Document:

Exhibit 10.16

 Exhibit 10.16 

 
 

 
 January 25, 2012 
 Christopher J. Morl 
 PO Box 1664 
 Rancho Santa Fe, CA 92067 
 Re: Transition from Ambit Biosciences Corporation 

Dear Chris: 
 This letter sets forth the
agreement (the “Separation Agreement”) that Ambit Biosciences Corporation (the “Company”) is offering to you to aid in your employment transition. Your receipt of the
benefits specified by this Separation Agreement is contingent upon satisfaction of both of the following conditions (the “Conditions”): (1) you must sign this Separation Agreement and return it to the
Company within twenty-one (21) days of receiving it, and allow it to become effective as specified in Section 14 below; and (2) you must sign the release attached hereto as Exhibit A (the
“Release”) and return it to the Company within twenty-one (21) days after the Separation Date (as defined below), and allow it to become effective as specified therein. If both
Conditions are satisfied, then the following terms and conditions shall apply: 
 1. Separation Date and Transition Period. Your last day
of work with the Company and your employment termination date will be January 31, 2012 (the “Separation Date”). The period between the date hereof and the Separation Date shall be referred to
herein as the “Transition Period.” Throughout the Transition Period, your employment with the Company shall remain at will. This means that the Company retains the right to accelerate the Separation Date and
terminate your employment on any earlier date of its choosing, for any reason or for no reason, with or without cause or advance notice. 

2. Duties During Transition Period. During the Transition Period, you will continue to report to the Chief Executive Officer of the Company (the
“CEO”), your position will be Special Advisor to the CEO and you will continue to be paid your current base salary as in effect on the date hereof. Your duties during the Transition Period
shall include transitioning your role as the Company’s primary contact with Astellas and such other activities and assistance as may be reasonably requested by the CEO (the “Transition Duties”).
You will report to the Company’s offices, or other locations necessary or requested by the CEO, in order to perform the Transition Duties. You agree to devote your full and best business efforts and energies to the performance of
the Transition Duties throughout the Transition Period. 
 3. Accrued Salary And Vacation. On the Separation Date, the Company will
pay you all accrued salary and all accrued and unused vacation, if any, earned from inception of employment through the Separation Date, at your current base salary rate, subject to standard payroll deductions and withholdings. 

Ambit Biosciences Corporation 
 4215 Sorrento Valley Boulevard 
 San Diego, CA 92121 

tel 858-334-2100 fax 858-334-2198 
 www.ambitbio.com 

  
 1. 

 4. Severance Payments. Provided that the Conditions described above are satisfied and so long as you
remain in strict compliance with the terms of this Separation Agreement, the Company will provide you with the following severance benefits: 
 (a) Severance. The Company will pay you severance an amount equal to six (6) months of your current base salary as of the Separation Date. This amount will be paid in a lump sum within ten
(10) days after the effective date of the Release (as defined therein) (the “Release Effective Date”), subject to standard payroll deductions and withholdings. 

(b) 2011 Bonus Amount. The Company will pay you as additional severance a payment in the amount of the bonus you would have
received for 2011, as determined by the Board after considering 2011 Company performance against 2011 corporate goals. This amount will be paid in a lump sum within ten (10) days after the later of (i) the Release Effective Date or
(ii) the determination of the amount of such payment by the Board, subject in any case to standard payroll deductions and withholdings. 
 (c) COBRA Continuation Coverage. Provided that you are eligible for and timely elect COBRA health insurance continuation coverage, the Company shall pay directly to the insurance provider the
premium for COBRA continuation coverage for you, and your eligible family members, through the earlier of (i) the date that is twelve (12) months from the Separation Date; and (ii) the date that you have both commenced full-time
employment with another company or business entity and have become eligible to participate in such company’s or business entity’s health insurance plan (such period, the “COBRA Payment Period”). You
agree to notify the Company immediately of any such employment and eligibility. 
 Notwithstanding the foregoing, if at any time
the Company determines, in its sole discretion, that it cannot provide the COBRA premium benefits without potentially incurring financial costs or penalties under applicable law (including, without limitation, Section 2716 of the Public Health
Service Act), then in lieu of paying COBRA premiums on your behalf, the Company will pay you on the last day of each remaining month of the COBRA Payment Period a fully taxable cash payment equal to the COBRA premium for that month, subject to
applicable tax withholding (such amount, the “Special Severance Payment”), such Special Severance Payment to be made without regard to your payment of COBRA premiums and without regard to the
expiration of the COBRA Payment Period prior to the expiration of the twelve (12) month period following the Separation Date. Such Special Severance Payment shall end on the earlier of (x) the date that you have both commenced full-time
employment with another company or business entity and have become eligible to participate in such company’s or business entity’s health insurance plan; and (y) the close of the twelve (12) month period following the Separation
Date. 
 (d) Stock Option Vesting and Exercisability. Effective as of August 18, 2011, pursuant to the Company’s
Amended and Restated 2011 Equity Incentive Plan (the “Plan”) you were granted options to purchase up to 344,433 shares of the Company’s common stock, which options are subject to vesting that is dependent upon the
occurrence of a public offering by the Company or a Covered Transaction, as defined and as more fully set forth therein (the “Performance Vesting Options”). In addition, during your employment with the Company,
you have been granted certain other options to purchase the Company’s common stock pursuant to the Plan that are subject to vesting depending upon your continued employment with the Company over time (and not upon the occurrence of a public
offering by the Company or a Covered Transaction), as more fully set forth therein (the “Time Vesting Options”) (the Performance Vesting Options and the Time Vesting Options are collectively referred to as the
“Options”). The following provisions shall apply with respect to the Options: 

  
 2. 

 (i) Notwithstanding any contrary provisions contained in the Time Vesting Options,
the Time Vesting Options shall continue to vest in accordance with their terms for a period of six (6) months following the Separation Date to the same extent as if you remained continuously employed with the Company during such six
(6) month period. 
 (ii) Notwithstanding any contrary provisions contained in the Performance Vesting Options, the
vesting provisions of the Performance Vesting Options shall be amended and restated and shall be subject to vesting as follows: 
 a. 100% of the shares subject to the Performance Vesting Options shall vest upon the closing prior to December 31, 2012 of a Covered Transaction (as defined in the Option agreement) in which
Astellas or an affiliate of Astellas acquires either (x) at least a majority of the Company’s outstanding voting shares or (y) all or substantially all of the Company’s assets and in which the Company and/or its stockholders are
paid at least $100 million in cash or shares of publicly traded common stock (valued at the fair market value thereof as determined in good faith by the Board of Directors of the Company) at such closing. 

b. 50% of the shares subject to the Performance Vesting Options shall vest upon the closing prior to
December 31, 2012 of a Covered Transaction in which a party other than Astellas or an affiliate of Astellas acquires either (x) at least a majority of the Company’s outstanding voting shares or (y) all or substantially all of the
Company’s assets and in which the Company and/or its stockholders are paid at least $100 million in cash or shares of publicly traded common stock (valued at the fair market value thereof as determined in good faith by the Board of Directors of
the Company) at such closing. 
 c. Upon the consummation prior to June 30, 2012 of a corporate
partnering, licensing or similar commercial transaction involving the Company’s AC430 drug candidate and in which the Company and/or its stockholders are entitled to be paid within thirty (30) days of the closing thereof, in cash or shares
of publicly traded common stock (valued at the fair market value thereof as determined in good faith by the Board of Directors of the Company), (x) at least $15 million, then 50% of the shares subject to the Performance Vesting Options shall
vest, or (y) at least $5 million but less than $15 million, then 25% of the shares subject to the Performance Vesting Options shall vest. 
 (iii) Notwithstanding any contrary provisions contained in the Options, the Options shall remain exercisable for a period of twelve (12) months following the Separation Date after which the
Options shall expire, provided that no Option shall be exercisable after the expiration of its maximum term pursuant to the terms thereof. Except as amended above, the options will continue to be governed by the terms of the operative Option
agreements and the Plan. 

  
 3. 

 5. Other Compensation Or Benefits. You acknowledge that, except as expressly provided in this
Separation Agreement, you will not receive any additional compensation, bonus, severance or benefits from the Company after the Separation Date. 
 6. Expense Reimbursements. You agree that, within thirty (30) days of the Separation Date, you will submit your final documented expense reimbursement statement reflecting all business
expenses you incurred through the Separation Date, if any, for which you seek reimbursement. The Company will reimburse you for these expenses and any previously submitted and unpaid expenses pursuant to its regular business practice.

 7. Return of Property. Promptly following the Separation Date, you agree to return to the Company all documents (and all
copies thereof) belonging to the Company and all other property belonging to the Company that you have in your possession, including, but not limited to, all files, notes, drawings, records, business plans and forecasts, financial information,
specifications, computer-recorded information, tangible property (including, but not limited to, computers), credit cards, entry cards, identification badges, and keys; and, any materials of any kind that contain or embody any proprietary or
confidential information of the Company (and all reproductions thereof). Notwithstanding the foregoing, you shall be entitled to keep the laptop computer and iPhone supplied to you by the Company. Your timely return of all such documents and other
property is a condition precedent to your receipt of the benefits provided under this Separation Agreement. 
 8. Proprietary Information
Obligations. You acknowledge and affirm your commitment to abide by your continuing obligations under your Employee Proprietary Information and Inventions Agreement (“PILA”). 

9. Nonsolicitation Obligations. You agree that for a period of 12 months after the Separation Date, you will not, either directly or through
others, solicit, induce or attempt to solicit or induce any employee, consultant or independent contractor of the Company to terminate his or her relationship with the Company. 
 10. Confidentiality. The provisions of this Separation Agreement will be held in strictest confidence by you and will not be publicized or disclosed in any manner whatsoever; provided
however, that: (a) you may disclose this Separation Agreement in confidence to your immediate family; (b) you may disclose this Separation Agreement in confidence to your attorneys, accountants, auditors, tax preparers and
financial advisors; and (c) you may disclose this Separation Agreement insofar as such disclosure may be necessary to enforce its terms or as otherwise required by law. In particular, and without limitation, you agreed not to disclose the
existence or terms of this Separation Agreement to any current or former Company employee, contractor or consultant. 

  
 4. 

 11. Nondisparagement. You agree not to disparage the Company and its officers, directors,
employees, shareholders and agents, in any manner likely to be harmful to them or their business, business reputations or personal reputations, and the Company agrees to direct its officers and directors not to disparage you in any manner likely to
be harmful to you or your business, business reputation or personal reputation; provided that both you and the Company may respond accurately and fully to any question, inquiry or request for information when required by legal process (e.g., a valid
subpoena or other similar compulsion of law) or as part of a government investigation. 
 12. No Admissions. You understand and agree that
the promises and payments in consideration of this Separation Agreement shall not be construed to be an admission of any liability or obligation by the Company to you or to any other person, and that the Company makes no such admission.

 13. Release of Claims. In exchange for the consideration under this Separation Agreement to which you would not otherwise be
entitled, including but not limited to the severance benefits, and except as otherwise provided in this Separation Agreement, you hereby generally and completely release, acquit and forever discharge the Company, and its parent, subsidiary, or
affiliated entities, along with its and their predecessors and successors and their respective directors, officers, employees, shareholders, partners, agents, attorneys, insurers, affiliates and assigns (collectively, the “Released
Parties”), of and from any and all claims, liabilities and obligations, both known and unknown, that arise from or are in any way related to events, acts, conduct, or omissions occurring at any time prior to and including the date
that you sign this Separation Agreement (collectively, the “Released Claims”). The Released Claims include, but are not limited to: (a) all claims arising out of or in any way related to your employment with the Company,
or the termination of that employment; (b) all claims related to your compensation or benefits from the Company, including salary, bonuses, commissions, other incentive compensation, vacation pay and the redemption thereof, expense
reimbursements, severance payments, fringe benefits, stock, stock options, or any other ownership or equity interests in the Company; (c) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith
and fair dealing; (d) all tort claims, including but not limited to claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (e) all federal, state, and local statutory claims, including but not
limited to claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990 (as amended), the federal Age
Discrimination in Employment Act of 1967 (as amended) (the “ADEA”), the California Labor Code (as amended) and the California Fair Employment and Housing Act (as amended). Notwithstanding the foregoing, the following are not
included in the Released Claims (the “Excluded Claims”): (A) any rights you may have under any of the Company’s D&O or other insurance policies, as applicable or the charter or bylaws of the Company;
(B) any rights or claims you have to unemployment compensation, funds accrued in your 401(k) account or any vested equity incentives; (C) any rights that are not waivable as a matter of law; or (D) any claims arising from the breach
by the Company of the Separation Agreement to which this Release is attached. You hereby represent and warrant that, other than the Excluded Claims, you are not aware of any claims you have or might have against any of the Released Parties that are
not included in the Released Claims. 

  
 5. 

 14. ADEA Waiver. You acknowledge that you are knowingly and voluntarily waiving and releasing any
rights you may have under the ADEA (“ADEA Waiver”). You also acknowledge that the consideration given for the ADEA Waiver is in addition to anything of value to which you were already entitled. You are advised
by this writing, as required by the ADEA, that: (a) this release does not apply to any claims that may arise after you sign this Separation Agreement; (b) you should consult with an attorney prior to executing this release; (c) you
have twenty-one (21) days within which to consider this release (although you may choose to voluntarily execute the Separation Agreement earlier); (d) you have seven (7) days following the execution of this release to revoke this
Separation Agreement (in a written revocation directed to me); and (e) this Separation Agreement will not be effective until the eighth day after you sign this Separation Agreement, provided that you have not earlier revoked this Separation
Agreement. You will not be entitled to receive any of the benefits specified by this Separation Agreement unless and until it becomes effective. 

15. Section 1542 Waiver. In giving the releases set forth in this Agreement, which include claims which may be unknown to you at present, you
acknowledge that you have read and understand Section 1542 of the California Civil Code which reads as follows: “A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the
time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.” You hereby expressly waive and relinquish all rights and benefits under that section and any law or legal
principle of similar effect in any jurisdiction with respect to the releases granted herein, including but not limited to the release of unknown and unsuspected claims granted in this Agreement. 

16. Miscellaneous. This Separation Agreement, along with Exhibit A and the PIIA, constitutes the complete, final and exclusive embodiment of the
entire agreement between you and the Company with regard to its subject matter. Except as otherwise set forth herein, if any term of this Separation Agreement is inconsistent with or otherwise conflicts with the letter agreement dated
January 21, 2009 between you and the Company, as amended, this Separation Agreement shall govern such subject matter. It is entered into without reliance on any promise or representation, written or oral, other than those expressly contained
herein, and it supersedes any other such promises, warranties or representations. This Separation Agreement may not be modified or amended except in a writing signed by both you and a duly authorized officer of the Company. This Separation Agreement
will bind the heirs, personal representatives, successors and assigns of both you and the Company, and inure to the benefit of both you and the Company, and your and its heirs, successors and assigns. If any provision of this Separation Agreement is
determined to be invalid or unenforceable, in whole or in part, this determination will not affect any other provision of this Separation Agreement and the provision in question will be modified so as to be rendered enforceable. This Separation
Agreement will be deemed to have been entered into and will be construed and enforced in accordance with the laws of the State of California as applied to contracts made and to be performed entirely within California. Any ambiguity in this
Separation Agreement shall not be construed against either party as the drafter. Any waiver of a breach of this Separation Agreement shall be in writing and shall not be deemed to be a waiver of any successive breach. This Separation Agreement may
be executed in counterparts and facsimile signatures will suffice as original signatures. 
 ************ 

  
 6. 

 If this Separation Agreement is acceptable to you, please sign below and return the fully signed Separation
Agreement to the Company within 21 days of the date hereof. If you execute and return this Separation Agreement to the Company within 21 days of the date hereof (the “Consideration Period”),
and allow it to become effective as specified below, then the terms and conditions set forth above in this Separation Agreement shall apply. If you do not sign and return this Separation Agreement to the Company within the Consideration Period,
the offer contained in this Separation Agreement shall automatically expire. 
 We wish you the best in your future endeavors. 

Sincerely, 
  

			
	Ambit Biosciences Corporation
		
	By:	 	/s/ Michael A. Martino
		 	Michael A. Martino
		 	Chief Executive Officer

 I HAVE READ, UNDERSTAND AND AGREE
FULLY TO THE FOREGOING SEPARATION AGREEMENT: 

	
	
	/s/ Christopher J. Morl
	CHRISTOPHER J. MORL

 Date: 1/25/2012 

  
 7. 

 EXHIBIT A 

RELEASE AND WAIVER OF CLAIMS 
 DO NOT SIGN UNTIL ON OR AFTER THE SEPARATION DATE 
 In consideration
for the benefits set forth in my Separation Agreement dated January 25, 2012, to which this form is attached, I, Christopher J. Morl hereby generally and completely release, acquit and forever discharge Ambit Biosciences Corporation (the
“Company”) and its current and former directors, officers, employees, stockholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary entities, insurers, affiliates, and assigns
(collectively with the Company, the “Released Parties”), of and from any and all claims, liabilities and obligations, both known and unknown, that arise from or are in any way related to events, acts, conduct or omissions
occurring at any time prior to and including the date that I sign this Release and Waiver of Claims (collectively, the “Released Claims”). The Released Claims include, but are not limited to: (a) all claims arising out
of or in any way related to my employment with the Company, or the termination of that employment; (b) all claims related to my compensation or benefits from the Company including salary, bonuses, commissions, vacation pay, expense
reimbursements, severance pay, fringe benefits, stock, stock options, or any other ownership interests in the Company; (c) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair
dealing; (d) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (e) all federal, state, and local statutory claims, including claims for discrimination, harassment,
retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990, the federal Age Discrimination in Employment Act of 1967 (as amended) (the
“ADEA”), the California Human Rights Act, the California Law on Equal Rights, and the California Law on Equal Pay. Notwithstanding the foregoing, the following are not included in the Released Claims (the
“Excluded Claims”): (A) any rights I may have under any of the Company’s D&O or other insurance policies, as applicable or the charter or bylaws of the Company; (B) any rights or claims I have
to unemployment compensation, funds accrued in my 401(k) account or any vested equity incentives; (C) any rights that are not waivable as a matter of law; or (D) any claims arising from the breach of the Separation Agreement to which this
Release is attached. I hereby represent and warrant that, other than the Excluded Claims, I am not aware of any claims I have or might have against any of the Released Parties that are not included in the Released Claims. 

I also acknowledge that I expressly waive and relinquish any and all rights and benefits under any applicable law or statute providing,
in substance, that a general release does not extend to claims which a party does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her would have materially affected the terms of such
release. 
 I acknowledge that, among other rights, I am waiving and releasing any rights I may have under the ADEA, that this
Release is knowing and voluntary and that the consideration given for this Release is in addition to anything of value to which I was already entitled as an executive of the Company. I further acknowledge that I have been advised, as required by the
Older Workers Benefit Protection Act, that: (a) the Release granted herein does not relate to claims under the ADEA which may arise after this Release is executed; (b) I should consult with an attorney prior to executing this Release;
(c) I have twenty-one (21) days from the date of termination of my employment with the Company in which to consider this Release (although I may choose voluntarily to execute this Release earlier); (d) I have seven (7) days
following the execution of this Release to revoke my consent to this Release; and (e) this Release shall not be effective until the seven (7) day revocation period has expired unexercised (the “Release Effective
Date”). 

  
 8. 

 I acknowledge my continuing obligations under my Employee Proprietary Information and
Inventions Agreement. Pursuant to the Proprietary Information and Inventions Agreement, I understand that among other things, I must not use or disclose any confidential or proprietary information of the Company and I must immediately return all
Company property and documents (including all embodiments of proprietary information) and all copies thereof in my possession or control. I understand and agree that my right to the benefits I am receiving in exchange for my agreement to the terms
of this Release is contingent upon my continued compliance with my Proprietary Information and Inventions Agreement. 
 This
Release (and the Separation Agreement to which it is attached) constitutes the complete, final and exclusive embodiment of the entire agreement between the Company and me with regard to the subject matter hereof. I am not relying on any promise or
representation by the Company that is not expressly stated herein. This Release may only be modified by a writing signed by both me and a duly authorized officer of the Company. 

									
					
	By:	 	/s/ Christopher J. Morl	 		 	Date:	 	1/25/2012
		 	Christopher J. Morl	 		 		 	

  
 9.Exhibit 10.18

 Exhibit 10.18 
 AMBIT BIOSCIENCES CORPORATION 
 SIXTH AMENDED AND RESTATED INVESTOR
RIGHTS AGREEMENT 
 THIS SIXTH AMENDED AND
RESTATED INVESTOR RIGHTS AGREEMENT (the “Agreement”) is entered into as of October 25, 2012 by and among AMBIT
BIOSCIENCES CORPORATION, a Delaware corporation (the “Company”) and the investors listed on Exhibit A hereto, referred to hereinafter as the
“Investors” and each individually as an “Investor.” 
 RECITALS

 WHEREAS, the Company previously entered into a Fifth Amended and Restated Investor Rights Agreement
dated as of May 9, 2011 (the “Prior Agreement”) with certain purchasers (the “Prior Investors”) of Series A Preferred Stock of the Company (the “Series A Preferred”),
Series B Preferred Stock of the Company (the “Series B Preferred”), Series C Preferred Stock of the Company (the “Series C Preferred”), Series D Preferred Stock of the Company (the “Series D
Preferred”) and Series D-2 Preferred Stock of the Company (the “Series D-2 Preferred”); 

WHEREAS, certain of the Investors are purchasing shares of Series E Preferred Stock of the Company
(the “Series E Preferred”) pursuant to that certain Series E Preferred Stock, Common Stock and Warrant Purchase Agreement dated as of October 25, 2012, as may be amended from time to time (the “Purchase
Agreement” and the transactions contemplated thereby, the “Financing”); 

WHEREAS, the obligations in the Purchase Agreement are conditioned upon the execution and delivery of this
Agreement; 
 WHEREAS, the Company and the Prior Investors desire to amend and restate the Prior Agreement
as set forth below; and 
 WHEREAS, in connection with the consummation of the Financing, the parties
desire to enter into this Agreement in order to grant registration, information rights and other rights to the Investors as set forth below. 
 NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties agree hereto as follows: 
 SECTION 1. GENERAL. 
 1.1 Definitions. As used in this Agreement the following terms shall have the following respective meanings: 
 “Charter” means the Amended and Restated Certificate of Incorporation of the Company filed with the Secretary of State of the State of Delaware on or about the date hereof, as the
same may be amended from time to time. 

  
 1. 

 “Control” or “Controlled” means, for
purposes of Section 2.1, holding 50% or more of the voting power of an entity and/or having the right to appoint at least a majority of the members of an entity’s Board of Directors. 

“Control Group” means any company that (i) a Holder directly or indirectly holds Control of, (ii) the
Holder is directly or indirectly Controlled by, or (iii) is directly or indirectly under common Control with the Holder. In addition, “Control Group” means any company or Investment Fund which manages any of the
aforementioned companies or is managed by any of the aforementioned companies or a general partner, officer, director or manager of such Person and any venture capital fund now or hereafter existing that is controlled by one or more general partners
or managing members of, or shares the same management company with, such Person. 
 “Exchange Act” means
the Securities Exchange Act of 1934, as amended. 
 “Form S-3” means such form under the Securities Act
as in effect on the date hereof or any successor or similar registration form under the Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference to other documents filed by the
Company with the SEC. 
 “Holder” means any person owning of record Registrable Securities that have not
been sold to the public or any assignee of record of such Registrable Securities in accordance with Section 2.10 hereof. 

“Initial Offering” means a firmly underwritten public offering pursuant to an effective registration statement
under the Securities Act covering the offer and sale of Common Stock of the Company for the account of the Company in which the per share price is at least an amount that reflects a pre-money valuation (calculated on a fully-diluted basis and
including the shares of capital stock reserved for future issuance under the Company’s 2011 Equity Incentive Plan (the “Option Plan”)) for the Company of not less than $125,000,000, and (ii) the net cash proceeds to
the Company (after deducting underwriting discounts, commissions and fees) are at least $50,000,000. 
 “Investment
Fund” means any Person holding Shares for investment purposes. 
 “Member of the same Group”
means (a) if the Person concerned is a body corporate, any holding company or parent undertaking or subsidiary or subsidiary undertaking or subsidiary or subsidiary undertaking of any such holding company or parent undertaking of such
person where “subsidiary” and “holding company” shall have the meanings given to them in section 736 of the Companies Act 1985, or (b) if the Person concerned is a firm or other unincorporated body, any corporation directly
or indirectly controlled (as defined in section 840 of the Income and Corporation Taxes Act 1988) by such Person. 

  
 2. 

 “Key Employee” means the president, chief executive officer, chief
financial officer, chief operating officer, chief technology officer, vice presidents of operations, research, development, sales or marketing, or any other individual who performs a significant role in the leadership and operations of the Company
or a subsidiary or in the development or conception of any material intellectual property of the Company as may be reasonably designated by the Board of Directors of the Company. 

“Permitted Transfer” means a transfer of shares by a Holder to a Control Group. 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint
stock company, a trust, a fund, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof. 
 “Register,” “registered,” and “registration” refer to a registration effected by preparing and filing a registration statement in compliance with
the Securities Act, and the declaration or ordering of effectiveness of such registration statement or document. 

“Registrable Securities” means (a) Common Stock of the Company issued or issuable upon conversion of the
Shares, (b) Common Stock of the Company issued upon the exercise of the warrants issued pursuant to the Note and Warrant Purchase Agreement dated September 30, 2010 (the “2010 Note Purchase Agreement”),
(c) Common Stock issued upon the exercise of warrants issued pursuant to the Note and Warrant Purchase Agreement dated September 30, 2010 by and among the Company, Ambit Biosciences (Canada) Corporation and GrowthWorks Canadian Fund Ltd.
(the “2010 Canadian Note Purchase Agreement”), (d) Common Stock of the Company issued upon the exercise of warrants issued pursuant to the Note and Warrant Purchase Agreement dated June 4, 2009 (the “2009
Note Purchase Agreement”), (e) Common Stock of the Company issued upon the exercise of warrants issued pursuant to the Note and Warrant Purchase Agreement dated July 8, 2009 by and among the Company, Ambit Biosciences (Canada)
Corporation and GrowthWorks Canadian Fund Ltd. (the “2009 Canadian Note Purchase Agreement”), (f) Common Stock of the Company issued upon the exercise of warrants issued pursuant to the Purchase Agreement (including the
warrants issued in connection with the exchange of Prior Warrants (as defined in the Purchase Agreement) pursuant to the Purchase Agreement, (g) any Common Stock of the Company issued as (or issuable upon the conversion or exercise of any
warrant, right or other security which is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, such above-described securities, and (h) any Common Stock issued or issuable to MedImmune Ventures,
Inc. (“MedImmune”) pursuant to Section 3.10 hereof. Notwithstanding the foregoing, Registrable Securities shall not include any securities sold by a person to the public either pursuant to a registration statement or
Rule 144 or sold in a private transaction in which the transferor’s rights under Section 2 of this Agreement are not assigned. 
 “Registrable Securities then outstanding” shall be the number of shares determined by calculating the total number of shares of the Company’s Common Stock that are Registrable
Securities and either (a) are then issued and outstanding or (b) are issuable pursuant to then exercisable or convertible securities. 

  
 3. 

 “Registration Expenses” shall mean all expenses incurred by the
Company in complying with Sections 2.2, 2.3 and 2.4 hereof, including, without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel for the Company, reasonable fees and disbursements of a single special
counsel for the Holders, blue sky fees and expenses and the expense of any special audits incident to or required by any such registration (but excluding the compensation of regular employees of the Company which shall be paid in any event by the
Company). 
 “SEC” or “Commission” means the Securities and Exchange Commission.

 “Securities Act” shall mean the Securities Act of 1933, as amended. 

“Selling Expenses” shall mean all underwriting discounts and selling commissions applicable to the sale.

 “Shares” shall mean the Company’s (i) Series A Preferred issued pursuant to the Stock
Purchase Agreement dated as of December 5, 2000, (ii) Series B Preferred issued pursuant to the Series B Preferred Stock Purchase Agreement dated as of June 26, 2001 and Second Series B Preferred Stock Purchase Agreement dated as of
May 29, 2002, (iii) Series C Preferred issued pursuant to the Series C Preferred Stock Purchase Agreement dated August 13, 2004 and the Series C Preferred Stock Purchase Agreement dated December 9, 2005 by and between the Company
and Bristol-Myers Squibb Company, (iv) shares of the Company’s Series C-2 Preferred Stock (the “Series C-2 Preferred”), Series D Preferred, Series D-2 Preferred and Series E Preferred if and when issued pursuant to
the Amended and Restated Put Agreement among the Company, GrowthWorks Canadian Fund Ltd. (“GrowthWorks”) and Ambit Biosciences (Canada) Corporation (“Ambit Canada”) dated May 11, 2011, as the same
may be amended from time to time (the “Put Agreement”), (v) Series D Preferred issued pursuant to the Series D Preferred Stock Purchase Agreement dated October 30, 2007, as amended, (vi) shares of Series D-2
Preferred issued pursuant to the Series D-2 and Series D-3 Preferred Stock and Warrant Purchase Agreement dated May 9, 2011, as amended (the “Series D-2 Purchase Agreement”), (vii) shares of Series D-2 Preferred
issued upon the exercise of warrants issued pursuant to the Series D-2 Purchase Agreement, in each case as held by certain of the Investors listed on Exhibit A hereto and their permitted assigns, (viii) shares of Series E Preferred
issued pursuant to the Purchase Agreement, and (ix) any of the foregoing shares of the Company’s capital stock acquired by any of the Investors from any other Investor or Person in connection with the exercise of such Investor’s
rights pursuant to that certain Fourth Amended and Restated Right of First Refusal and Co-Sale Agreement by and among the Company and the other parties thereto. 
 “Special Registration Statement” shall mean (i) a registration statement relating to any employee benefit plan or (ii) with respect to any corporate reorganization or
other transaction under Rule 145 of the Securities Act, including any registration statements related to the resale of securities issued in such a transaction or (iii) a registration related to stock issued upon conversion of debt securities.

  
 4. 

 SECTION 2. REGISTRATION; RESTRICTIONS ON TRANSFER. 

2.1 Restrictions on Transfer. 
 (a) Each Holder agrees not to make any disposition of all or any portion of the Shares or Registrable Securities unless and until: 

(i) There is then in effect a registration statement under the Securities Act covering such proposed disposition and such
disposition is made in accordance with such registration statement; or 
 (ii) (A) The transferee has agreed in writing
to be bound by the terms of this Agreement, (B) such Holder shall have notified the Company of the proposed disposition and shall have furnished the Company with a detailed statement of the circumstances surrounding the proposed disposition,
and (C) if reasonably requested by the Company, such Holder shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, that such disposition will not require registration of such shares under the
Securities Act. It is agreed that the Company will not require opinions of counsel for transactions made pursuant to Rule 144, except in unusual circumstances. After its Initial Offering, the Company will not require the transferee to be bound by
the terms of this Agreement. 
 (iii) Notwithstanding the provisions of paragraphs (i) and (ii) above, no such
registration statement or opinion of counsel shall be necessary for a transfer by a Holder that is (A) a partnership transferring to its partners, former partners or a subsidiary Controlled by any such partner or former partner in accordance
with partnership interests, (B) an Investment Fund or its trustee, custodian or nominee to (1) the beneficial owner or owners in respect of which the transferor is a nominee or custodian, (2) any trustee, nominee, subsidiary,
subsidiary undertaking or custodian for such Investment Fund and vice versa, (3) any unitholder, shareholder, partner, participant in, manager or adviser (or an employee of such manager or adviser) of the Investment Fund including any person to
whom such partner may have assigned its interest or any interest therein, (4) any other Investment Fund, or its trustee, nominee, subsidiary, subsidiary undertaking or custodian, managed or advised by the same manager or adviser or whose
general partner is the same general partner as the Investment Fund, (5) in the case of Apposite Healthcare Fund LP (“Apposite”), Mizuho Financial Group or any of its subsidiaries, and (6) trustee, nominee, custodian
or to a Member of the same Group of any of the Persons referred to in sub-clauses (1)-(5) of clause (B) of this Section 2.1(a)(iii) (collectively referred to herein as an “Investor Group”), (C) a
corporation transferring to a wholly-owned subsidiary or a parent corporation that owns all of the capital stock of the Holder, (D) a limited liability company transferring to its members or former members in accordance with their interest in
the limited liability company, (E) an individual transferring to the Holder’s family member or trust for the benefit of an individual Holder or (F) a Permitted Transfer; provided that in each case the transferee will be subject
to the terms of this Agreement to the same extent as if such transferee were an original Holder hereunder, and such transfer complies with state, federal and foreign securities laws. 

(b) Each certificate representing Shares or Registrable Securities shall (unless otherwise permitted by the provisions of the
Agreement) be stamped or otherwise imprinted with a legend substantially similar to the following (in addition to any legend required under applicable state securities laws): 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED
UNLESS AND UNTIL REGISTERED UNDER THE ACT OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED. 

  
 5. 

 (c) The Company shall be obligated to reissue promptly unlegended certificates at the
request of any Holder thereof if the Holder shall have obtained an opinion of counsel (which counsel may be counsel to the Company) reasonably acceptable to the Company to the effect that the securities proposed to be disposed of may lawfully be so
disposed of without registration, qualification or legend. 
 (d) Any legend endorsed on an instrument pursuant to
applicable state securities laws and the stop-transfer instructions with respect to such securities shall be removed upon receipt by the Company of an order of the appropriate blue sky authority authorizing such removal. 

2.2 Demand Registration. 
 (a) Subject to the conditions of this Section 2.2, if the Company shall receive a written request from the Holders of at least a majority of the Registrable Securities (the
“Initiating Holders”) that the Company file a registration statement under the Securities Act covering the registration of Registrable Securities having an aggregate offering price, net of underwriting discounts and
commissions, exceeding $25,000,000, then the Company shall, within 30 days of the receipt thereof, give written notice of such request to all Holders, and subject to the limitations of this Section 2.2, effect, as expeditiously as reasonably
possible, the registration under the Securities Act of all Registrable Securities that the Holders request to be registered. 

(b) If the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an
underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 2.2 or any request pursuant to Section 2.4 and the Company shall include such information in the written notice referred to in
Section 2.2(a) or Section 2.4(a), as applicable. In such event, the right of any Holder to include its Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the
inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form
with the underwriter or underwriters selected for such underwriting by at least 67% in interest of the Initiating Holders (which underwriter or underwriters shall be reasonably acceptable to the Company). Notwithstanding any other provision of this
Section 2.2 or Section 2.4, if the underwriter advises 

  
 6. 

 
the Company that marketing factors require a limitation of the number of securities to be underwritten (including Registrable Securities) then the Company shall so advise all Holders of
Registrable Securities which would otherwise be underwritten pursuant hereto, and the number of shares that may be included in the underwriting shall be allocated to the Holders of such Registrable Securities on a pro rata basis based on the
number of Registrable Securities held by all such Holders (including the Initiating Holders); provided, however, that the number of shares of Registrable Securities to be included in such underwriting shall not be reduced unless all other
securities are first entirely excluded from the underwriting). Any Registrable Securities excluded or withdrawn from such underwriting shall be withdrawn from the registration. 

(c) The Company shall not be required to effect a registration pursuant to this Section 2.2: 

(i) prior to the earlier of (A) the third anniversary of the date of this Agreement or (B) 180 days following the
effective date of the registration statement pertaining to the Initial Offering; 
 (ii) after the Company has effected
three registrations pursuant to this Section 2.2, and such registrations have been declared or ordered effective; 

(iii) during the period starting with the date of filing of, and ending on the date 180 days following the effective date of the
registration statement pertaining to the Initial Offering; provided that the Company is actively employing in good faith all reasonable efforts to cause such registration statement to become effective; 

(iv) if within 30 days of receipt of a written request from Initiating Holders pursuant to Section 2.2(a), the Company gives
notice to the Holders of the Company’s intention to file a registration statement for its Initial Offering within 90 days; 
 (v) if the Company shall furnish to Holders requesting a registration statement pursuant to this Section 2.2, a certificate signed by the Chairman of the Board stating that in the good faith
judgment of the Board of Directors of the Company, it would be seriously detrimental to the Company and its stockholders for such registration statement to be effected at such time, in which event the Company shall have the right to defer such
filing for a period of not more than 90 days after receipt of the request of the Initiating Holders; provided that such right to delay a request shall be exercised by the Company not more than once in any 12 month period; or 

(vi) if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form
S-3 pursuant to a request made pursuant to Section 2.4 below. 
 2.3 Piggyback Registrations. The Company shall
notify all Holders of Registrable Securities in writing at least 15 days prior to the filing of any registration statement under the Securities Act for purposes of registering securities of the Company (including, but not limited to, registration
statements relating to secondary offerings of securities of the Company, but excluding Special Registration Statements) and will afford each such Holder an opportunity to 

  
 7. 

 
include in such registration statement all or part of such Registrable Securities held by such Holder. Each Holder desiring to include in any such registration statement all or any part of the
Registrable Securities held by it shall, within 15 days after the above-described notice from the Company, so notify the Company in writing. Such notice shall state the intended method of disposition of the Registrable Securities by such Holder. If
a Holder decides not to include all of its Registrable Securities in any registration statement thereafter filed by the Company, such Holder shall nevertheless continue to have the right to include any Registrable Securities in any subsequent
registration statement or registration statements as may be filed by the Company with respect to offerings of its securities, all upon the terms and conditions set forth herein. 

(a) Underwriting. If the registration statement under which the Company gives notice under this Section 2.3 is for an
underwritten offering, the Company shall so advise the Holders of Registrable Securities. In such event, the right of any such Holder to be included in a registration pursuant to this Section 2.3 shall be conditioned upon such Holder’s
participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their Registrable Securities through such underwriting shall
enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Company. Notwithstanding any other provision of this Agreement, if the underwriter determines in good faith that
marketing factors require a limitation of the number of shares to be underwritten, the number of shares that may be included in the underwriting shall be allocated, first, to the Company; second, to the Holders on a pro rata basis according
to the total number of shares of the Registrable Securities requested for inclusion by the Holders, or in such other proportions as shall mutually be agreed to among the Holders of at least a majority of the Registrable Securities proposed to be
included in the registration; and third, to any stockholder of the Company (other than a Holder) on a pro rata basis. No such reduction shall reduce the amount of securities of the selling Holders included in the registration below 25% of the
total amount of securities included in such registration, unless such offering is the Initial Offering and such registration does not include shares of any other selling stockholders, in which event any or all of the Registrable Securities of the
Holders may be excluded in accordance with the immediately preceding sentence. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter,
delivered at least 10 business days prior to the effective date of the registration statement. Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. For any Holder which is a
partnership or corporation, the partners, retired partners and shareholders of such Holder, or the estates and family members of any such partners and retired partners and any trusts for the benefit of any of the foregoing person shall be deemed to
be a single “Holder,” and any pro rata reduction with respect to such “Holder” shall be based upon the aggregate amount of shares carrying registration rights owned by all entities and individuals included in such
“Holder,” as defined in this sentence. 
 (b) Right to Terminate Registration. The Company shall have the right
to terminate or withdraw any registration initiated by it under this Section 2.3 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. The Registration Expenses of such
withdrawn registration shall be borne by the Company in accordance with Section 2.5 hereof. 

  
 8. 

 2.4 Form S-3 Registration. In case the Company shall receive from any Holder or
Holders of Registrable Securities a written request or requests that the Company effect a registration on Form S-3 (or any successor to Form S-3) or any similar short-form registration statement and any related qualification or compliance with
respect to all or a part of the Registrable Securities owned by such Holder or Holders, the Company will: 
 (a) promptly
give written notice of the proposed registration, and any related qualification or compliance, to all other Holders of Registrable Securities; and 
 (b) as soon as practicable, effect such registration and all such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such
portion of such Holder’s or Holders’ Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any other Holder or Holders joining in such request as are specified in a
written request given within 15 days after receipt of such written notice from the Company; provided, however, that the Company shall not be obligated to effect any such registration, qualification or compliance pursuant to this
Section 2.4: 
 (i) if Form S-3 is not available for such offering by the Holders; 

(ii) if the Holders, together with the holders of any other securities of the Company entitled to inclusion in such registration,
propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public, net of underwriting discounts and commissions, of less than $1,000,000; 

(iii) if within 30 days of receipt of a written request from any Holder or Holders pursuant to this Section 2.4, the Company
gives notice to such Holder or Holders of the Company’s intention to make a public offering within 90 days, other than pursuant to a Special Registration Statement; 
 (iv) if the Company shall furnish to the Holders a certificate signed by the Chairman of the Board of Directors of the Company stating that in the good faith judgment of the Board of Directors of
the Company, it would be seriously detrimental to the Company and its stockholders for such Form S-3 registration to be effected at such time, in which event the Company shall have the right to defer the filing of the Form S-3 registration statement
for a period of not more than 90 days after receipt of the request of the Holder or Holders under this Section 2.4; provided, that such right to delay a request shall be exercised by the Company not more than once in any 12 month period;

 (v) if the Company has, within the six month period preceding the date of such request, already effected a
registration on Form S-3 for the Holders pursuant to this Section 2.4; 

  
 9. 

 (vi) after the Company has effected six registrations on Form S-3 for the Holders
pursuant to this Section 2.4, and such registrations have been declared or ordered effective; or 
 (vii) in any
particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to service of process in effecting such registration, qualification or compliance. 

(c) Subject to the foregoing, the Company shall file a Form S-3 registration statement covering the Registrable Securities and
other securities so requested to be registered as soon as practicable after receipt of the requests of the Holders. Registrations effected pursuant to this Section 2.4 shall not be counted as demands for registration or registrations effected
pursuant to Sections 2.2 or 2.3, respectively. 
 2.5 Expenses of Registration. Except as specifically provided in this
Section 2.5, all Registration Expenses incurred in connection with any registration, qualification or compliance pursuant to Section 2.2 or any registration under Section 2.3 or Section 2.4 herein shall be borne by the Company.
All Selling Expenses incurred in connection with any registrations hereunder, shall be borne by the holders of the securities so registered pro rata on the basis of the number of shares so registered. The Company shall not, however, be
required to pay for expenses of any registration proceeding begun pursuant to Section 2.2 or 2.4, the request of which has been subsequently withdrawn by the Initiating Holders unless (a) the withdrawal is based upon material adverse
information concerning the Company of which the Initiating Holders were not aware at the time of such request or (b) the Holders of at least 67% of Registrable Securities agree to forfeit their right to one requested registration pursuant to
Section 2.2 or Section 2.4, as applicable, in which event such right shall be forfeited by all Holders. If the Holders are required to pay the Registration Expenses, such expenses shall be borne by the holders of securities (including
Registrable Securities) requesting such registration in proportion to the number of shares for which registration was requested. If the Company is required to pay the Registration Expenses of a withdrawn offering pursuant to clause (a) above,
then the Holders shall not forfeit their rights pursuant to Section 2.2 or Section 2.4 to a demand registration. 

2.6 Obligations of the Company. Whenever required to effect the registration of any Registrable Securities, the Company shall, as
expeditiously as reasonably possible: 
 (a) Prepare and file with the SEC a registration statement with respect to such
Registrable Securities and use its best efforts to cause such registration statement to become effective provided, that before filing a registration statement or prospectus or any amendments or supplements thereto, the Company shall furnish
to counsel representing the Holders selling Registrable Securities in connection with such registration copies of all documents proposed to be filed, which documents shall be subject to the review and reasonable comments of such counsel; and keep
such registration statement effective for up to 90 days or, if earlier, until the Holder or Holders have completed the distribution related thereto provided, however, that (i) such 90-day period shall be extended for a period of time
equal to the period the Holder refrains from selling any securities included in such registration at the request of an underwriter of Common Stock (or other securities) of the Company; and (ii) in the case of any registration of Registrable
Securities on Form S-3 which are intended to be offered on a continuous or delayed 

  
 10.

 
basis, such 90-day period shall be extended, if necessary, to keep the registration statement effective until all such Registrable Securities are sold, provided that Rule 415, or any successor
rule under the Securities Act, permits an offering on a continuous or delayed basis, and provided further that applicable rules under the Securities Act governing the obligation to file a post-effective amendment permit, in lieu of filing a
post-effective amendment which (I) includes any prospectus required by Section 10(a)(3) of the Securities Act or (II) reflects facts or events representing a material or fundamental change in the information set forth in the registration
statement, the incorporation by reference of information required to be included in (I) and (II) above to be contained in periodic reports filed pursuant to Section 13 or 15(d) of the Exchange Act in the registration statement. 

(b) Prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in
connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement for the period set forth in paragraph
(a) above; and promptly incorporate in a prospectus supplement or post–effective amendment such information as the underwriter(s) or the Holders reasonably request to be included therein relating to the plan of distribution with respect to
such Registrable Securities; and make all required filings of such prospectus supplements or post–effective amendments as soon as practical after being notified of the matters to be incorporated in such supplement or amendment. 

(c) Furnish to the Holders of the Registrable Securities covered by the registration statement such number of copies of a
prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them.

 (d) Furnish to the Holders of the Registrable Securities covered by the registration statement or to their counsel
copies of all material communications between the Company and the SEC related to such registration statement, including any and all SEC comment letters and the Company’s responses thereto. 

(e) Use its best efforts to register and qualify the securities covered by such registration statement under such other securities
or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders of the Registrable Securities covered by the registration statement; provided that the Company shall not be required in connection therewith or as a
condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities
Act. 
 (f) Within a reasonable time before each filing of the registration statement or prospectus or amendments or
supplements thereto with the SEC, furnish to counsel selected by Holders of a majority in interest of the Registrable Securities participating in such registration copies of such documents proposed to be filed, which documents shall be subject to
review and comment by such counsel. 

  
 11.

 (g) In the event of any underwritten public offering, enter into and perform its
obligations under an underwriting agreement, in usual and customary form, with the managing underwriter(s) of such offering. Each Holder participating in such underwriting shall also enter into and perform its obligations under such an agreement.

 (h) Promptly make available for inspection by the selling Holders, any managing underwriters participating in any
disposition pursuant to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling Holders, all financial and other records, pertinent corporate documents, and properties of
the Company, and cause the Company’s officers, directors, employees and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent, in each case, as necessary or
advisable to verify the accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith. 
 (i) Notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the
happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to
make the statements therein not misleading in the light of the circumstances then existing. The Company will use reasonable efforts to amend or supplement such prospectus in order to cause such prospectus not to include any untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing. 

(j) Use its best efforts to furnish, on the date that such Registrable Securities are delivered to the underwriters for sale, if
such securities are being sold through underwriters, or, if such securities are not being sold through underwriters, on the date that the registration statement with respect to such securities becomes effective, (i) an opinion, dated as of such
date, of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, and to the Holders
requesting registration of Registrable Securities and (ii) a letter, dated as of such date, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public
accountants to underwriters in an underwritten public offering addressed to the underwriters, if any. 
 (k) Provide a
CUSIP number for all Registrable Securities no later than the effective date of the registration and provide the applicable transfer agent and registrar for all such Registrable Securities with printed certificates representing the Registrable
Securities that are in a form eligible for deposit with The Depositary Trust Company not later than the effective date of the registration statement. 
 2.7 Termination of Registration Rights. All registration rights granted under this Section 2 shall terminate and be of no further force and effect five years after the date of the
Company’s Initial Offering. In addition, a Holder’s registration rights shall expire if all Registrable Securities held by and issuable to such Holder (and its affiliates) may be sold under Rule 144 during any 90 day period. 

  
 12.

 2.8 Delay of Registration; Furnishing Information. 

(a) No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any such registration as the
result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 

(b) It shall be a condition precedent to the obligations of the Company to take any action pursuant to Section 2.2, 2.3 or
2.4 that the selling Holders shall furnish to the Company such information regarding themselves, the Registrable Securities held by them and the intended method of disposition of such securities as shall be required to effect the registration of
their Registrable Securities. 
 (c) The Company shall have no obligation with respect to any registration requested
pursuant to Section 2.2 or Section 2.4 if, due to the operation of subsection 2.2(b), the number of shares or the anticipated aggregate offering price of the Registrable Securities to be included in the registration does not equal or
exceed the number of shares or the anticipated aggregate offering price required to originally trigger the Company’s obligation to initiate such registration as specified in Section 2.2 or Section 2.4, whichever is applicable.

 2.9 Indemnification. In the event any Registrable Securities are included in a registration statement under Sections
2.2, 2.3 or 2.4: 
 (a) To the extent permitted by law, the Company will indemnify and hold harmless each Holder, the
partners, officers and directors of each Holder, any underwriter (as defined in the Securities Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act,
against any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”) by the Company: (i) any untrue statement or alleged untrue statement of a material
fact contained in such registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, (ii) the omission or alleged omission to state therein a material fact required
to be stated therein, or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities law or any rule or regulation promulgated
under the Securities Act, the Exchange Act or any state securities law in connection with the offering covered by such registration statement; and the Company will pay as incurred to each such Holder, partner, officer, director, underwriter or
controlling person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action; provided however, that the indemnity agreement contained in this
Section 2.9(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, nor shall the
Company be liable in any such case for 

  
 13.

 
any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation which occurs in reliance upon and in conformity with written information
furnished expressly for use in connection with such registration by such Holder, partner, officer, director, underwriter or controlling person of such Holder. 
 (b) To the extent permitted by law, each Holder will, if Registrable Securities held by such Holder are included in the securities as to which such registration qualifications or compliance is
being effected, indemnify and hold harmless the Company, each of its directors, its officers and each person, if any, who controls the Company within the meaning of the Securities Act, any underwriter and any other Holder selling securities under
such registration statement or any of such other Holder’s partners, directors or officers or any person who controls such Holder, against any losses, claims, damages or liabilities (joint or several) to which the Company or any such director,
officer, controlling person, underwriter or other such Holder, or partner, director, officer or controlling person of such other Holder may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such
losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written
information furnished by such Holder under an instrument duly executed by such Holder and stated to be specifically for use in connection with such registration; and each such Holder will pay as incurred any legal or other expenses reasonably
incurred by the Company or any such director, officer, controlling person, underwriter or other Holder, or partner, officer, director or controlling person of such other Holder in connection with investigating or defending any such loss, claim,
damage, liability or action if it is judicially determined that there was such a Violation; provided, however, that the indemnity agreement contained in this Section 2.9(b) shall not apply to amounts paid in settlement of any such loss,
claim, damage, liability or action if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; provided further, that in no event shall any indemnity under this Section 2.9 exceed
the net proceeds from the offering received by such Holder. 
 (c) Promptly after receipt by an indemnified party under
this Section 2.9 of notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 2.9, deliver to
the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed,
to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party shall have the right to retain its own counsel, with the fees and expenses to be paid by the indemnifying party, if
representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such
proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action, if materially prejudicial to its ability to defend such action, shall relieve such indemnifying party of any
liability to the indemnified party under this Section 2.9, but the omission so to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this
Section 2.9. 

  
 14.

 (d) If the indemnification provided for in this Section 2.9 is held by a court
of competent jurisdiction to be unavailable to an indemnified party with respect to any losses, claims, damages or liabilities referred to herein, the indemnifying party, in lieu of indemnifying such indemnified party thereunder, shall to the extent
permitted by applicable law contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the
one hand and of the indemnified party on the other in connection with the Violation(s) that resulted in such loss, claim, damage or liability, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and
of the indemnified party shall be determined by a court of law by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the
indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; provided, that in no event shall any contribution by a
Holder hereunder exceed the net proceeds from the offering received by such Holder. 
 (e) The obligations of the Company
and Holders under this Section 2.9 shall survive completion of any offering of Registrable Securities in a registration statement and the termination of this Agreement. No indemnifying party, in the defense of any such claim or litigation,
shall, except with the consent of each indemnified party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a
release from all liability in respect to such claim or litigation. 
 2.10 Assignment of Registration Rights. The rights
to cause the Company to register Registrable Securities pursuant to this Section 2 may be assigned by a Holder to a transferee or assignee of Registrable Securities that (a) is an Investor Group or Control Group member, subsidiary,
affiliate, parent, general partner, limited partner, retired partner, member or retired member of a Holder, (b) is a Holder’s family member or trust for the benefit of an individual Holder, or (c) acquires at least 100,000 shares of
Registrable Securities (as adjusted for stock splits and combinations); provided, however, (i) the transferor shall, within 10 days after such transfer, furnish to the Company written notice of the name and address of such transferee or
assignee and the securities with respect to which such registration rights are being assigned and (ii) such transferee shall agree to be subject to all restrictions set forth in this Agreement. 

2.11 Amendment of Registration Rights. Any provision of this Section 2 may be amended and the observance thereof may be
waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the Holders of at least 67% of the Registrable Securities then outstanding. Any amendment or waiver
effected in accordance with this Section 2.11 shall be binding upon each Holder and the Company. By acceptance of any benefits under this Section 2, Holders of Registrable Securities hereby agree to be bound by the provisions hereunder.

  
 15.

 2.12 Limitation on Subsequent Registration Rights. After the date of this Agreement,
the Company shall not, without the prior written consent of the Holders of at least 67% of the Registrable Securities then outstanding, enter into any agreement with any holder or prospective holder of any securities of the Company that would grant
such holder any registration rights. 
 2.13 “Market Stand-Off” Agreement; Agreement to Furnish Information.
Each Holder hereby agrees that such Holder shall not sell, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, any Common Stock (or other
securities) of the Company held by such Holder (other than those included in the registration or acquired following the Company’s Initial Offering) for a period specified by the representative of the underwriters of Common Stock (or other
securities) of the Company not to exceed (i) 180 days following the effective date of a registration statement of the Company filed under the Securities Act for the Initial Offering or (ii) 90 days following the effective date of a
registration statement of the Company filed under the Securities Act for any other offering of the Company’s securities (or, in either case, such longer period as necessary to permit compliance with FINRA Rule 2711(f)(4) and similar or
successor regulatory rules and regulations) (the “Lock-Up Period”); provided that unless otherwise determined by the holders of at least 60% of the outstanding shares of Series E Preferred, all officers and directors
of the Company and holders of at least 1% of the Company’s voting securities enter into similar agreements. 
 Each Holder
agrees to execute and deliver such other agreements as may be reasonably requested by the Company and the managing underwriter that are consistent with the Holder’s obligations under this Section 2.13 or that are necessary to give further
effect thereto. In addition, if requested by the Company or the representative of the underwriters of Common Stock (or other securities) of the Company, each Holder shall provide, within 10 days of such request, such information as may be required
by the Company or such representative in connection with the completion of any public offering of the Company’s securities pursuant to a registration statement filed under the Securities Act. The obligations described in this Section 2.13
shall not apply to a Special Registration Statement. The Company may impose stop-transfer instructions with respect to the shares of Common Stock (or other securities) subject to the foregoing restriction until the end of the Lock-Up Period. Each
Holder agrees that any transferee of any shares of Registrable Securities shall be bound by this Section 2.13. The underwriters of the Company’s stock are intended third party beneficiaries of this Section 2.13 and shall have the
right, power and authority to enforce the provisions hereof as though they were a party hereto. 
 2.14 Rule 144
Reporting. With a view to making available to the Holders the benefits of certain rules and regulations of the SEC which may permit the sale of the Registrable Securities to the public without registration or pursuant to a registration on Form
S-3, the Company agrees to use its best efforts to: 
 (a) Make and keep public information available, as those terms are
understood and defined in SEC Rule 144 or any similar or analogous rule promulgated under the Securities Act, at all times after the effective date of the first registration filed by the Company for an offering of its securities to the general
public; 

  
 16.

 (b) Take such action, including the voluntary registration of its Common Stock under
Section 12 of the Exchange Act, as is necessary to enable the Holders to utilize Form S-3 for the sale of their Registrable Securities, such action to be taken as soon as practicable after the end of the fiscal year in which the first
registration statement filed by the Company for the offering of its securities to the general public is declared effective; 

(c) File with the SEC, in a timely manner, all reports and other documents required of the Company under the Exchange Act; and

 (d) So long as a Holder owns any Registrable Securities, furnish to such Holder forthwith upon request: a written
statement by the Company as to its compliance with the reporting requirements of said Rule 144 of the Securities Act, and of the Exchange Act (at any time after it has become subject to such reporting requirements), or that it qualifies as a
registrant whose securities may be resold pursuant to Form S-3 (at any time after it so qualifies); a copy of the most recent annual or quarterly report of the Company; and such other information, reports and documents as a Holder may reasonably
request in availing itself of any rule or regulation of the SEC allowing it to sell any such securities without registration or pursuant to such form. 
 2.15 Pledges Pursuant to Margin Agreements. After the effectiveness of a registration statement under the Securities Act covering the registration of Registrable Securities and only at times that
are outside of a lock-up period (i) set forth in Section 2.13 of this Agreement or (ii) as otherwise agreed to between the applicable Holder and the Company and/or the underwriters of the Company’s stock in the applicable lock-up
agreements entered into by such parties in connection with an underwritten offering, the Company acknowledges and agrees that a Holder may from time to time pledge pursuant to a bona fide margin agreement with a registered broker dealer or grant a
security interest in some or all of such Registrable Securities to a financial institution that is an “accredited investor” as defined in Rule 501(a) under the Securities Act and, if required under the terms of such arrangement, such
Holder may transfer such pledged or secured Registrable Securities to the pledgees or secured parties. Such a pledge or transfer shall not be subject to approval of the Company nor shall any notice be required of such pledge. The Company will
execute and deliver such documentation as a pledgee or secured party of Registrable Securities pursuant to this Section 2.15 may reasonably request in connection with such pledge or transfer, including the preparation and filing of any required
prospectus supplement under Rule 424(b)(3) of the Securities Act or other applicable provision of the Securities Act to appropriately amend the list of selling stockholders thereunder, provided that the Company may first require a legal opinion of
legal counsel of the pledgee, secured party or pledgor in connection therewith and that states the exemption from registration under the Securities Act that is applicable to such transfer or pledge. Notwithstanding anything to the contrary set forth
herein, the rights set forth in this Section 2.15 shall not be applicable to the extent such application would violate any window-period, insider trading or similar policy of the Company as may be in effect from time to time. 

  
 17.

 SECTION 3. COVENANTS OF THE COMPANY. 

3.1 Basic Financial Information and Reporting. 
 (a) The Company will maintain true books and records of account in which full and correct entries will be made of all its business transactions pursuant to a system of accounting established and
administered in accordance with generally accepted accounting principles consistently applied, and will set aside on its books all such proper accruals and reserves as shall be required under generally accepted accounting principles consistently
applied. 
 (b) As soon as practicable after the end of each fiscal year of the Company, and in any event within 180 days
thereafter, the Company will furnish each Investor, together with its Affiliates (as such term is defined in the Charter), holding at least five percent (5%) of the issued and outstanding shares of Preferred Stock of the Company (on an
as-converted to Common Stock basis) (a “Major Investor”) a balance sheet of the Company, as at the end of such fiscal year, and a statement of income and a statement of cash flows of the Company, for such year, all prepared
in accordance with generally accepted accounting principles consistently applied and setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail. Such financial statements referred to in this
Section 3.1(b) shall be accompanied by a report and opinion thereon by such independent public accountants of national standing selected by the Company’s Board of Directors. 

(c) The Company will furnish each Major Investor, as soon as practicable after the end of the first, second and third quarterly
accounting periods in each fiscal year of the Company, and in any event within 45 days thereafter, a balance sheet of the Company as of the end of each such quarterly period, and a statement of income and a statement of cash flows of the Company for
such period and for the current fiscal year to date, prepared in accordance with generally accepted accounting principles, with the exception that such statements shall be unaudited, no notes need be attached to such statements and year-end audit
adjustments may not have been made. 
 (d) The Company will furnish each Major Investor, as soon as practicable after the
end of the first, second, fourth, fifth, seventh, eighth, tenth and eleventh monthly accounting periods in each fiscal year of the Company, and in any event within 30 days thereafter, a balance sheet of the Company as of the end of each such monthly
period, and a statement of income and a statement of cash flows of the Company for such period and for the current fiscal year to date, prepared in accordance with generally accepted accounting principles, with the exception that such statements
shall be unaudited, no notes need be attached to such statements and year-end audit adjustments may not have been made. 

(e) Without limiting the foregoing, the Company will furnish to each Major Investor, simultaneously with or prior to the delivery
of the financial information set forth in Sections 3.1(b), (c) and (d) above, a monthly financial and operations “dash board” report in a form reasonably acceptable to the Major Investors. 

(f) The Company will furnish to each Major Investor at least 30 days prior to the beginning of each fiscal year an annual budget
and operating plans for such fiscal year forecasting, on a monthly basis, the Company’s revenues, expenses and cash position for such fiscal year (and as soon as available, any subsequent revisions thereto). 

  
 18.

 3.2 Inspection Rights. Each Major Investor shall have the right to visit and inspect
any of the properties of the Company or any of its subsidiaries, and to discuss the affairs, finances and accounts of the Company or any of its subsidiaries with its officers, and to review such information as is reasonably requested all at such
reasonable times and as often as may be reasonably requested; provided, however, that the Company shall not be obligated under this Section 3.2: (a) with respect to a competitor of the Company (as determined by the Company’s
Board of Directors in good faith), (b) with respect to information that is subject to attorney-client privilege or (c) with respect to proprietary information, the disclosure of which the Company’s Board of Directors determines in
good faith is reasonably likely to have a material adverse effect on the Company and should not, therefore, be disclosed. 

3.3 Reservation of Common Stock. The Company will at all times reserve and keep available, solely for issuance and delivery upon
the conversion of the Preferred Stock, all Common Stock issuable from time to time upon such conversion. 
 3.4 Stockholder
Meeting. At the request of at least 60% of the outstanding shares of Series E Preferred, the Company will conduct at any time a meeting of the stockholders (or initiate a corporate proceeding) to elect directors to serve until the next annual
meeting of the stockholders or until the director’s successor is duly elected and has been qualified provided, however, that the Company is only required to conduct such meeting (or initiate such corporate proceeding) once within any
twelve month period. 
 3.5 Observation Rights. 
 (a) Provided that (i) the respective Investor (other than Avalon Ventures (“Avalon”)) holds at least 3% of the outstanding Preferred Stock of the Company (on an
as-converted basis), and (ii) such Investor (other than Avalon) is not a Non-participating Holder or Non-participating Purchaser (each as defined in the Charter), the Company shall allow one representative designated by GIMV NV, one
representative designated by Roche Finance Ltd (“Roche”), one representative designated by Apposite, one representative designated by MedImmune, one representative designated by Avalon, one representative designated by Radius
Venture Partners III, LLC (“Radius”) and one representative designated by OrbiMed Advisors, LLC (“OrbiMed”) to attend all meetings of the Company’s Board of Directors in a nonvoting capacity, and
in connection therewith, the Company shall give such representatives copies of all notices, minutes, consents and other materials, financial or otherwise, which the Company provides to its Board of Directors at the same time it provides such
materials to the Board of Directors; provided, however, that the Company reserves the right to exclude such representative from access to any material or meeting or portion thereof if the Company believes upon advice of counsel that such
exclusion is reasonably necessary to preserve the attorney-client privilege, to protect confidential proprietary information or for other similar reasons. Each of GIMV NV, Roche, Apposite, MedImmune, Avalon, Radius and OrbiMed agrees, and any
representatives of GIMV NV, Roche, Apposite, MedImmune, Avalon, Radius and OrbiMed will agree, to hold in confidence and trust and not use or disclose any confidential information provided to or learned by it in connection with the rights set forth
in this Section 3.5. The Company shall not be responsible for reimbursement of any expenses incurred by such representatives in connection with attending meetings of the Company’s Board of Directors. 

  
 19.

 (b) Five Percent Investor Observer Rights. For so long as an Investor entitled to
designate a representative pursuant to Section 3.5(a) (each such representative an “Observer”), together with its Affiliates (as such term is defined in the Charter), holds 5% or more of the outstanding capital stock of
the Company (calculated on a fully-diluted basis and including the shares of capital stock reserved for future issuance under the Option Plan) (each a “Five Percent Investor”), the Company shall, in addition to the rights set
forth in Section 3.5(a), provide such Five Percent Investor’s Observer with notice of and opportunity to be present at all meetings of the Board and at all meetings of the compensation committee of the Board, and each other committee of
the Board, as well as the boards of directors or other similar managing bodies (and any committee thereof) of each of the subsidiaries of the Company, and the Five Percent Investor’s Observer shall be notified of any such meetings, including
such meetings’ time and place, in the same manner as the members of the Board or committees thereof, as applicable. The Company shall provide the Five Percent Investor’s Observer with the same access to information concerning the
business and operations of the Company and at the same time as the directors of the Company and its subsidiaries and the members of the various committees thereof, including the compensation committee of the Board, as applicable, and shall allow
such Five Percent Investor’s Observer to participate in discussions and consult with, and make proposals and furnish advice to, the Board, the board of directors of the subsidiaries of the Company, and the various committees thereof, including
the compensation committee of the Board, but such Five Percent Investor’s Observer shall not have the right to vote. Notwithstanding the foregoing, the Company reserves the right to exclude such Five Percent Investor’s Observer from access
to any material or meeting or portion thereof if the Company believes upon advice of counsel that such exclusion is reasonably necessary to preserve the attorney-client privilege, to protect confidential proprietary information or for other similar
reasons; provided, however, that the Company shall, prior to the occurrence of the meeting, communicate to the excluded Five Percent Investor’s Observer of the occurrence of the meeting and the reason for exclusion,
via email, voicemail, or telephone. If the Company excludes any such Five Percent Investor’s Observer from a meeting of the Board or any committee of the Board or any portion thereof in accordance with the preceding sentence, the Company will,
following such scheduled meeting, promptly inform such excluded Five Percent Investor’s Observer of any resolutions passed or recommendations made; provided that, the Company reserves the right to withhold such information in order to
preserve the attorney-client privilege, to protect confidential proprietary information or for other similar reasons. Each Five Percent Investor agrees, and such Five Percent Investor’s Observer will agree, to hold in confidence and trust and
not use or disclose any confidential information provided to or learned by it in connection with the rights set forth in this Section 3.5(b). The Company shall not be responsible for reimbursement of any expenses incurred by each Five Percent
Investor’s Observer in connection with their exercise of the rights set forth herein. In addition, should any other Investor not listed above have an individual not a board member attend a Board or committee meeting, then such person will agree
to hold in confidence and trust and not use or disclose any confidential information provided to or learned by it in connection with attending such meeting. 
 3.6 Option Pool Increases. In connection with the Rights Offering Closing and Second Tranche Closing (each as defined in the Purchase Agreement), the Company shall increase the number of shares of
Common Stock reserved for issuance to officers, directors, 

  
 20.

 
employees and consultants of the Company under the Option Plan (the “Option Share Reserve”) so that the Option Share Reserve will represent 11.33% of the capital stock of
the Company (calculated on a fully-diluted basis and including the shares of capital stock reserved for future issuance under the Option Plan). 
 3.7 Compensation Committee. The Company acknowledges and agrees that any grant of stock options granted under the Option Plan to, and/or increase in salary and/or benefits of, any Key Employee or
any member of the Board of Directors of the Company shall be approved by the Compensation Committee of the Board of Directors of the Company (the “Compensation Committee”). The Series D Representative (as defined in the
Charter) that is designated by Apposite pursuant to the terms of that certain Second Amended and Restated Voting Agreement, dated as of even date herewith, among the Company and the individuals and entities listed as Founders and Investors
thereunder (the “Voting Agreement”) shall be appointed to the Compensation Committee and as the Chairman of such Compensation Committee; provided, however that such Series D Representative may decline to serve on the
Compensation Committee in his or her discretion. The Series E Representative (as defined in the Charter) that is designated by OrbiMed pursuant to the terms of the Voting Agreement (or another director specified at the election of OrbiMed) shall be
appointed to the Compensation Committee, provided however that such director may decline to serve on the Compensation Committee in his or her discretion. 
 3.8 The Company’s Board of Directors shall continue to consist of an Audit Committee of the Board of Directors of the Company (the “Audit Committee”), which is
responsible for the quality and integrity of the accounting, auditing and reporting practices of the Company, a Nominating and Corporate Governance Committee of the Board of Directors (the “Nominating and Corporate Governance
Committee”) and a Pricing Committee of the Board of Directors (the “Pricing Committee”). The members of the Audit Committee, Nominating and Corporate Governance Committee and Pricing Committee shall be acceptable
to the Major Investors holding a majority of the Registrable Securities held by the Major Investors; provided, however, that the Pricing Committee shall be chaired by the Chairman of the Board of Directors and shall include a Series B
Representative (as defined in the Charter) that is designated by Perseus-Soros Biopharmaceutical Fund, L.P. pursuant to the terms of the Voting Agreement, who shall initially be Steven Elms, and a Series D Representative (as defined in the Charter)
that is designated by Apposite pursuant to the terms of the Voting Agreement, who shall initially be Allan Marchington; provided further, that the Series E Representative that is designated by OrbiMed pursuant to the terms of the Voting
Agreement (or another director specified at the election of OrbiMed) shall be appointed to each such committee, provided however that such director may decline to serve on any such committee in his or her discretion. Notwithstanding the foregoing,
with respect to the Pricing Committee (or other similar committee that has been delegated the authority to approve the public offering price for the Company’s Common Stock) for an initial public offering of the Company’s Common Stock that
occurs concurrently with any Closing pursuant to Section 2.4(c) or 2.5 of the Purchase Agreement, if, in the reasonable determination of the Board of Directors upon advice of counsel, membership by any individual director on such committee in
connection with the issuance of securities in, or at the time of, the initial public offering violates any securities or other law or regulation, the rights set forth in this Section 3.8 shall be deemed to be waived with respect to any
membership on such committee, and the parties shall work in good faith with the Company to identify suitable replacements. 

  
 21.

 3.9 Director and Officer Insurance. The Company shall maintain in full force and
effect its director and officer liability insurance in an amount to be determined by the Board of Directors of the Company. 

3.10 Director Compensation and Expense Reimbursement. In the event that the Company pays any compensation to any member of the
Board of Directors of the Company that is designated by MedImmune (each a “MedImmune Designee”) in recognition of his or her service on the Board of Directors of the Company, such compensation (including any equity
compensation) otherwise payable to the MedImmune Designee shall, upon the direction of such MedImmune Designee, be paid directly to MedImmune. Nothing in this Section 3.10 shall create an obligation on the part of the Company to pay any
compensation to the MedImmune Designee. The Company shall promptly reimburse each non-employee director of the Company for all of his or her reasonable out-of-pocket expenses (including travel expenses) incurred in attending each meeting of the
Board or a committee thereof or otherwise incurred in the course of performing his or her duties as a director of the Company, subject at all times to the Company’s standard travel and reimbursement policies, including the requirement that all
expenses over $1,000 be pre-approved by the Company. 
 3.11 Ambit Canada Actions. 

(a) The Company shall not, in its capacity as a shareholder of Ambit Canada or as a party to the applicable agreement, amend or
waive, or agree to amend or waive, any provision of (i) the Amended and Restated Articles of Incorporation of Ambit Canada, (ii) the Put Agreement, (iii) the Amended and Restated Shareholders Agreement among the Company, GrowthWorks,
Ambit Canada and Osler, Hoskin & Harcourt LLP, dated May 11, 2011, as the same may be amended from time to time (the “Shareholders Agreement”), (iv) the Co-Development, Distribution and Licence Agreement
dated February 23, 2005 by and between the Company and Ambit Canada, as amended, or (v) the Research and Development Cost Sharing Agreement dated February 23, 2005 by and between the Company and Ambit Canada, without the approval of
the Company’s Board of Directors (including, for the avoidance of doubt, at least two-thirds of the Preferred Representatives (as defined in the Charter) then serving on the Company’s Board of Directors). 

(b) In addition to the foregoing, the Company shall not, in its capacity as a shareholder of Ambit Canada, approve or give its
consent to any of the matters identified in Schedule 3.8 of the Shareholders Agreement without the approval of the Company’s Board of Directors (including, for the avoidance of doubt, at least two-thirds of the Preferred Representatives then
serving on the Company’s Board of Directors). 
 3.12 Termination of Covenants. All covenants of the Company
contained in Section 3 of this Agreement shall expire and terminate as to each Investor upon the earlier of (i) the effective date of the registration statement pertaining to the Initial Offering or (ii) upon an Acquisition or Asset
Transfer (each as defined in the Charter); provided, that the Company’s obligation to maintain director and officer liability insurance under Section 3.9 hereof shall not terminate upon the effective date of the registration
statement pertaining to the Initial Offering. 

  
 22.

 3.13 Special Stockholder Committee. If the Company fails to redeem all shares of
Series E Preferred, Series D-2 Preferred, Series D Preferred, Series C-2 Preferred Stock of the Company and Series C Preferred (together, the “Redeemable Shares”) to be redeemed at any one or more Redemption Dates (as defined
in the Charter) pursuant to Article IV, Section E.5 of the Charter for any reason, the Major Investors shall be entitled to form a special committee of representatives of such Major Investors for the purposes of soliciting and negotiating an
Acquisition or Asset Transfer. Such committee shall have reasonable access to Company management, shall be entitled to engage outside consultants, including legal and investment advisors and shall have the right to present any proposed Acquisition
or Asset Transfer to the Company’s Board of Directors for consideration. Any rights under this Section 3.13 shall terminate upon the earlier of (a) the date on which the Company is current on its redemption obligations under the
Charter (provided, that such rights shall be reinstated in the event of any subsequent default by the Company with respect to its redemption obligations at a later Redemption Date), or (b) the date on which the holders of at least 60% of the
then outstanding shares of Series E Preferred irrevocably withdraw their demand for redemption. 
 SECTION 4. RIGHTS OF FIRST REFUSAL.

 4.1 Subsequent Offerings. Each Major Investor shall have a right of first refusal to purchase its pro rata
share of all Equity Securities, as defined below, that the Company may, from time to time, propose to sell and issue after the date of this Agreement, other than the Equity Securities excluded by Section 4.6 hereof. Each Major Investor’s
pro rata share is equal to the ratio of (a) the number of shares of the Company’s Common Stock (including all shares of Common Stock issued or issuable upon conversion of the Shares) of which such Investor is deemed to be a holder
immediately prior to the issuance of such Equity Securities to (b) the total number of shares of the Company’s outstanding Common Stock (including all shares of Common Stock issued or issuable upon conversion of the Shares or, to the
extent not included within the meaning of “Shares,” upon the exercise of any outstanding warrants or options) immediately prior to the issuance of the Equity Securities; provided, however, that if the price per share of such Equity
Securities is less than $0.70 per share (as adjusted for stock splits, dividends, recapitalizations and the like after the date hereof), each Major Investor’s pro rata share shall be equal to the ratio of (a) the number of shares of
the Company’s Series Preferred (as defined in the Charter) of which such Major Investor is deemed to be a holder immediately prior to the issuance of such Equity Securities to (b) the total number of shares of the Company’s issued and
outstanding Series Preferred (as defined in the Charter) immediately prior to the issuance of such Equity Securities. The term “Equity Securities” shall mean (i) any Common Stock, Preferred Stock or other security of the
Company, (ii) any security convertible, exchangeable or exercisable, with or without consideration, into or for any Common Stock, Preferred Stock or other security (including any option to purchase such a convertible security), (iii) any
security carrying any warrant or right to subscribe to or purchase any Common Stock, Preferred Stock or other security or (iv) any such warrant or right. 
 4.2 Exercise of Rights. If the Company proposes to issue any Equity Securities, it shall give each Major Investor written notice of its intention, describing the Equity Securities, the

  
 23.

 
price and the terms and conditions upon which the Company proposes to issue the same. Each Major Investor shall have 20 days from the giving of such notice to agree to purchase up to its pro rata
share of the Equity Securities for the price and upon the terms and conditions specified in the notice by giving written notice to the Company and stating therein the quantity of Equity Securities to be purchased. Notwithstanding the foregoing, the
Company shall not be required to offer or sell such Equity Securities to any Major Investor who would cause the Company to be in violation of applicable federal securities laws by virtue of such offer or sale. 

4.3 Issuance of Equity Securities to Other Persons. If not all of the Major Investors elect to purchase their pro rata
share (determined in accordance with Section 4.1 above) of the Equity Securities, then the Company shall promptly notify in writing the Major Investors who do so elect (the “Fully-Exercising Investors”) of the number of
Equity Securities remaining unsubscribed (the “Unsubscribed Shares”) and shall offer such Fully-Exercising Investors the right to acquire such Unsubscribed Shares. The Fully-Exercising Investors shall have 10 days after
receipt of such notice to notify the Company of its election to purchase all or a portion of the Unsubscribed Shares. In the event that the number of shares subscribed for by the Fully-Exercising Investors pursuant to the immediately preceding
sentence exceeds the total number of Unsubscribed Shares, then the Unsubscribed Shares shall be allocated among such Fully-Exercising Investors so electing on a pro rata basis. For purposes of this Section 4.3, Each Fully-Exercising
Investor’s pro rata share shall be equal to the ratio of (a) the number of shares of the Company’s Common Stock (including all shares of Common Stock issued or issuable upon conversion of the Shares) of which such Investor is
deemed to be a holder immediately prior to the issuance of such Equity Securities to (b) the number of shares of the Company’s Common Stock (including all shares of Common Stock issued or issuable upon conversion of the Shares) of which
the Fully-Exercising Investors electing to purchase Unsubscribed Shares under this Section 4.3 are deemed to hold immediately prior to the issuance of such Equity Securities. If the Fully-Exercising Investors fail to exercise in full the rights
of first refusal, the Company shall have 90 days thereafter to sell the Equity Securities in respect of which the Major Investors’ rights were not exercised, at a price and upon general terms and conditions materially no more favorable to the
purchasers thereof than specified in the Company’s notice to the Major Investors pursuant to Section 4.2 hereof. If the Company has not sold such Equity Securities within 90 days of the notice provided pursuant to Section 4.2, the
Company shall not thereafter issue or sell any Equity Securities, without first offering such securities to the Major Investors in the manner provided above. 
 4.4 Termination and Waiver of Rights of First Refusal. The rights of first refusal established by this Section 4 shall not apply to, and shall terminate upon the earliest of (i) the
effective date of the registration statement pertaining to the Company’s Initial Offering, (ii) an Acquisition or (iii) an Asset Transfer. The rights of first refusal established by this Section 4 may be amended or waived with
the written consent of the Company and the holders of at least 60% of the then outstanding shares of Series E Preferred then held by the Major Investors. 
 4.5 Transfer of Rights of First Refusal. The rights of first refusal of each Investor under this Section 4 may be transferred to the same parties, subject to the same restrictions as any
transfer of registration rights pursuant to Section 2.10. 

  
 24.

 4.6 Excluded Securities. The rights of first refusal established by this
Section 4 shall have no application to any of the following Equity Securities: 
 (a) shares of Common Stock issued
upon conversion of any then outstanding Preferred Stock of the Company; 
 (b) shares of Common Stock and/or options,
warrants or other Common Stock purchase rights (in each case as adjusted for stock splits, dividends, recapitalizations and the like after the date hereof) and the Common Stock issued pursuant to such options, warrants or other rights to employees,
officers or directors of, or consultants or advisors to, the Company or any subsidiary pursuant to stock purchase or stock option plans or other arrangements approved by the Company’s Board of Directors; 

(c) any Equity Securities issued upon the exercise of options, warrants or convertible securities outstanding as of the date
hereof; 
 (d) any Equity Securities issued pursuant to any commercial transaction, licensing arrangement, equipment loan
or leasing arrangement, real property leasing arrangement or debt financing transaction, in each case which has been unanimously approved by the Company’s Board of Directors and the holders of at least 60% of the outstanding shares of Series E
Preferred; 
 (e) shares of Common Stock, Preferred Stock of the Company and/or other Equity Securities issued in
connection with transactions involving the Company and other entities, the principal purpose of which is other than for the raising of capital through the sale of equity securities, including (i) joint ventures, manufacturing, marketing or
distribution agreements, (ii) technology transfer or development arrangements and (iii) merger, consolidation, acquisition, strategic alliance or similar business combination, in each case which has been unanimously approved by the Board
of Directors and the holders of at least 60% of the outstanding shares of Series E Preferred; 
 (f) shares of Common
Stock issued in an Initial Offering; 
 (g) shares of Common Stock issued in connection with any stock split, stock
dividend or recapitalization by the Company; 
 (h) shares of Preferred Stock of the Company issued pursuant to the Put
Agreement; and 
 (i) shares of Common Stock, Series E Preferred and/or other Equity Securities issued pursuant to the
Purchase Agreement. 

  
 25.

 SECTION 5. MISCELLANEOUS. 
 5.1 Governing Law. This Agreement shall be governed by and construed under the laws of the State of California as applied to agreements among California residents entered into and to be performed
entirely within California. 
 5.2 Survival. The representations, warranties, covenants, and agreements made herein shall
survive any investigation made by any Holder and the closing of the transactions contemplated hereby. All statements as to factual matters contained in any certificate or other instrument delivered by or on behalf of the Company pursuant hereto in
connection with the transactions contemplated hereby shall be deemed to be representations and warranties by the Company hereunder solely as of the date of such certificate or instrument. 

5.3 Successors and Assigns. Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit of,
and be binding upon, the successors, assigns, heirs, executors, and administrators of the parties hereto and shall inure to the benefit of and be enforceable by each person who shall be a holder of Registrable Securities from time to time;
provided, however, that prior to the receipt by the Company of adequate written notice of the transfer of any Registrable Securities specifying the full name and address of the transferee, the Company may deem and treat the person listed as
the holder of such shares in its records as the absolute owner and holder of such shares for all purposes, including the payment of dividends or any redemption price. Notwithstanding anything to the contrary set forth herein, the rights set forth in
Section 3.1(b) through (f) and Section 3.2 of this Agreement shall only be transferable to other Major Investors. 
 5.4 Entire Agreement. This Agreement, the Exhibits and Schedules hereto, the Purchase Agreement and the other documents delivered pursuant thereto constitute the full and entire understanding and
agreement between the parties with regard to the subjects hereof and no party shall be liable or bound to any other in any manner by any representations, warranties, covenants and agreements except as specifically set forth herein and therein. The
Company and holders of at least 67% of the Registrable Securities held by the Prior Investors and, with respect to Section 4 of the Prior Agreement, by the Major Investors (as defined in the Prior Agreement) hereby agree, as evidenced by their
signatures hereto, that all rights granted and covenants made under the Prior Agreement are hereby waived, released and terminated in their entirety and shall have no further force or effect whatsoever, including the right of first offer set forth
in Section 4 of the Prior Agreement, and such holders hereby further agree and acknowledge that the right of first offer set forth in Section 4 of the Prior Agreement did not apply to and is hereby waived with respect to the Common Stock,
Series E Preferred and other Equity Securities issued pursuant to the Purchase Agreement. The rights and covenants provided herein set forth the sole and entire agreement between the parties hereto with respect to the subject matter hereof.

 5.5 Severability. In the event one or more of the provisions of this Agreement should, for any reason, be held to be
invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions of this Agreement, and this Agreement shall be construed as if such invalid, illegal or unenforceable provision
had never been contained herein. 

  
 26.

 5.6 Amendment and Waiver. 

(a) Except as otherwise expressly provided, this Agreement may be amended or modified only upon the written consent of the Company
and the holders of at least 60% of the then outstanding shares of Series E Preferred and the obligations of the Company and the rights of the Holders under this Agreement may be waived only with the written consent of the holders of at least 60% of
the then outstanding shares of Series E Preferred; provided that this Agreement may not be amended and/or modified and the obligations of the Company and the rights of the Holders under this Agreement may not be waived, in each case with
respect to any Investor without the written consent of such Investor unless such amendment, termination or waiver applies to all Investors in the same fashion and does not otherwise materially adversely affect the rights of such Investor in a manner
that is different from the effect on the rights of the other Investors. 
 (b) Notwithstanding the foregoing, until the
earlier of (i) the effective date of the registration statement pertaining to the Initial Offering or (ii) upon an Acquisition or Asset Transfer (each as defined in the Charter), (A) Section 3.5 of this Agreement shall not be
amended or waived to alter any of the rights of GIMV NV, Roche, Apposite, MedImmune, Avalon, Radius or OrbiMed as set forth therein without the written consent of GIMV NV, Roche, Apposite, MedImmune, Avalon, Radius or OrbiMed, as applicable, so long
as (x) the respective Investor (other than Avalon) continues to hold at least 3% of the outstanding Preferred Stock of the Company (on an as-converted to Common Stock basis), and (y) such Investor (other than Avalon) is not a
Non-participating Holder or Non-participating Purchaser, and (B) Sections 3.7 and 3.8 shall not be amended or waived to alter any of the rights of Apposite or OrbiMed as set forth therein without the written consent of Apposite or OrbiMed, as
applicable, so long as, with respect to Apposite, Apposite or any member of its Investor Group continues to hold shares of Series D-2 Preferred, and with respect to OrbiMed, OrbiMed or any member of its Investor Group continues to hold shares of
Series E Preferred. 
 (c) For the purposes of determining the number of Holder or Investors entitled to vote or exercise
any rights hereunder, the Company shall be entitled to rely solely on the list of record holders of its stock as maintained by or on behalf of the Company. 
 5.7 Delays or Omissions. It is agreed that no delay or omission to exercise any right, power, or remedy accruing to any Holder, upon any breach, default or noncompliance of the Company under this
Agreement shall impair any such right, power, or remedy, nor shall it be construed to be a waiver of any such breach, default or noncompliance, or any acquiescence therein, or of any similar breach, default or noncompliance thereafter occurring. It
is further agreed that any waiver, permit, consent, or approval of any kind or character on any Holder’s part of any breach, default or noncompliance under the Agreement or any waiver on such Holder’s part of any provisions or conditions
of this Agreement must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement, by law, or otherwise afforded to Holders, shall be cumulative and not alternative.

 5.8 Notices. All notices required or permitted hereunder shall be in writing and shall be deemed effectively given:
(a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; if 

  
 27.

 
not, then on the next business day, (c) five days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one day after deposit with a
nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the party to be notified at the address as set forth on the signature pages hereof or Exhibit A
hereto or at such other address as such party may designate by 10 days advance written notice to the other parties hereto. 

5.9 Attorneys’ Fees. In the event that any suit or action is instituted to enforce any provision in this Agreement, the
prevailing party in such dispute shall be entitled to recover from the losing party all fees, costs and expenses of enforcing any right of such prevailing party under or with respect to this Agreement, including without limitation, such reasonable
fees and expenses of attorneys and accountants, which shall include, without limitation, all fees, costs and expenses of appeals. 
 5.10 Titles and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 

5.11 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of
which together shall constitute one instrument. 
 [Signature Pages Follow] 

  
 28.

 IN WITNESS WHEREOF, the parties hereto
have executed this SIXTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof.

 COMPANY: 
  

			
	AMBIT BIOSCIENCES CORPORATION
		
	By:	 	 /s/ Michael A. Martino

		
	Name:	 	 Michael A. Martino

		
	Title:	 	 President and CEO

		
	Address:	 	4215 Sorrento Valley Boulevard
		 	San Diego, CA 92121

 [Signature Page to Sixth Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed
this SIXTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof. 

 

			
	INVESTORS:
	
	 APPOSITE HEALTHCARE FUND LP

 
 ACTING BY ITS
MANAGER, APPOSITE CAPITAL

		
	By:	 	 /s/ A P Marchington

		
	Name:	 	 A P Marchington

		
	Title:	 	 Partner

  
 [Signature
Page to Sixth Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto
have executed this SIXTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof.

  

			
	INVESTORS:
	
	FORWARD VENTURES IV, L.P.
	BY: FORWARD IV ASSOCIATES LLC
	AS: GENERAL PARTNER
		
	By:	 	 /s/ Standish Fleming

		
	Name:	 	 Standish Fleming

		
	Title:	 	 Managing Member

	
	FORWARD VENTURES IV B, L.P.
	BY: FORWARD IV ASSOCIATES LLC
	AS: GENERAL PARTNER
		
	By:	 	 /s/ Standish Fleming

		
	Name:	 	 Standish Fleming

		
	Title:	 	 Managing Member

	
	FORWARD VENTURES IV-C, L.P.
	BY: FORWARD IV ASSOCIATES LLC
	AS: GENERAL PARTNER
		
	By:	 	 /s/ Standish Fleming

		
	Name:	 	 Standish Fleming

		
	Title:	 	 Managing Member

  
 [Signature
Page to Sixth Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto
have executed this SIXTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof.

  

			
	INVESTORS:
	
	GENECHEM THERAPEUTICS VENTURE FUND L.P.
		
	By:	 	 /s/ Louis Lacasse

		
	Name:	 	 Louis Lacasse

		
	Title:	 	 President

  
 [Signature
Page to Sixth Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto
have executed this SIXTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof.

  

			
	INVESTORS:
	
	GIMV NV
		
	By:	 	 /s/ Edmond Bastijns

		
	Name:	 	 Edmond Bastijns

		
	Title:	 	 GIMV Partner

		
	By:	 	 /s/ Koen Dejonckheere

		
	Name:	 	 Koen Dejonckheere

		
	Title:	 	 CEO

	
	ADVIESBEHEER GIMV LIFE SCIENCES 2004 NV
		
	By:	 	 /s/ Edmond Bastijns

		
	Name:	 	 Edmond Bastijns

		
	Title:	 	 GIMV Partner

		
	By:	 	 /s/ Koen Dejonckheere

		
	Name:	 	 Koen Dejonckheere

		
	Title:	 	 CEO

  
 [Signature
Page to Sixth Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto
have executed this SIXTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof.

  

			
	INVESTORS:
	
	 GROWTHWORKS CANADIAN FUND LTD.

by its manager, GrowthWorks WV

Management Ltd.

		
	PER:	 	 /s/ Tim Lee

		
	TITLE:	 	 SVP Investments

  
 [Signature
Page to Sixth Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto
have executed this SIXTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof.

  

			
	INVESTORS:
	
	HORIZON TECHNOLOGY FUNDING COMPANY II LLC
		
	By:	 	 /s/ Robert D. Pomeroy, Jr.

	Name:	 	 Robert D. Pomeroy, Jr.

	Title:	 	 Chief Executive Officer

 [Signature Page to Sixth Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto
have executed this SIXTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof.

  

			
	INVESTORS:
	
	MEDIMMUNE VENTURES, INC.
		
	By:	 	 /s/ Ron Laufer

	Name:	 	 Ron Laufer

	Title:	 	 SR. Managing Director

 [Signature Page to Sixth Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto
have executed this SIXTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof.

  

			
	INVESTORS:
	
	 ORBIMED PRIVATE INVESTMENTS III, LP

BY: ORBIMED CAPITAL GP III LLC, ITS GENERAL
PARTNER

		
	By:	 	 /s/ Jonathan Silverstein

	Name:	 	 Jonathan Silverstein

	Title:	 	 Member

	
	 ORBIMED ASSOCIATES III, LP

BY: ORBIMED CAPITAL GP III LLC, ITS GENERAL
PARTNER

		
	By:	 	 /s/ Jonathan Silverstein

	Name:	 	 Jonathan Silverstein

	Title:	 	 Member

 [Signature Page to Sixth Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto
have executed this SIXTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof.

  

			
	INVESTORS:
	
	PERSEUS-SOROS BIOPHARMACEUTICAL FUND, LP
		
	By:	 	 /s/ Lloyd Appel

	Name:	 	 Lloyd Appel

	Title:	 	 CFO

 [Signature Page to Sixth Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto
have executed this SIXTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof.

  

			
	INVESTORS:
	
	PHARMABIO DEVELOPMENT INC.
		
	By:	 	 /s/ Michael Troullis

	Name:	 	 Michael Troullis

	Title:	 	 President

 [Signature Page to Sixth Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto
have executed this SIXTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof.

  

			
	INVESTORS:
	
	RADIUS VENTURE PARTNERS III, L.P.
		
	By:	 	 /s/ Jordan S. Davis

		
	Name:	 	 Jordan S. Davis

		
	Title:	 	 Managing Member

	
	RADIUS VENTURE PARTNERS III QP, L.P.
		
	By:	 	 /s/ Jordan S. Davis

		
	Name:	 	 Jordan S. Davis

		
	Title:	 	 Managing Member

	
	RADIUS VENTURE PARTNERS III (OHIO), L.P.
		
	By:	 	 /s/ Jordan S. Davis

		
	Name:	 	 Jordan S. Davis

		
	Title:	 	 Managing Member

  
 [Signature
Page to Sixth Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto
have executed this SIXTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first paragraph hereof.

  

			
	INVESTORS:
	
	ROCHE FINANCE LTD
		
	By:	 	 /s/ Carole Nuechterlein

		
	Name:	 	 Carole Nuechterlein

		
	Title:	 	 Authorized Signatory

		
	By:	 	 /s/ Andreas Knierzinger

		
	Name:	 	 Andreas Knierzinger

		
	Title:	 	 Authorized Signatory

  
 [Signature
Page to Sixth Amended and Restated Investor Rights Agreement] 

 EXHIBIT A 

LIST OF INVESTORS 
  

	
	Name and Address
	
	 APPOSITE HEALTHCARE FUND LP

Queensgate House
 South Church Street
 PO Box 1234

George Town, Grand Cayman, Cayman Islands

	
	 FORWARD VENTURES IV, L.P.

9255 Towne Centre Drive, Suite 300
 San Diego, CA 92121
 Attn: Standish M. Fleming

(858) 677-6077

	
	 FORWARD VENTURES IV B, L.P.

9255 Towne Centre Drive, Suite 300
 San Diego, CA 92121
 Attn: Standish M. Fleming

(858) 677-6077

	
	 FORWARD VENTURES IV-C, L.P.

9255 Towne Centre Drive, Suite 300
 San Diego, CA 92121
 Attn: Standish M. Fleming

(858) 677-6077

	
	 GENECHEM THERAPEUTICS VENTURE FUND L.P.

1001 De Maisonneuve Blvd, West
 Suite 920
 Montreal, Quebec H3A 3C8

	
	 GIMV NV
 Karel Oomsstraat 37
 2018 Antwerp, Belgium

	
	 ADVIESBEHEER GIMV LIFE SCIENCES 2004 NV

Karel Oomsstraat 37
 2018 Antwerp, Belgium

	
	 GROWTHWORKS CANADIAN FUND LTD.

Attn: Joseph Regan
 130 King Street West, Suite 2200
 Toronto, Ontario M5X 1E3

Canada

  
 1 

	
	Name and Address
	
	 HORIZON TECHNOLOGY FUNDING
 COMPANY II LLC
 312 Farmington Avenue

Farmington, CT 06032
 Attention: Legal Department

	
	 MEDIMMUNE VENTURES, INC.

One MedImmune Way
 Gaithersburg, MD 20878

	
	 ORBIMED PRIVATE INVESTMENTS III, LP

c/o OrbiMed Advisors, LLC
 Attn: Carl Gordon
 601 Lexington Avenue, 54th Floor

New York, NY 10022

	
	 ORBIMED ASSOCIATES III, LP

c/o OrbiMed Advisors, LLC
 Attn: Carl Gordon
 601 Lexington Avenue, 54th Floor

New York, NY 10022

	
	 PERSEUS-SOROS BIOPHARMACEUTICAL FUND, L.P.

888 Seventh Avenue, 29th Floor
 New York, NY 10016
 Attn: Steve Elms

	
	 PHARMABIO DEVELOPMENT INC.

Attn: Carl Hellman
 4208 Six Forks Road
 Raleigh, NC 27609

	
	 RADIUS VENTURE PARTNERS III, L.P.

Attn: Jordan Davis
 400 Madison Avenue, 8th Floor
 New York, NY 10017

	
	 RADIUS VENTURE PARTNERS III QP, L.P.

Attn: Jordan Davis
 400 Madison Avenue, 8th Floor
 New York, NY 10017

	
	 RADIUS VENTURE PARTNERS III (OHIO), L.P.

Attn: Jordan Davis
 400 Madison Avenue, 8th Floor
 New York, NY 10017

	
	 ROCHE FINANCE LTD

Grenzacherstrasse 122
 4070 Basel

  
 2 

	
	Name and Address
	
	 ALEXANDRIA EQUITIES, LLC

Attn: Mr. Joel Marcus
 135 N. Los Robles Avenue, #250
 Pasadena, CA 91101

	
	 ALEXANDRIA REAL ESTATE EQUITIES, L.P.

Attn: Mr. Joel Marcus
 135 N. Los Robles Avenue, #250
 Pasadena, CA 91101

	
	 THE KEVIN J. KINSELLA RE-STATED TRUST
DECEMBER 7, 2000
 888 Prospect Street, Suite 320

La Jolla, CA 92037

	
	 MR. PAUL GRAYSON

11099 N. Torrey Pines Rd.
 La Jolla, CA 92037

	
	 KEVIN C. TANG AND HAEYOUNG TANG

5840 Camino de la Costa
 La Jolla, CA 92037
 (858) 454-6752

	
	 OSCAR L. TANG
 600 Fifth Avenue, 8th Floor
 New York, NY 10020

	
	 TANG CAPITAL PARTNERS, LP

4401 Eastgate Mall
 San Diego, CA 92121

	
	 GRANTOR TRUST FOR TRACY L. TANG

Attn: Oscar L. Tang, Trustee
 600 Fifth Avenue, 8th Floor
 New York, NY 10020

	
	 GRANTOR TRUST FOR DANA E. TANG

Attn: Oscar L. Tang, Trustee
 600 Fifth Avenue, 8th Floor
 New York, NY 10020

	
	 GRANTOR TRUST FOR KRISTIN A. TANG

Attn: Oscar L. Tang, Trustee
 600 Fifth Avenue, 8th Floor
 New York, NY 10020

	
	 JACOB GOLDFIELD
 33 Union Square West, PH
 New York, NY 10003

  
 3 

	
	Name and Address
	
	 SCOTT GREER
 1015 East Mountain Drive
 Montecito, CA 93108

	
	 TONY S & LILY P. HSU FAMILY TRUST

Attn: Mr. Tony S. Hsu, Trustee
 49 Harbor Ridge Drive
 Newport Beach, CA 92660

	
	 ZUKER FAMILY TRUST, DATED 3/15/00

Attn: Charles S. and Patricia R. Zuker, Co-Trustees
 4778 Thurston Place
 San Diego, CA 92130

	
	 MURIELLE ZUKER IRREVOCABLE TRUST, DATED

11/29/99
 Attn:
Charles S. & Patricia R. Zuker, Co-Trustees
 4778 Thurston Place

San Diego, CA 92130

	
	 FELIPE SAM ZUKER IRREVOCABLE TRUST,
DATED 11/29/99
 Attn: Charles S. & Patricia R. Zuker, Co-Trustees

4778 Thurston Place
 San Diego, CA 92130

	
	 WILLIAM NEIL FOX III REVOCABLE TRUST,
DATED
 DECEMBER 28, 1998

Attn: William Neil Fox III, Trustee
 8910 University Center Lane, #265
 San Diego, CA 92122

	
	 THE STRYER REVOCABLE TRUST,

DATED AUGUST 11, 2000
 Attn: Lubert Stryer & Andrea Stryer,
 Co-Trustees

843 Sonoma Terrace
 Stanford, CA 94305

	
	 MR. JOSEPH ZICHERMAN

217 Hedges Lane
 Sagaponack, NY 11962
 (631) 537-1334

	
	 MR. JOHN HENDRICK

i/c/o Avalon Ventures VI, L.P.
 888 Prospect Street, Suite 320
 San Diego, CA 92037

Attn: Kevin J. Kinsella

  
 4 

	
	Name and Address
	
	 THE TOMLIN FAMILY TRUST

DATED JUNE 1, 1999
 888 Prospect Street, Suite 320
 La Jolla, CA 92037

(858) 546-2460 Ext. 203

	
	 THE TOMLIN CHILDREN’S 2002 IRREVOCABLE
TRUST
 U/T/D MARCH 5, 2002-FAITH
TOMLIN NONEXEMPT
 SHARES

888 Prospect Street, Suite 320
 La Jolla, CA 92037
 (858) 546-2460 Ext. 203

	
	 THE TOMLIN CHILDREN’S 2002 IRREVOCABLE
TRUST
 U/T/D MARCH 5, 2002-DUNCAN
TOMLIN NONEXEMPT
 SHARES

888 Prospect Street, Suite 320
 La Jolla, CA 92037
 (858) 546-2460 Ext. 203

	
	 FOUR PARTNERS
 Attn: Julian Baker
 667 Madison Avenue, 21st Floor

21st
 Floor
 New York, NY 10021

	
	 BAKER-TISCH INVESTMENTS

Attn: Julian Baker
 667 Madison Avenue, 21st Floor
 21st Floor

New York, NY 10021

	
	 BAKER BROS. INVESTMENTS II

Attn: Julian Baker
 667 Madison Avenue, 21st Floor
 21st Floor

New York, NY 10021

	
	 667, L.P.

(F/K/A BAKER BIOTECH FUND I)

Attn: Julian Baker
 667 Madison Avenue, 21st Floor
 21st Floor

New York, NY 10021

	
	 GC&H INVESTMENTS
 101 California Street, 5th Floor
 San Francisco, CA 94111

	
	 TAMARA KINSELLA
 1735 Castellana Rd.
 La Jolla, CA 92037-3839

  
 5 

	
	Name and Address
	
	 DR. MARK CHEE

9390 Town Centre Drive
 San Diego, CA 92121
 (858) 587-4290 Ext. 228

	
	 MARK CHEE LIVING TRUST

9390 Town Centre Drive
 San Diego, CA 92121
 (858) 587-4290 Ext. 228

	
	 JEAN J. LOCKHART
 7434 Eads Avenue
 La Jolla, CA 92037

(858) 646-8303

	
	 ROBERT ENGLISH
 52 South Road
 Sands Point, NY 11050

	
	 JOHN FREEMAN
 Chesapeake Management Group
 1066 30th St. N.W.

Washington, DC 20007

	
	 JOHN GROOM
 13, Tilehouse Street
 Hitchin

Herts SG5 2DU
 United Kingdom

	
	 DR. JOEL F. MARTIN

i/c/o Forward Ventures IV, L.P.
 9255 Towne Centre Drive, Suite 300
 San Diego, CA 92121

Attn: Standish M. Fleming
 (858) 677-6077

	
	 RICHARD HEYMAN
 2825 Crystal Ridge Road
 Encinitas, CA 92024.

	
	 TONY S. HSU 
 11 Island Vista
 Newport Coast, CA 92657

	
	 MEDAREX, INC.
 707 State Road, Suite 206
 Princeton, NJ 08540-1437

Attn: Alexander S. Friedman

	
	 AVALON VENTURES VI, L.P.

888 Prospect Street, Suite 320
 La Jolla, CA 92037
 Attn: Kevin J. Kinsella

  
 6 

	
	Name and Address
	
	 AVALON GP FUND, LLC
 888 Prospect Street, Suite 320
 La Jolla, CA 92037

Attn: Kevin J. Kinsella

	
	 AVALON VENTURES VI GP FUND, LLC

888 Prospect Street, Suite 320
 La Jolla, CA 92037
 Attn: Kevin J. Kinsella

	
	 BROBECK, PHLEGER & HARRISON LLP

Out of business; no contact information

	
	 WALTER TENDLER
 888 Prospect Street, Suite 320
 La Jolla, CA 92037

	
	 WS INVESTMENT COMPANY, LLC (2004A)

8101 East Prentice Ave, Ste 600
 Englewood, CO 80111

	
	 WS INVESTMENT COMPANY, LLC (2004C)

8101 East Prentice Ave, Ste 600
 Englewood, CO 80111

	
	 CHRISTOS RICHARDS
 c/o Levin and Company, Inc.
 1800 Century Park East, Suite 600

Los Angeles, CA 90067

	
	 EVAN FISHEL
 c/o Levin & Company, Inc.,
 425 Market Street, Suite 2200

San Francisco, CA 94105

	
	 BRISTOL-MYERS SQUIBB COMPANY

Attn: Katherine Kelly, VP and Assistant General
 Counsel
 345 Park Ave.

New York, NY 10154

	
	 PATRICK ZARRINKAR
 10535 Rosedust Glen Dr
 San Diego, CA 92127

  
 7

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