may a) bring suit in its own
name, at its own expense, and on its own behalf for infringement of presumably Valid Claims in the Patent Rights within the Field and defend in its own name, at its own expense, any allegation of invalidity or non-infringement of any of the Patent
Rights brought-in a declaratory judgment action or raised by way of counterclaim or affirmative defense in an infringement suit brought by Regulus; b) In any such suit, enjoin infringement and collect for its use, damages, profits, and awards
of whatever nature recoverable for such infringement; and c) settle any claim or suit for infringement of the Patent Rights (for the avoidance of doubt only with regard to the Field). Regulus will have the first right to bring or defend such
suit(s). If necessary to avoid dismissal of a suit, Regulus may request University to initiate or join any such suit. Should University be made a party to any such suit at the request of Regulus, Regulus will immediately secure and reimburse
University for any costs, expenses, or fees that University may incur as a result of such motion or other action, including any and all costs incurred by University in opposing any such motion or other action. In all cases, Regulus will keep
University reasonably apprised of the status and progress of any litigation. 

  
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Before Regulus commences an infringement action, Regulus will notify University and give careful consideration to the views of University in deciding whether to bring suit, If Regulus notifies
the University that it will not be bringing suit for infringement of claims of Patent Rights, University will have the right to bring and control any such action at its own expense and by counsel of its own choosing. If Regulus elects not to defend
against any declaratory judgment action alleging invalidity or non-infringement of any of the Patent Rights, University, at its option, may do so at its own expense. 

 

	 	7.6	Application of Amounts Recovered. Any recovery made by a party, through court judgment or settlement, first will be applied to reimburse that party for its
litigation expense and any remaining recoveries will be retained by that party; provided that Regulus will pay royalties to University on such retained amounts as Net Sales Revenue in accordance with Section 8.3.

  

	 	7.7	Cooperation. University will cooperate fully with Regulus in connection with an infringement action initiated under Section 7.5, University will promptly
provide access to all necessary documents which can be written in German language and render reasonable assistance in response to a request by Regulus and upon Regulus’ reimbursement of its expenses. 

 

	8.0	Licensing Fees and Royalties 

  

	 	8.1	License Issue Fee. As partial consideration for the rights conveyed by University under this Agreement, Regulus agrees to pay to University a one-time,
non-refundable, non-creditable license issue fee of three hundred thousand EURO (€300,000) due and payable within ten (10) business days of the Effective Date. 

 

	 	8.2	Earned Royalties. During the term of this Agreement, commencing on the date of First Commercial Sale of a Licensed Product, Regulus agrees to pay to University a
royalty of [...***...] percent ([...***...]%) of the Net Sales Revenue for Licensed Products sold by Regulus, a Sublicensee or any of their Affiliates until the expiration of the last Valid Claim within the Patent Rights covering the
Commercialization of such Licensed Product in such country in the Field. Should a Licensed Product not or no longer be covered by a Valid Claim in such country in the Field, the royalty is reduced to [...***...] percent ([...***...]%) of
the Net Sales Revenue as consideration for the Know-How license. Should the respective Licensed Product (a) neither be covered by a Valid Claim in such country in the Field and (b) the Know-How have become public knowledge, Regulus shall
no longer be required to make any payments for the Commercialization of Licensed Products in such country, unless Regulus, affiliates, sublicensees, or assignees are solely or jointly responsible for the Know How having fallen into the public
domain. 

  

	 	8.3	Earned royalties shall be due and payable in accordance with Section 8.2 for the respective country until the later of: 

 

	 	8.3.1	expiration of the last Valid Claim within the Patent Rights; or 

  
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	 	8.3.2	ten (10) years after the First Commercial Sale of a Licensed Product in such country 

 

	 	8.4	Earned Royalties will accrue when Licensed Products are invoiced, or if not invoiced, when delivered to a Third Party. Accrued earned royalties are due and payable
within forty-five (45) days of the end of each calendar quarter. 

  

	 	8.5	Partnership Bonus. In the event Regulus enters an agreement with a Third Party for the continued development and commercialization of a Licensed Product,
pursuant to which Regulus grants a Sublicense under Section 4.1 above, and receives any payments in connection therewith, a payment on each such collaboration in the amount of two hundred thousand EURO (€200,000), if applicable, will be
due and payable to University by Regulus within sixty (60) days after Regulus has received such payments. 

  

	 	8.6	Minimum Royalty. 

  

	 	8.6.1	Prior to NDA Approval. Within sixty (60) days after the beginning of each calendar year during the term of this Agreement, beginning January 1, 2020
and ending on the date of NDA Approval of a Licensed Product, an annual minimum royalty of One Hundred Fifty Thousand Euros (€150,000) shall accrue but not be payable to University until NDA Approval of a Licensed Product. Any minimum
royalties accrued under this Section 8.6.1 will be payable within 60 days following NDA Approval of a Licensed Product. 

  

	 	8.6.2	After NDA Approval. Within sixty (60) days after the beginning of each calendar year during the term of this Agreement following NDA Approval of a Licensed
Product, Regulus will pay University an annual minimum royalty according to the following schedule: 

  

			
	Years 1 and 2 following NDA Approval:	  	   €450,000
	Years 3 and 4 following NDA Approval:	  	€1,200,000
	Year 5 following NDA Approval:	  	€1,500,000
	After year 5 following NDA Approval:	  	€3,000,000

  

	 	8.6.3	Regulus may credit any minimum royalty paid under this Section 8.6 against actual royalties due and payable for the same calendar year in which such minimum
royalty is paid. 

  
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	 	8.7	Milestone Payments. Regulus furthermore agrees to pay to University the following milestone payments upon the occurrence of the milestone or latest by the Due
Date 

  

					
	 Milestone Event
	  	 Milestone Payment
	  	 Due Date

	 [...***...]
	  	€[...***...]	  	[...***...]
	 [...***...]
	  	€[...***...]	  	[...***...]
	 [...***...]
	  	€[...***...]	  	[...***...]
	 [...***...]
	  	€[...***...]	  	[...***...]
	 [...***...]
	  	€[...***...]	  	[...***...]
	 [...***...]
	  	€[...***...]	  	[...***...]

 *The Due Dates set forth in the table above will be automatically extended by any delay caused by
(i) scientific challenges, (ii) requirements imposed by a Regulatory Authority, or (iii) other circumstances that are outside of Regulus’ control. In such event, Regulus will notify University in writing, and will propose a
revised set of Due Dates based on such delay. University will have 30 days from its receipt of such notice to accept or dispute the revised Due Dates. If University accepts the revised Due Dates, or fails to respond within such thirty (30) day
period, the revised due Dates set forth in Regulus’ notice will be deemed accepted by University. If University disputes the revised Due Dates within the applicable thirty (30) day period, an arbitrator will resolve such dispute and set
the revised Due Dates utilizing the same dispute resolution procedure as set forth in Section 6.3. 
 Should Regulus
Initiate a Phase II Clinical Trial for a second or further Indication in the Field, 50% of the above milestone payments beginning with Initiation of Phase II Clinical Trial shall also be payable upon occurrence of each respective milestone with
regard to such second or further Indication in the Field. 
 With regard to, any or the above milestone payment, unless already
paid on the respective clue date, Regulus will report to University in writing within forty-five (45) days upon the achievement of each milestone event, such notice to be accompanied by payment of the applicable milestone payment. 

 

	 	8.8	No Duplication of Royalty Payment Due to Patent Rights. No multiple royalties will be payable to University because any Licensed Product or its Commercialization
are or will be covered by more than one Patent as part of Patent Rights. 

  

	9.0	Reports 

  

	 	9.1	Reports. 

  

	 	9.1.1	Progress Reports. Until the First Commercial Sale of a Licensed Product by Regulus, its Affiliate or any Sublicensee, Regulus will prepare and submit to
University within thirty (30) days after June 30 of each year a 

  
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	 	report regarding the progress of Regulus and any Sublicensees in developing Licensed Products for commercial exploitation. This report will include such particulars as
are necessary to demonstrate compliance with the diligence obligations set forth in Article 6.0 (Diligence) of this Agreement, including but not limited to, a summary of work completed, summary of work in progress, and current schedule of
anticipated events or milestones. 

  

	 	9.1.2	Royalty Reports. With each royalty payment, Regulus will include a report setting forth such particulars of the business conducted by Regulus, its Sublicensees and
their respective Affiliates during the preceding calendar quarter as will be pertinent to royalty accounting as specified in this Agreement. This report will include at least (a) names and addresses of the respective sellers (Regulus,
Sublicensee, Affiliate); (b) the country(ies) in which the respective products were Commercialized; (c) number of the respective units of Licensed Products; (d) gross amounts billed or invoiced for Licensed Products; (e) the
nature and amounts of the respective deductions allowable under the definition of Net Sates Revenue; and (f) calculation of total royalties clue University. If no sales of Licensed Products were made during any reporting period, Regulus will so
report, 

  

	 	9.2	Payments. 

  

	 	9.2.1	Form of Payments; Taxes. All payments required under this Agreement will be made in EUROs, in each case by check, money order, or wire transfer payable to the
University, and delivered to University to such account as University may designate in writing. The royalties on sales in currencies other than Euros will be calculated using the interbank exchange rate provided by www.oanda.com (or if this service
should at any time be discontinued, a comparable service agreed upon by the parties) for the last clay of the accounting period. If legally required, all payments will he paid net of any additional value added tax. Such payments will be without
deduction of exchange, collection, or other charges, except for deduction of withholding, value added or similar taxes. The Parties will use all reasonable and legal efforts to reduce tax withholding on payments made hereunder. Notwithstanding such
efforts, if Regulus concludes that tax withholdings under the laws of any country are required with respect to payments to University, then Regulus will withhold the required amount and pay it to the appropriate governmental authority. In such a
ease, Regulus will promptly provide University with original receipts or other evidence reasonably desirable and sufficient to allow University to document such tax withholdings adequately for purposes of claiming foreign tax credits and similar
benefits. 

  

	 	9.2.2	Late Fee. Any overdue payment due to University under terms of this Agreement that is more than thirty (30) days past due will bear Interest until paid. The
payment of such interest amount will be made at the time 

  
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the overdue payment is made. The payment of such interest amount will not foreclose or limit University from exercising any other rights it may have as a consequence of the lateness of any
payment. 

  

	10.0	Record Keeping 

  

	 	10.1	Records. Regulus will keep complete and accurate records and beaks of account containing all information necessary for the computation and verification of the
amounts to be paid hereunder, also with regard to all its Affiliates and Sublicensees. Regulus will keep these records and books for a period of ten (10) years following the end of the period to which the information pertains.

  

	 	10.2	Audit Rights. Regulus will, at the request of University, permit one or more accountants selected by University (“Accountant”) to have access to
Regulus’ records and books of account during ordinary working hours to audit with respect to any payment period ending no later-than five (5) years (or ten (10) years to the extent such audit is necessary to comply with an audit of
University by the German government) prior to such request, the correctness of any report or payment made under this Agreement, or to obtain information as to the payments due for any such period in which Regulus failed to report or make payment
pursuant to the terms of this Agreement. 

  

	 	10.3	Confidentiality of Audit. The Accountant will not disclose to University any information relating to the business of Regulus except that which is necessary to
inform University of: (a) the accuracy or inaccuracy of Regulus’ reports and payments; (b) compliance or noncompliance by Regulus with the terms and conditions of this Agreement.; (c) the extent of any inaccuracy or
noncompliance; and (d) any information that the accountant believes materially relates to Section 10.2 of this. Agreement. 

  

	 	10.4	Audit Findings. Should the Accountant believe there is an inaccuracy in any of the Regulus’ payments or noncompliance by Regulus with any of such terms and
conditions, the Accountant will have the right to make and retain copies (including photocopies) of any pertinent portions of the records and books of account. In addition to the payment of any overdue payments and the late fees in accordance with
Section 9.2.2, In the event that Regulus’ royalties calculated for any quarterly period are underreported by more than [...***...] Five Percent (5%) [...***...], the costs of any audit and review initiated by University
will be borne by Regulus; otherwise, University will bear the costs of any audit initiated by University. University may exercise its audit rights under this Article 10 only once every year and only with reasonable prior notice to Regulus.

  
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	11.0	Term and Termination of Agreement 

  

	 	11.1	Term. The term of this Agreement will commence on the Effective Date and, unless sooner terminated in accordance with the provisions set forth in this Article
11.0, will expire on (a) the date the last Patent Right has expired (such expiration to occur only after expiration of extensions of any nature to such patents which may be obtained under applicable statutes or regulations in the respective
countries of territory, such as the Drug Price Competition and Patent Term Restoration Act of 1984 in the U.S.A. and similar patent extension laws in other countries); or (b) the date when in the last country the First Commercial Sale has taken
place ten (10) years before; whichever is later. Upon expiration of the term of this Agreement in accordance with Section 11.1 and payment of all amounts owed pursuant to this Agreement, the licenses granted by University to Regulus under
this Agreement will automatically become perpetual, irrevocable, fully-paid non-exclusive licenses. 

  

	 	11.2	Termination for Breach. Subject to the terms of this Section 11.2, University may terminate this Agreement with immediate effect for due cause by providing
Regulus with written notice of termination, 

  

	 	11.2.1	if Regulus has not used Commercially Reasonable Efforts in accordance with Section 6.1 where the arbitrator determines University may terminate this Agreement
under Section 6.3; and/or 

  

	 	11.2.2	if Regulus is in default with regard to any payment obligation under this Agreement, and, in each case, does not cure such breach within sixty (60) days after
receiving the notice of such breach from University; 

  

	 	11.2.3	if Regulus has intentionally or fraudulently withheld or concealed information relating to any payment obligation under this agreement, unless only with regard to an
insignificant amount; 

  

	 	11.2.4	Regulus merges with another company or there is a change in the person or entity who has Control of Regulus without University’s prior consent, unless such company
or entity is (a) a Qualified Partner and (b) agrees in writing to be bound by the terms and conditions of this Agreement (including for the avoidance of doubt the direct obligation vis-à-vis University to provide reports in
accordance with Article 9.0, and to keep records as set forth in Article 10.0); and/or 

  

	 	11.2.5	Regulus, its Affiliate and/or Sublicensee challenges or assists a Third Party in challenging the validity of a Patent Right, unless (a) Regulus’ assistance
was necessary to comply with a subpoena duly issued in good faith by a Third Party, court or administrative order, or similar legal process for testimony or the production of documents; or (b) Regulus is responding to an interference proceeding
that was not initiated by Regulus or any of its Affiliates. 

  
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	 	11.3	Termination for Bankruptcy. This Agreement and the license granted hereunder will terminate immediately in the event that: (a) Regulus seeks liquidation,
reorganization, dissolution or winding-up of itself, is insolvent or evidence exists as to its insolvency, or Regulus makes any general assignment for the benefit of its creditors; (b) a petition is filed by or against Regulus, or any
proceeding is initiated by or against Regulus, or any proceeding is initiated against Regulus as a debtor, under any bankruptcy or insolvency law, unless the laws then in effect void the effectiveness of this provision, and such petition will not be
dismissed within ninety (90) days after the filing thereof; (c) a receiver, trustee, or any similar officer is appointed to take possession, custody, or control of all or any part of Regulus’ assets or property; or (d) Regulus
adopts any resolution of its Board of Directors or stockholders for the purpose of effecting any of the foregoing. 

  

	 	11.4	Regulus’ Right to Terminate. Upon payment of the license issue fee in accordance with Section 8.1, Regulus has a right to terminate this Agreement with
or without cause, upon thirty (30) days prior written notice to University. 

  

	 	11.5	No Other Remedies Affected. The provisions under which this Agreement may be terminated will be in addition to any and all other legal remedies which either
party may have for the enforcement of any and all terms hereof, and do not in any way limit any other legal remedy such party may have. 

  

	 	11.6	Termination Ends Grant of Rights. Termination of this Agreement will terminate all rights and licenses granted to Regulus under Section 3.0 of this
Agreement. 

  

	 	11.7	Effect of Termination on Sublicense. Upon termination of this Agreement, any and all existing Sublicenses will survive pursuant to Section 4.3 of this
Agreement so long as the relevant Sublicensee agrees in writing to make any payments required under this Agreement directly to University and to comply with the terms of this Agreement (including for the avoidance of doubt the direct obligation
vis-à-vis University to provide reports in accordance with Article 9.0, and to keep records as set forth in Article 10.0). 

  

	 	11.8	Effect of Termination on Financial Obligations. Termination by University or Regulus under the options set forth in this Agreement will not relieve Regulus from.
any financial obligation to University arising from this Agreement that accrue prior to termination, or from performing according to any and all other provisions of this Agreement that survive termination. 

 

	 	11.9	Final Report. Within ninety (90) days of termination of this Agreement, Regulus will submit a final royalty report in accordance with Section 9.1.

  
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	12.0	Notices 

 Any notice or
other communication will be in writing and will be deemed to have been properly given and be effective upon the date of delivery if delivered in person or by facsimile to the respective addresses set forth below, or to such other address- as either
party will designate by written notice given to the other party. If notice or other communication is given by facsimile transmission, said notice will be confirmed by prompt delivery of the hardcopy original. 

In the case of Regulus: 
 Regulus Therapeutics Inc. 
 1896 Rutherford Road 

Carlsbad, CA 92008 
 Facsimile No.: 760-268-6868 
 ATTN: EVP & CFO 

 

					
		 	With a copy to:                        
	  	 General Counsel
 Same address
as above
 Facsimile No.: 760-268-4922

 In the case of University: 
 Bayerische Patentallianz GmbH 
 Destouchesstr. 68 

80796 Munich, Germany 
 [...***...] 
 [...***...] 

[...***...] 

[...***...] 
  

	13.0	Use of Names 

 Nothing
contained in this Agreement will be construed as conferring any right to use in advertising, publicity or other promotional activities any name, trade name, trademark or other designation of a party hereto including any contraction, abbreviation or
simulation of any of the foregoing, unless the express written permission of the other party has been obtained, provided that both parties may state the existence of this Agreement and the fact that both parties entered into it. For any other use
other than the foregoing, Regulus hereby expressly agrees not to use the name “Julius-Maximilians-Universität Würzburg” without prior written approval from University. 

  
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	14.0	Representations and Warranties 

  

	 	14.1	University Representations. University represents and warrants as of the Effective Date that: (a) its employees have assigned to University their entire
right, title, and interest in the Patent Rights, (b) University owns all right, title, and interest in the Licensed IP; (c) the list of the Patent Rights contained in Appendix B is accurate and complete in all respects; (d) it has the
right to grant the license in and to the Licensed IP set forth in this Agreement; (e) it has not granted any licenses under the Licensed IP which would conflict with the rights granted herein; and (f) there are no Patents (other than the
Patent Rights) owned or Controlled by University on the Effective Date related to the. Field that would be infringed by Regulus by practicing the inventions claimed within the Patent Rights. 

 

	 	14.2	Disclaimers. Except as otherwise expressly provided in Section 14.1, nothing in this Agreement will be construed as: 

 

	 	a)	A representation or warranty by University as to the patentability, validity, scope, or usefulness of Licensed IP; 

 

	 	b)	A representation or warranty by University that anything made, used, sold, or otherwise disposed of under any license granted in this Agreement is or will be free from
infringement of third-party patents or other proprietary rights, or University patents or other proprietary rights not included in Licensed IP; 

  

	 	c)	An obligation to bring or prosecute actions or suits against Third Parties for patent infringement; or 

 

	 	d)	An obligation to furnish any know-how not provided in the Licensed IP. 

 EXCEPT ASOTHF,RWISE, EXPRESSLY PROVIDED IN SECTION 14.1, UNIVERSFFY EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES, WHETHER EXPRESS OR IMPLIED, PERTAINING TO THE MERCHANTABILITY OR FITNESS FOR A PARTICULAR
PURPOSE OF THE LICENSED IP, THE LICENSED PRODUCTS OR ANYTHING ELSE LICENSED, DISCLOSED, OR OTHERWISE PROVIDED TO REGULUS UNDER THIS AGREEMENT. 

  
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	15.0	Indemnification 

  

	 	15.1	Indemnification by Regulus. Each party will notify the other of any claim, lawsuit or other proceeding related to the Licensed IP. Regulus agrees that it will
defend, indemnify and hold harmless University, its faculty members, scientists, researchers, employees, officers, trustees and agents and each of them (the “University-Indemnified Parties”), from and against any and all claims,
causes of action, lawsuits or other proceedings (the “claims”) filed or otherwise instituted by a Third Party against any of the University-Indemnified Parties to the extent arising out of the Commercialization of a Licensed Product by
Regulus, its Affiliates or Sublicensees; provided, however, that such indemnity will not apply to any claims arising from the negligence, gross negligence or willful misconduct of any University-Indemnified Party, or from University’s
breach of this Agreement. Regulus will also assume responsibility for all costs and expenses related to such claims for which it is obligated to indemnify the indemnified Parties pursuant to this Section 15.0, including, but not limited to, the
payment of all reasonable attorneys’ fees and costs of litigation or other defense. 

  

	 	15.2	Notice; Procedure. It will be a condition precedent to an indemnified party’s right to seek indemnification under Section 15.1 that such party will
(a) promptly notify the indemnifying party of a claim as soon as it becomes aware of such claim, (b) allow the indemnifying party to assume control of the defense of such claim, and (c) cooperate with the indemnifying party in such
defense. The indemnifying party agrees, at its own expense, to provide attorneys reasonably acceptable to the indemnified party to defend against any claim. The indemnified party will cooperate fully with the indemnifying party in the defense and
will permit the indemnifying party to conduct and control the defense and the disposition of the claim (including all decisions relative to litigation, appeal, and settlement). However, any indemnified party may retain its own counsel, at the
expense of the indemnifying party, if representation of the indemnified party by the counsel retained by the indemnifying would be inappropriate because of actual or potential conflicts it the interests of the indemnified party and any other party
represented by that counsel. The indemnifying party agrees to keep the indemnified party informed of the progress in the defense and disposition of the claim and to consult with the indemnified party regarding any proposed settlement Notwithstanding
anything in this agreement to the contrary, the indemnifying party will have no liability under Section 15.1 as the case may be, with respect to claims settled or compromised by the indemnified party without the indemnifying party’s prior
written consent. 

  

	 	15.3	Special Damages. NEITHER PARTY WILL BE LIABLE FOR ANY INDIRECT, SPECIAL, CONSEQUENTIAL OR OTHER SIMILAR DAMAGES WHATSOEVER WHETHER GROUNDED IN TORT, STRICT
LIABILITY, CONTRACT OR OTHERWISE. EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, THE UNIVERSITY WILL NOT HAVE ANY RESPONSIBILITY OR LIABILITY WHATSOEVER WITH RESPECT TO LICENSED PRODUCTS. 

  
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	16.0	Applicable Laws 

  

	 	16.1	Compliance with Laws. Regulus will abide by all applicable federal, state, and local laws and regulations pertaining to the management and commercial deployment
of Licensed Products under this Agreement. 

  

	 	16.2	Governing Law. This Agreement and all disputes arising out of or related to this Agreement, or the performance, enforcement, breach or termination hereof, and
any remedies relating thereto, will be construed governed, interpreted and applied in accordance with the laws of the Federal Republic of Germany, except that questions affecting the construction and effect of any patent will be determined by the
law of the country in which the patent will have been granted. 

  

	17.0	Dispute Resolution 

  

	 	17.1	The parties will negotiate in good faith any controversy or disputed claim by either party arising under or related to this Agreement. If no resolution of such
controversy or disputed claim is reached between the parties within ninety (90) days of the commencement of negotiations, then either party may proceed to arbitration pursuant to the terms set forth below. 

 

	 	17.2	Any controversy arising under or related to this Agreement, and any disputed claim by either party against the other under this Agreement shall be finally settled
under. the Rules of Arbitration of the International Chamber of Commerce by three (a) arbitrators appointed in accordance with the said Rules. The seat of the arbitration shall be Munich; the arbitral proceedings and the award will be in
English language. Judgment upon the award rendered by the arbitrator will be final and non-appealable and may be entered in any court having jurisdiction thereof. 

 

	18.0	General 

  

	 	18.1	Severability. If any provision of this Agreement will be held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions will not be in any way affected or impaired thereby. 

  

	 	18.2	No Waiver. No omission or delay of either party hereto in requiring due and punctual fulfillment of the obligations of any other party hereto will be deemed to
constitute a waiver by such party of its rights to require such due and punctual fulfillment, or of any other of its remedies hereunder. 

  

	 	18.3	Amendments. No amendment or modification hereof will be valid or binding upon the parties unless it is made in writing, cites this Agreement, and is signed by
duly authorized representatives of University and Regulus. 

  
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	 	18.4	Assignment. This Agreement, and any rights or obligations hereunder, may be assigned by University but will not be assigned, transferred, or delegated in whole
or in part by Regulus without University’s express written approval, such approval not to be unreasonably withheld. Notwithstanding the foregoing, Regulus may assign this Agreement (i) to an Affiliate, or (ii) in connection with a
merger of Regulus with a Qualified Partner or a sale to a Qualified Partner of all or substantially all of Regulus’ assets to which this Agreement relates, so long as in each case the Affiliate or Qualified Partner agrees in writing to be bound
by the terms and conditions of this Agreement, and further provided that in this case of an assignment to an Affiliate Regulus will remain jointly and severally liable for the assignee’s performance of its obligations under this Agreement. Any
attempted assignment, transfer or delegation in breach of this provision will be deemed to be void and no effect. Except as otherwise provided, this Agreement will be binding upon and inure to the benefit of the parties’ successors and lawful
assigns. 

  

	 	18.5	Headings. The headings of the several sections of this Agreement are inserted for convenience and reference only, and are not intended to be a part of or to
affect the meaning or interpretation of this Agreement. 

  

	 	18.6	University’s Disclaimers. Neither University, not any of its faculty members, scientists, researchers,- employees, officers, trustees or agents assume any
responsibility for the Manufacture, product specifications, sale, or use of the Licensed Products that are manufactured by or sold by Regulus. 

  

	 	18.7	No Endorsement. By entering into this Agreement, University neither directly not indirectly endorses any product or service provided, or to be provided, by
Regulus, whether directly or indirectly related to this Agreement. Regulus will not state or imply that this Agreement is an endorsement by University or its employees. 

 

	 	18.8	Independent Contractors. The parties hereby acknowledge and agree that each is independent contractor and that neither party will be considered to be the agent,
representative, master or servant of the other party for any purpose whatsoever, and that neither party has any authority to enter into a contract, to assume any obligation, or to give warranties or representations on behalf of the other party.
Nothing in this relationship will be construed to create a relationship of joint venture, partnership, fiduciary or other similar relationship between the Parties. 

 

	 	18.9	Reformation. The parties hereby agree that neither party intends to violate any public policy, statutory or common law, rule, regulation, treaty or decision of
any government agency or executive body thereof of any country or community or association of countries, and that if any word, sentence, paragraph or clause or combination thereof of this Agreement is found, by a court or executive body with
judicial powers having jurisdiction over this Agreement or any of the parties hereto, in a final, unappealable order to be in violation of any such provision in any country 

  
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 or community or association of countries, such words, sentences, paragraphs or clauses
or combination will be inoperative in such country or community or association of countries, and the remainder of this Agreement will remain binding upon the parties hereto. 

 

	 	18.10	Force Majeure. No liability hereunder will result to a party by reason of delay in performance caused by force majeure, that is circumstances beyond the
reasonable control of the Party, including, without limitation, acts of God, fire, flood, earthquake, war, terrorism, civil unrest, labor unrest, or shortage of or inability to obtain material or equipment. 

 

	 	18.11	Survival. Sections 4.3 (Sublicenses), 5 (Confidential Information), 7.2 (Election to Discontinue Patent Rights) and 11.7, 1L8 and 11.10. (Term and Termination);
and Articles 2.0 (Definitions), 10.0 (Record Keeping); 13.0 (Use of Names), 14.0 (Representations and Warranties), 15.0 (Indemnification), 16.0 (Applicable Law), 17.0 (Dispute Resolution) and 18.0 (General), and other provisions that by their
context would survive, will survive the expiration or earlier termination of this Agreement. 

  

	 	18.12	Entire Agreement. This Agreement embodies the entire understanding of the parties relating to the subject matter hereof and supersedes all previous
communications, representations, or understandings, either oral or written, between the parties relating to the subject matter hereof. 

  

	 	18.13	Counterparts. This Agreement may be executed in two or more counterparts, each of which will be deemed an original, but all of which together will constitute one
and the same instrument. 

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 IN WITNESS WHEREOF, University and Regulus have executed this Agreement, in duplicate originals but
collectively evidencing only a single contract, by their respective duly authorized officers, on the Effective Date. 
  

									
	Regulus Therapeutics Inc.	 		 	Bayerische Patentallianz GmbH
					
	By:	 	/s/ Kleanthis G. Xanthopoulos	 		 	By:	 	/s/ Peer Biskup
	Name:	 	Kleanthis G. Xanthopoulos, Ph.D.	 		 	Name:	 	Peer Biskup
	Title:	 	CEO	 		 	Title:	 	CEO

  
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APPENDIX A 

Definitions 

“Affiliate” means with respect to a person or entity any and all persons or entities, Controlling that person or entity, being
Controlled by that person or entity or being under the common Control by the same third person or entity as that person or entity. “Controlling,” “Control” or “Controlled” as used in this paragraph means direct or
indirect ownership of more than fifty percent (50%) of the voting stock of such corporation, or more than a fifty percent (50%) interest, direct or indirect, in the decision-making authority of such other unincorporated business entity.

 “Approval” means, with respect to any Licensed Product, approval from the applicable Regulatory Authority sufficient for the
manufacture, distribution, use and sale of the Licensed Product in accordance with applicable laws. 
 “Commercially Reasonable
Efforts” means, with respect to the exploitation of the Patent Rights, the carrying out of research and development activities using efforts Regulus (or its Affiliate or Sublicensee) would reasonably devote to early-stage technology that is
not well understood at a similar stage in the technology’s life cycle resulting from its own research and development efforts, based on conditions then prevailing and taking into account, without limitation, the availability or unavailability
of technical or scientific information, scientific understanding of the technology, the likelihood of the technology’s success, the competitiveness of alternative technologies, the patent and other proprietary position, the likelihood of
regulatory approval for a product covered by the technology, and other relevant scientific, technical and commercial factors. 

“Commercialize” means to make, have made, use, sell; offer for sale, have sold, import, export and/or otherwise commercialize a product.

 “Confidential Information” means information that is marked as confidential, or, if orally or visually disclosed, is
indicated at the time of disclosure as confidential and provided in written form within thirty days. Notwithstanding the foregoing, the receiving party will have no obligation of confidentiality relating to any information of the disclosing party
that: 
  

	(i)	is disclosed by the disclosing party without restriction on further dissemination or is otherwise disclosed by the receiving party in compliance with the terms of the
disclosing party’s prior written approval; or 

  

	(ii)	at the time of receipt by the receiving party was independently known or developed by the receiving party; or 

 

	(iii)	at any time becomes generally known to the public or otherwise publicly available through no fault of receiving party; or 

 

	(iv)	has been or is made available to receiving party (directly or indirectly) by a Third Party having the lawful right to do so without breaching any obligation of nonuse
or confidentiality to disclosing party; or 

  

	(v)	the receiving party is obligated to disclose in order to comply with applicable laws or regulations, or with a court or administrative order, provided that the
receiving party (i) promptly notifies the disclosing party, and (ii) cooperates reasonably with the disclosing party’s efforts to contest or limit the scope of such disclosure. 

  
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 The burden of proof shall be on the receiving party to establish the existence of facts giving rise to
any of the foregoing exceptions 
 “Field” means products based on miR-21 for the treatment or prevention or amelioration of a
disease, disorder or medical condition in humans for an Indication. 
 “First Commercial Sale” means the initial transfer by or
on behalf of Regulus, its Affiliate or a Sublicensee of Licensed Products after Approval of such Licensed Product in exchange for cash or some equivalent to which value can be assigned for the purpose of determining Net Sales Revenue. 

“First Human Dose” means the first instance in which a dose of a Licensed Product is administered to a human being in a clinical trial.

 “Identified Countries” means the United States, Japan Australia, France, Germany, Italy, Spain, and the United Kingdom.

 “IND” means an Investigational New Drug Application as defined in the Food, Drug and Cosmetic Act, as amended) filed with
the FDA or its foreign counterparts. 
 “IND-Enabling Studies” means the pharmacokinetic and toxicology studies required to
meet the regulations for filing an IND. 
 “Indication” means failure and/or diseases of the heart, liver, and kidney, and/or
fibrosis including but not limited to fibrosis in heart, liver and kidney tissue. 
 “Interest” means interest at a per annum
rate equal to [...***...] percentage points above the basic interest rate of the German Bundesbank 
 “Initiation of Phase
II Clinical Trial” means the first visit by the first human subject in a Phase II Clinical Trial during which dosing of a Licensed Product occurs. 
 “Initiation of Phase III Clinical Trial” means the first visit by the first human subject in a Phase III Clinical Trial during which dosing of a Licensed Product occurs. 

“Know-How” means all of University’s know-how related to the inventions disclosed in the Patent Rights to which as of the Effective
Date University can grant exclusive use rights, and which may include, without limitation, specifications, technical data, other information relating to the inventions, discoveries, developments and other proprietary ideas, whether or not
protectable under patent, trademark, copyright or other legal principles. The Know-How is more fully described on Appendix D attached hereto. 

“Licensed IP” means the Patent Rights and the Know-How. 
 “Licensed Product” means any product in the Field that cannot be manufactured, used, or sold without infringing one or more Valid Claims of the Patent Rights in the country in which such
product is manufactured, used, or sold. 
 “Minimum Investment” means an investment on a calendar year basis consisting of
internal and/or external costs in the research, development, manufacture or commercialization of a 

  
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Licensed Product by Regulus, its Affiliates or Sublicensees in at least the amount specified below depending on the latest stage of development actually achieved by the Licensed Product before
the start of such calendar year: 
  

					
	 [...***...]
	  	US$	[	...***...] 
	 [...***...]
	  	US$	[	...***...] 
	 [...***...]
	  	US$	[	...***...] 
	 [...***...]
	  	US$	[	...***...] 
	 [...***...]
	  	US$	[	...***...] 

 “NDA” means a New Drug Application as described in 21 C.F.R. Part 314 (as amended from time to time),
filed with the FDA after completion of clinical trials to obtain Approval for a Licensed Product in the United States, or an equivalent application filed with a foreign Regulatory Authority outside of the United States, 

“NDA Filing” means submission of an NDA to the FDA or a foreign Regulatory Authority outside the United States) for a Licensed Product.

 “NDA Approval” means approval of the FDA (or a foreign Regulatory Authority outside the United States) for a Licensed
Product. 
 “Net Sales Revenue” means the gross amount of monies or cash equivalent or other consideration that is invoiced by
Regulus, its Affiliates or Sublicensees to unrelated Third Parties for sale of Licensed Products, less (a) all trade, quantity, and cash discounts actually allowed and taken; (b) credits and allowances actually granted and taken on account
of rejections, returns, or billing errors; (c) freight, shipping and insurance charges, and (f) sales taxes, duties, tariffs, or other governmental charges imposed on the sale of the Licensed Product, including value added taxes or other
governmental charges otherwise measured by the amount paid for the Licensed Product, but specifically excluding taxes based on the net income of the seller, provided that the total amount of deductions shall not be more than 20% of the gross amount.
In any transfers of Licensed Products between any of Regulus, its Sublicensees and their Affiliates, Net Sales Revenue is calculated based on the final sale of the Licensed Product to a Third Party. If Regulus, its Sublicensee or any of their
Affiliates receives non-monetary consideration for any Licensed Products, Net Sales Revenue is calculated based on the fair market value of that consideration, whereby, for the avoidance of doubt, Net Sales Revenue will not be due with regard to
Licensed Products supplied without monetary consideration for (i) use in clinical trials, pre-clinical studies or other research or development activities, or (ii) for a bona fide charitable purpose or commercially reasonable sampling
program. 
 Notwithstanding the foregoing, if (i) Regulus enters an arms-length Sublicense with a Third Party and (ii) the definition
of Net Sales is different in such Sublicense than as set forth above in this Agreement, then, the Parties will use the definition of Net Sales described in the applicable Sublicense for the calculation of royalties hereunder. 

“Patent” means any patents and patent applications, whether domestic or foreign, including all provisionals, and all divisionals,
continuations, continuations-in-part, reissues; reexaminations, renewals, extensions, and supplementary protection certificates of any such patents and patent applications. 

  
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 “Patent Rights” means those Patents listed in Appendix B and all Patents claiming
priority thereto or arising therefrom. 
 “Phase II Clinical Trial” means a human clinical trial of a Licensed Product that is
intended to explore a variety of doses, dose response and duration of effect to generate initial evidence of clinical safety and activity in a target patient population, that would satisfy the requirements of 21 CFR 312.21(b). 

“Phase III Clinical Trial” means a human clinical trial of a Licensed Product on a sufficient number of subjects that is designed to
establish that a pharmaceutical product is safe and efficacious for its intended use, and to determine warnings, precautions, and adverse reactions that are associated with such pharmaceutical product in the dosage range to be prescribed, which
trial is intended by Regulus to support Approval of a Licensed Product in the United States (as described in 21 C.F.R. 312.21(c)), or another jurisdiction in accordance with applicable law. 
 “Qualified Partner” means a company that is engaged in the business of developing and commercializing pharmaceutical products, where such company either (i) has a market
capitalization of at least US$1 billion as measured on a national stock exchange (such as Nasdaq or NYSE); or (ii) working capital of at least US$100 million (as calculated in accordance with US generally accepted accounting principles).

 “Regulatory Authority” means any governmental authority, including the FDA, EMEA or Koseisho (i.e., the Japanese
Ministry of Health and Welfare), or any successor agency thereto, that has responsibility for granting any licenses or approvals or granting pricing and/or reimbursement approvals necessary for the marketing and sale of a Licensed Product in any
country. 
 “Sublicense” means the present, future or contingent transfer of any license (including for the avoidance of doubt
also any cross-licenses, non-assertion agreements, etc.), other right, or option granted by Regulus to a person or entity which is not an Affiliate under the Licensed IP, in whole or in part. 
 “Sublicensee” means any person or entity which is not an Affiliate to whom Regulus has granted a Sublicense pursuant to Article 4.0 of this Agreement to make, have made, use, and/or sell
the Licensed Product under the Licensed IP. 
 “Territory” means worldwide, 

“Third Party” means any person or entity other than University or Regulus, its Sublicensees or any of their Affiliates. 

“Valid Claim” means: 
  

	 	(a)	an issued claim of an unexpired Patent within the Patent Rights related to Field held by University that has not been donated to the public, disclaimed, nor held
invalid or unenforceable by a court or government agency of competent jurisdiction in an unappealed or unappealable decision, including through opposition, reexamination, reissue or disclaimer; and/or 

  
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	 	(b)	a pending claim in a pending patent application, unless more than eight (8) years have passed since the earliest date from which such pending patent application
claims priority, 

  
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 APPENDIX B 
 Patent Rights as of the Effective Date 
  

							
	 BayPat
Reference
	  	 Serial No.
	  	Filing Date	  	 Title

	 [...***...]
	  	[...***...]	  	[...***...]	  	[...***...]
		  	[...***...]	  	[...***...]	  	
		  	[...***...]	  	[...***...]	  	
		  	[...***...]	  	[...***...]	  	
		  	[...***...]	  	[...***...]	  	
		  	[...***...]	  	[...***...]	  	
				
	 [...***...]
	  	[...***...]	  	[...***...]	  	[...***...]
		  	[...***...]	  	[...***...]	  	
		  	[...***...]	  	[...***...]	  	
		  	[...***...]	  	[...***...]	  	
		  	[...***...]	  	[...***...]	  	

  
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COPY 
 APPENDIX C 

Mir-21 R&D Timetable 
  

					
	 ACTIVITY
	  	 TIMETABLE 
(estimates)
	  	 TARGET COMPLETION DATE

	 [...***...]
	  	[...***...]	  	[...***...]
	 [...***...]
	  	[...***...]	  	[...***...]
	 [...***...]
	  	[...***...]	  	[...***...]
	 [...***...]
	  	[...***...]	  	[...***...]
	 [...***...]
	  	[...***...]	  	[...***...]
	 [...***...]
	  	[...***...]	  	[...***...]
	 [...***...]
	  	[...***...]	  	[...***...]
	 [...***...]
	  	[...***...]	  	[...***...]
	 [...***...]
	  		  	[...***...]

  
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 APPENDIX D 
 Know-How 
 [...***...] 

  
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 Fig. 1 
 [...***...] 
 Fig. 2 

[...***...] 

  
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 Fig. 3 
 [...***...] 
 Fig. 4 

[...***...] 

  
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 Fig. 5 
 [...***...] 
 Fig. 6 

[...***...] 

  
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 Fig. 7 
 [...***...] 
 Fig. 8 

[...***...] 

  
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 Fig. 9 
 [...***...] 

  
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