Document:

EX-10.7

 [***] Certain information in this document has been omitted from this exhibit because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed. 
  

 Exhibit 10.7 

SPONSORED RESEARCH AGREEMENT 

This Sponsored Research Agreement (“Agreement”) is dated as of April 23, 2018 (the “Effective Date”) by
and between The Trustees of the University of Pennsylvania, a Pennsylvania nonprofit corporation (“Penn”), with offices located at Penn Center for Innovation, [****], and Tycho Therapeutics, Inc., a Delaware corporation
(“Sponsor”), having a place of business at 501 Northwick Lane, Villanova, PA 19085. Penn and Sponsor may be referred to herein as a “Party” or, collectively, as “Parties”. 

RECITALS: 

WHEREAS, Penn and Sponsor are entering into this Agreement since Sponsor desires to fund the research of Michael C. Milone, MD, PhD of
Penn’s Perelman School of Medicine in certain specific areas; 
 WHEREAS, Sponsor desires to support such research conducted by
Penn in accordance with the terms and conditions of this Agreement; 
 WHEREAS, the research program contemplated by this Agreement
is of mutual interest to Sponsor and Penn and furthers the educational, scholarship and research objectives of Penn as a nonprofit, tax-exempt, educational institution, and may benefit both Sponsor and Penn
through the creation or discovery of new inventions; and 
 WHEREAS, the Parties have entered into a term sheet on or about the date
hereof containing a summary of terms for an exclusive license agreement to be entered into by and between the Parties (the “License Agreement”). 

NOW, THEREFORE, in consideration of the various promises and undertakings set forth herein, the Parties agree as follows: 

ARTICLE 1 
 DEFINITIONS 

 

	1.1	 “Penn Intellectual Property” means Related Intellectual Property and Unrelated Intellectual
Property, each as defined below. 

  

	1.2	 “Principal Investigator” means Michael C. Milone, MD, PhD who has agreed to serve as faculty
investigator for the Sponsored Research and shall be responsible for the conduct, supervision and administration of the Sponsored Research. 

  

	1.3	 “Related Intellectual Property” means all inventions, whether patentable or not, that are
conceived or conceived and reduced to practice in the conduct of the Sponsored Research during the term of this Agreement without the use of third party funding (provided that, for clarity, the use of equipment or materials that are not identified
as costs of the Sponsored Research in the budget attached as Appendix 2 to Attachment A hereto (the “Budget”) and are supported by, or obtained or paid-for with third party funding, and the use of
personnel that are supported by third party funding, in whole or in part shall not be considered “use of third party funding” for purposes of the foregoing), and (a) that are covered by a Valid Claim of the Penn Patent Rights (each as
defined in the License Agreement) or an Effective Date Valid Claim (as defined below), or (b) whose manufacture, use, sale or import would, absent the License Agreement, constitute an infringement, inducement of infringement or contributory
infringement of any Valid Claim of the Penn Patent Rights or Effective Date Valid Claim (or would constitute such an infringement if such Valid Claim or Effective Date Valid Claim was a claim of an issued and unexpired patent), or (c) that are
related 

	 	
to or have applicability in connection with the development and research of [****]; including, in each case, all United States and foreign patent applications claiming said patentable inventions,
including any divisional, continuation, continuation-in-part (to the extent that the claims are directed to said patentable inventions), and foreign equivalents thereof,
as well as any patents issued thereon or reissues or reexaminations thereof. “Effective Date Valid Claim” as used herein shall mean a claim that is a Valid Claim of the Penn Patent Rights as of the effective date of the License
Agreement. [****] 

  

	1.4	 “Research Results” means all data and information which are generated in the performance of
the Sponsored Research during the term of this Agreement. Research Results expressly excludes Penn Intellectual Property. 

  

	1.5	 “Sponsored Research” means the research program described in Attachment A to this
Agreement. 

  

	1.6	 “Unrelated Intellectual Property” means all inventions, whether patentable or not, conceived
or conceived and reduced to practice in the conduct of the Sponsored Research during the term of this Agreement that are not Related Intellectual Property, including all United States and foreign patent applications claiming said patentable
inventions, including any divisional, continuation, continuation-in-part (to the extent that the claims are directed to said patentable inventions), and foreign
equivalents thereof, as well as any patents issued thereon or reissues or reexaminations thereof. 

  

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

  

			
	 Defined Term
	  	 Section

	Agreement	  	Preamble
	Effective Date	  	Preamble
	Party or Parties	  	Preamble
	Penn	  	Preamble
	Penn Indemnitees	  	8.2(i)
	Sponsor	  	Preamble

 ARTICLE 2 

SPONSORED RESEARCH 
  

	2.1	 Conduct. Penn shall commence the Sponsored Research after the Effective Date of this Agreement and upon
payment by Sponsor of any funds owed, and shall conduct such Sponsored Research in accordance with the terms and conditions of this Agreement. Sponsor acknowledges that Penn and the Principal Investigator shall have the freedom to conduct and
supervise the Sponsored Research in a manner consistent with Penn’s educational and research missions. 

  

	2.2	 Principal Investigator. If the services of the Principal Investigator become unavailable to Penn for any
reason, Penn shall be entitled to designate another member of its faculty who is acceptable to Sponsor to serve as the Principal Investigator of the Sponsored Research. If a substitute Principal Investigator has not been designated within [****]
after the original Principal Investigator ceases his or her services under this Agreement, either Party may terminate this Agreement upon written notice thereof to the other Party, subject to the provisions of ARTICLE 7. 

  
 2 

 ARTICLE 3 

REIMBURSEMENT OF COSTS & PAYMENT 
  

	3.1	 Reimbursement. Sponsor shall reimburse Penn for an amount equal to its expenditures and reasonable
overhead incurred in the conduct of the Sponsored Research in an amount not to exceed the total amount of [****] as set forth in Attachment A. Sponsor acknowledges that this amount is a good faith estimate only and not a guarantee of the cost
to conduct the Sponsored Research. If at any time Penn determines that it will require additional funds for the Sponsored Research, it shall notify Sponsor and provide an estimate of the additional amount. Sponsor shall not be liable for any costs
in excess of the amount of [****] unless it has agreed in writing to provide additional funds. All amounts provided by Sponsor shall be used only for the Sponsored Research. 

 

	3.2	 Payment. Sponsor shall make payments in advance to Penn in accordance with the payment schedule set
forth in Attachment A. All payments shall clearly identify the Principal Investigator and Penn ERA Number [****]. All payments are to be payable in United States dollars, and if by check, made out to “The Trustees of the University of
Pennsylvania”, and sent to: 

 [****] 

(Wire transfers preferred for sponsored research agreements) – For all payments made by wire transfer, banking information is as follows:

 Banking Information: 
  

					
	Bank Name:	  	[****]	  	
	Bank Address:	  	[****]	  	
		  	 [****]
	  	
	ACH Coordinator:	  	[****]	  	
	Account Title:	  	[****]	  	
	Account Type:	  	[****]	  	
	Account #:	  	[****]	  	
	ABA Routing #:	  	[****]	  	
	SWIFT CODE:	  	[****]	  	
	CHIPS:	  	[****]	  	
	Reference:	  	[****]	  	

  

	3.3	 Equipment. Title to any equipment, laboratory animals, or any other materials made or acquired with
funds provided under this Agreement shall vest in Penn, and such equipment, animals, or materials shall remain the property of Penn following termination of this Agreement. 

ARTICLE 4 
 RESEARCH
RESULTS; RECORDS AND REPORTS 
  

	4.1	 Research Results. Sponsor shall have the right to use Research Results disclosed to Sponsor in records
and reports for any reasonable purpose. Sponsor shall need to obtain a license to use Research Results from Penn if such use would infringe any copyright or any claim of a patent application or issued patent owned by Penn, except to the extent such
license is granted pursuant to this Agreement or any other agreement between the Parties. 

  

	4.2	 Records. Principal Investigator shall maintain records of the results of the Sponsored Research and
shall provide Sponsor with reports of the progress and results of the Sponsored Research in 

  
 3 

	 	
accordance with Attachment A. Penn shall maintain records of the use of the funds provided by Sponsor and no later than [****] following the end of each calendar quarter, shall provide to
Sponsor a summary report of the use of such funds during such calendar quarter. 

  

	4.3	 Research Reports. Penn hereby grants Sponsor a royalty-free, nontransferable, non-exclusive right to copy, reproduce and distribute any research reports furnished to Sponsor under this Agreement, or any excerpts or portions thereof. Sponsor may not charge fees for said research reports, use
said research reports for advertising or promotional activities, or alter or modify said research reports (other than creating excerpts or portions thereof) without the prior written permission of Penn. 

ARTICLE 5 
 INTELLECTUAL
PROPERTY 
  

	5.1	 Penn Intellectual Property. Penn shall retain all right, title and interest in and to Penn Intellectual
Property and any patents, copyrights, software and tangible research materials and other intellectual property related thereto. 

  

	5.2	 Disclosure. Principal Investigator shall provide Penn and Sponsor a written disclosure of any Penn
Intellectual Property reasonably considered patentable. After Sponsor has confirmed receipt of such disclosure (which confirmation can be by email and shall be delivered within [****] of Sponsor’s receipt of such disclosure), Sponsor shall
advise Penn in writing, no later than [****] after such confirmation of receipt of such disclosure, whether it requests Penn to file and prosecute patent applications related to such Penn Intellectual Property. If Sponsor does not request Penn to
file and prosecute such patent applications, Penn may proceed with such preparation and prosecution at its own cost and expense, provided that Penn will first notify Sponsor of its intent to do so. Sponsor shall have [****] from Sponsor’s
confirmed receipt of such notification to notify Penn that it is electing to retain its right to such Penn Intellectual Property under this Agreement, and if Sponsor provides such notification, the terms of Section 5.3 shall apply, including
Sponsor’s obligation to pay patent expenses, as if Sponsor had requested that Penn file and prosecute such patent applications. If Sponsor fails to so notify Penn of such election, then Penn may proceed with such preparation and prosecution at
its own cost and expense, and such patent applications shall be excluded from Sponsor’s option under Section 5.6 hereof, provided, however, that upon Sponsor’s request, Penn shall update Sponsor on the filing status of any patent
applications related to such Penn Intellectual Property. 

  

	5.3	 Prosecution. Except as may otherwise be agreed by the Parties, in the License Agreement or otherwise,
Penn shall control the preparation and prosecution of all patent applications and the maintenance of all patents related to Penn Intellectual Property. With regard to any patent applications filed at the request and expense of Sponsor, Penn will
consult with Sponsor on patent prosecution. Sponsor shall reimburse Penn within [****] after receipt of invoice for all documented expenses incurred in connection with the filing and prosecution of the patent applications and maintenance of the
patents that Sponsor has requested Penn to prosecute under Section 5.2 hereof. 

  

	5.4	 Software. Principal Investigator shall provide Penn and Sponsor a written disclosure of any
copyrightable software created in the conduct of the Sponsored Research during the term of this Agreement that Principal Investigator reasonably considers to be scientifically valuable, provided that Principal Investigator shall have no obligation
to provide the source code for such software. 

  
 4 

	5.5	 Non-Exclusive License. Penn hereby grants to Sponsor a
perpetual, irrevocable, non-transferable (except as set forth in Section 9.7), non-exclusive license to use the Penn Intellectual Property for internal research
purposes only. 

  

	5.6	 Option. 

  

	 	(i)	 In consideration of Sponsor’s funding of the Sponsored Research and payment for intellectual property
expenses as provided for in Section 5.3, Penn grants Sponsor a first option to [****] the Related Intellectual Property Controlled (as defined in the License Agreement) by Penn within the scope of the license granted by Penn to Sponsor under
the License Agreement. If Sponsor fails to exercise its option [****] within [****] after disclosure of such Related Intellectual Property to Sponsor (the “Option Period”), or if Sponsor fails to make payment for intellectual
property expenses as provided for in Section 5.3 with respect to such Related Intellectual Property, Penn shall be free to license such Related Intellectual Property to any party upon such terms as Penn deems appropriate, without any further
obligation to Sponsor. Sponsor shall notify Penn in writing within the Option Period if it desires to exercise such option. In the event Sponsor exercises such option, (1) [****] (2) as to each patent application that is Related Intellectual
Property for which Sponsor has exercised its option, Sponsor shall pay Penn [****] (for clarity, no additional fee shall be owed for any application claiming priority thereto, any foreign counterpart thereof, or any other application in the same
patent family). Prior to, and during the Option Period, Penn shall not assign, transfer, convey, or grant any rights in or otherwise encumber such Related Intellectual Property in any manner that would impair Sponsor’s rights in and to such
Related Intellectual Property under this Agreement. For clarity, if Sponsor has exercised its option to Related Intellectual Property hereunder, Sponsor’s rights and obligations relating to the filing, prosecution and maintenance of any patent
applications and issued patents covering such Related Intellectual Property for which Sponsor has exercised its option shall be set as forth in the License Agreement. 

 

	 	(ii)	 In consideration of Sponsor’s funding of the Sponsored Research and payment for intellectual property
expenses as provided for in Section 5.3, Penn grants Sponsor a first option to negotiate to acquire a license on commercially reasonable terms to practice Unrelated Intellectual Property Controlled (as defined in the License Agreement) by Penn.
Penn and Sponsor will negotiate in good faith to determine the terms of a license agreement as to each item of Unrelated Intellectual Property for which Sponsor has agreed to make payment for intellectual property expenses as provided for in
Section 5.3, if any. The Parties agree that any such license agreement would specify that the license therein would become effective as of such date that Sponsor notifies Penn that it wishes to make such license effective; provided, that as of
such date, and thereafter, [****]. If Sponsor and Penn fail to execute a license agreement within [****] after disclosure of Unrelated Intellectual Property to Sponsor (the “Negotiation Period”), or if Sponsor fails to make payment
for intellectual property expenses as provided for in Section 5.3, Penn shall be free to license such Unrelated Intellectual Property to any party upon such terms as Penn deems appropriate, without any further obligation to Sponsor. Prior to,
and during the Negotiation Period, Penn shall not assign, transfer, convey, or grant any rights in or otherwise encumber such Unrelated Intellectual Property in any manner that would impair Sponsor’s option to such Unrelated Intellectual
Property under this Agreement. 

  

	5.7	 Government Rights. Any license granted to Sponsor pursuant to Section 5.5 and 5.6 hereof shall be
subject to Penn’s right to use and permit other non-profit organizations to use Penn Intellectual 

  
 5 

	 	
Property for educational and non-commercial research purposes and, if applicable, to the rights of the United States government reserved under Public Laws 96-517, 97-256 and 98-620, codified at 35 U.S.C. 200-212, and any regulations issued
thereunder. 

 ARTICLE 6 

CONFIDENTIALITY & PUBLICATION 
  

	6.1	 Confidential Information. Sponsor does not intend to disclose confidential information to Penn unless it
is necessary to or useful for the performance of the Sponsored Research. Notwithstanding the foregoing, Sponsor may provide Penn with scientific, technical, business, or other information which is treated by Sponsor as confidential or proprietary
(“Confidential Information”). Any Confidential Information provided by Sponsor will be in writing and clearly marked by Sponsor as “Confidential” or, if disclosed orally, written notice of the confidential nature thereof
will be provided within [****] of disclosure. Penn shall protect Sponsor’s Confidential Information with the same degree of care as Penn’s own confidential information. Penn shall not use Confidential Information for any purpose other than
in connection with performing the Sponsored Research, and shall not disclose Confidential Information to any third party without Sponsor’s prior written consent. The Confidential Information provided to Penn by Sponsor will remain the property
of the Sponsor, and will be disclosed by Penn only to those persons necessary for the performance of this Agreement who are under obligations of confidentiality substantially similar to those contained herein. Penn’s and the Principal
Investigator’s obligations of confidentiality will exist during the performance of this Agreement and for [****] following termination or expiration of this Agreement, unless disclosure is required by law or regulation. 

The confidentiality obligations contained herein shall not apply to Confidential Information that is: 

 

	 	(i)	 Known by Penn or Principal Investigator without restriction prior to disclosure under this Agreement;

  

	 	(ii)	 Disclosed to Penn or Principal Investigator by a third party without an obligation of confidentiality;

  

	 	(iii)	 Available to the public not through a breach of this Agreement by Penn or Principal Investigator;

  

	 	(iv)	 Independently developed by Penn or Principal Investigator without knowledge or use of, or reference to,
Confidential Information disclosed by Sponsor under this Agreement as evidenced by Penn’s written records; or 

  

	 	(v)	 Published or disclosed in accordance with the terms of this Agreement. 

 

	6.2	 Disclosure Required by Court Order or Law. If Penn is required to disclose
Confidential Information, or any terms of the Agreement, pursuant to the valid order or requirement of a court, administrative agency, or other governmental body or applicable law, Penn may disclose such Confidential Information or terms to the
extent required, provided, however, that Penn promptly provides to the Sponsor with prior written notice (to the extent legally permissible) of such disclosure and Sponsor may attempt to obtain an order or other remedy protecting the Confidential
Information from public disclosure. To the extent that Confidential Information so disclosed does not become part of the public domain by virtue of such disclosure, it shall remain Confidential Information protected pursuant to Section 6.1.

  
 6 

	6.3	 Penn Intellectual Property. In order to preserve the patentability of Penn Intellectual Property and to
preserve Penn’s publication rights, Sponsor shall maintain Penn Intellectual Property, Research Results and information provided pursuant to the Sponsored Research (whether oral or written) as confidential and shall not disclose such
information to any third party until the publication of such information by the Principal Investigator or until Penn provides Sponsor with written verification that all desirable patentable inventions have been protected, whichever occurs sooner,
provided, however, that Sponsor may disclose such information to actual or potential investors, acquirers, partners, collaborators, licensees, or sub-licensees without Penn’s prior written consent,
provided such third parties are subject to written confidentiality obligations substantially similar to those contained herein. Sponsor’s obligations of confidentiality will exist during the term of this Agreement and for [****] following the
termination or expiration of this Agreement, unless disclosure is required by law or regulation. 

 Sponsor shall have the
right to disclose any of the information described above to the extent required pursuant to the valid order or requirement of a court, administrative agency, or other governmental body or applicable law, subject to the terms and obligations set
forth in Section 6.2, mutatis mutandis. The confidentiality obligations contained in this Section 6.3 shall not apply to any information that is subject to any of the clauses (i) through (v) of Section 6.1, mutatis
mutandis. 
 Penn shall maintain Penn Intellectual Property and Research Results as confidential and shall not disclose such information
to any third party until the publication of such information by the Principal Investigator pursuant to the terms of this Agreement, provided, however, that (a) Research Results and Penn Intellectual Property shall not be considered Confidential
Information for purposes of publication in accordance with Section 6.4 below, (b) Penn shall be permitted to disclose Penn Intellectual Property and Research Results in patent applications and related documents, (c) Penn may disclose
Penn Intellectual Property in the event Sponsor does not exercise its option to such Penn Intellectual Property under Section 5.6 above or a license agreement, including the License Agreement, is not entered into with respect to such Penn
Intellectual Property, and (d) Penn may use and disclose Research Results for educational and non-commercial research purposes. Penn’s obligations of confidentiality under this paragraph will exist
during the term of this Agreement and for the earlier of (i) [****] following the termination or expiration of this Agreement or (ii) the publication of such Research Results, unless disclosure is required by law or regulation. 

 

	6.4	 Publications. Penn shall have the first right to publish or present Research Results or other
information and material resulting from the Sponsored Research. Penn shall furnish the Sponsor with a copy of any proposed publication or presentation at least [****] in advance of the date of such presentation or the submission of said proposed
publication in order for Sponsor to review and comment on said proposed publication or presentation to (a) determine whether such contains any Confidential Information and (b) enable Sponsor to identify any Penn Intellectual Property that
it wishes Penn to file patent applications on or to seek other intellectual property protection for. If within the [****] review period (i) Sponsor notifies Penn that the Sponsor requires deletion from the publication or presentation of Sponsor
Confidential Information, the Parties will cooperate to modify the disclosure to ensure Sponsor Confidential Information is not disclosed or (ii) if Sponsor requests that publication or presentation be delayed to allow for patent filings or
other intellectual property protection on certain items in the proposed publication or presentation, Penn shall delay the publication or presentation for up to [****] to allow for the filing of patent applications or other intellectual property
protection. 

  
 7 

 ARTICLE 7 

TERM & TERMINATION 
  

	7.1	 Term. The initial term of this Agreement shall begin on the Effective Date of this Agreement and shall
end on [****] the Effective Date unless terminated sooner pursuant to Sections 2.2 or 7.2 hereof. This Agreement may be extended or renewed only by mutual written agreement executed by duly authorized representatives of the Parties.

  

	7.2	 Termination. In addition to the termination right set forth in Section 2.2 hereof,

  

	 	(i)	 Sponsor may terminate this Agreement for any or no reason effective upon [****] written notice to Penn; or

  

	 	(ii)	 either Party may terminate this Agreement effective upon written notice to the other Party, if the other Party
breaches any of the terms or conditions of this Agreement and fails to cure such breach within [****] after receiving written notice thereof. In the event of an incurable breach, the non-breaching Party may
terminate this Agreement effective immediately upon written notice to the breaching Party. 

  

	7.3	 Effects of Termination. 

 

	 	(i)	 In the event of termination of this Agreement prior to its stated term whether for breach or for any other
reason whatsoever, Penn shall be entitled to payment for the work in progress up to the date of termination, and for allowable costs, to the extent contemplated in the budget included in Attachment A. Allowable costs include, without
limitation, [****]. In the event of termination, or upon expiration of this Agreement, Penn shall submit a final report of all costs incurred and all funds received under this Agreement within [****] after the effective termination or expiration
date. The report shall be accompanied by a check in the amount of any excess of funds advanced over costs and allowable commitments incurred. In case of a deficit of funds, Sponsor shall pay Penn the amount needed to cover costs and allowable
commitments incurred by Penn under this Agreement (for clarity, to the extent such costs and commitments are included in the budget). 

  

	 	(ii)	 Termination of this Agreement shall not affect the rights and obligations of the Parties accrued prior to
termination hereof. The provisions of ARTICLE 3; ARTICLE 4; ARTICLE 5; ARTICLE 6; ARTICLE 7; ARTICLE 8; and ARTICLE 9, shall survive such termination. 

ARTICLE 8 
 DISCLAIMER OF
WARRANTIES, INDEMNIFICATION 
  

	8.1	 PENN MAKES NO WARRANTIES, EXPRESS OR IMPLIED, AS TO ANY MATTER WHATSOEVER, INCLUDING, WITHOUT LIMITATION,
WARRANTIES WITH RESPECT TO THE COMPLETION, SUCCESS OR PARTICULAR RESULTS OF THE SPONSORED RESEARCH, OR THE CONDITION, OWNERSHIP, MERCHANTABILITY, OR FITNESS FOR A PARTICULAR PURPOSE OF THE SPONSORED RESEARCH OR ANY PENN INTELLECTUAL PROPERTY OR
RESEARCH RESULTS OR THAT USE OF PENN INTELLECTUAL PROPERTY OR RESEARCH RESULTS WILL NOT INFRINGE ANY PATENT, COPYRIGHT, TRADEMARK OR OTHER INTELLECTUAL PROPERTY RIGHT OF A THIRD PARTY. EXCEPT IN THE CASE OF PENN’S GROSS NEGLIGENCE OR WILLFUL
MISCONDUCT, PENN SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, 

  
 8 

	 	
CONSEQUENTIAL, PUNITIVE OR OTHER DAMAGES SUFFERED BY SPONSOR OR ANY OTHER PERSON RESULTING FROM THE SPONSORED RESEARCH OR SPONSOR’S USE OF ANY PENN INTELLECTUAL PROPERTY, ANY RESEARCH
RESULTS OR ANY PRODUCTS RESULTING THEREFROM. EXCEPT IN THE CASE OF SPONSOR’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT, SPONSOR SHALL NOT BE LIABLE FOR ANY INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES SUFFERED BY PENN RESULTING FROM THE SPONSORED
RESEARCH OR PENN’S USE OF ANY PENN INTELLECTUAL PROPERTY, ANY RESEARCH RESULTS OR ANY PRODUCTS RESULTING THEREFROM; PROVIDED, THAT, FOR THE AVOIDANCE OF DOUBT, THIS SECTION 8.1 SHALL NOT BE INTERPRETED TO AFFECT OR LIMIT SPONSOR’S
INDEMNIFICATION OBLIGATION UNDER SECTION 8.2 BELOW. 

  

	8.2	 Indemnification. 

 

	 	(i)	 Sponsor shall indemnify, defend and hold harmless Penn and its respective trustees, officers, faculty,
students, employees, contractors and agents (the “Penn Indemnitees”) from and against any and all liability, damage, loss, cost or expense (including reasonable attorneys’ fees), which the Penn Indemnitees may hereafter incur,
or be required to pay as a result of Sponsor’s use of the results of Sponsored Research or any Penn Intellectual Property or Research Results or as a result of any breach of this Agreement by Sponsor provided that Sponsor’s obligations
pursuant to this Section 8.2(i) shall not apply to the extent such claims or suits result from the negligence or willful misconduct of any of Penn Indemnitees or any breach of this Agreement by Penn, each as determined by a court of law.

  

	 	(ii)	 As a condition to a Penn Indemnitee’s right to receive indemnification under this Section 8.2, Penn
shall: (a) promptly notify Sponsor when it becomes aware of a claim or suit for which indemnification may be sought pursuant hereto; (b) cooperate with Sponsor in the defense, settlement or compromise of such claim or suit; and
(c) permit the Sponsor to control the defense, settlement or compromise of such claim or suit, including the right to select defense counsel. In no event, however, may Sponsor compromise or settle any claim or suit in a manner which
(a) admits fault or negligence on the part of Penn or any other Penn Indemnitee; or (b) commits Penn or any other Penn Indemnitee to take, or forbear to take, any action, without the prior written consent of Penn. Penn shall reasonably
cooperate with Sponsor and its counsel in the course of the defense of any such suit, claim or demand. 

 ARTICLE 9

 ADDITIONAL PROVISIONS 
  

	9.1	 Force Majeure. Neither Party shall be liable for any failure to perform as required by this Agreement to
the extent such failure to perform is due to labor disturbances or labor disputes of any kind, accidents, failure of any governmental approval required for full performance, civil disorders or commotions, terrorism, acts of aggression, acts of God,
explosions, failure of utilities, material shortages, disease, or other occurrences beyond such Party’s reasonable control. 

  

	9.2	 Relationship of the Parties. Nothing in this Agreement is intended or shall be deemed, for financial,
tax, legal or other purposes, to constitute a partnership, agency, joint venture or employer-employee relationship between the Parties. The Parties are independent contractors and at no time will either Party make commitments or incur any charges or
expenses for or on behalf of the other Party. 

  
 9 

	9.3	 Expenses. Except as otherwise provided in this Agreement, each Party shall pay its own expenses and
costs incidental to the preparation of this Agreement and to the consummation of the transactions contemplated hereby 

  

	9.4	 Third Party Beneficiary. No party, other than Penn or Sponsor shall be entitled to any rights whatsoever
by virtue of the relationships created by or arising under this Agreement, including, without limitation, rights as a third party beneficiary 

  

	9.5	 Use of Names. Except as set forth in the License Agreement, Sponsor and its affiliates may not use the
name, logo, seal, trademark, or service mark (including any adaptation of them) of Penn or any Penn school, organization, employee, student or representative, without the prior written consent of Penn. Notwithstanding the foregoing, Sponsor may use
the name of Penn and the Principal Investigator and other Penn employees directly supported by Sponsored Research funds as identified in the budget set forth in Attachment A in a non-misleading and
factual manner solely to state Sponsor’s funding of this Sponsored Research. Except as set forth in the License Agreement, Penn shall not use Sponsor’s name without Sponsor’s prior written consent except that Penn may acknowledge
Sponsor’s funding of this Sponsored Research and any scientific contributions in scientific publications, in listings of sponsored research projects and for other academic purposes. 

 

	9.6	 No Discrimination. Neither Penn nor Sponsor will discriminate against any employee or applicant for
employment because of race, color, sex, sexual or affectional preference, age, religion, national or ethnic origin, handicap, or veteran status 

  

	9.7	 Successors and Assignment. 

 

	 	(i)	 The terms and provisions hereof shall inure to the benefit of, and be binding upon, the Parties and their
respective successors and permitted assigns. 

  

	 	(ii)	 Sponsor may not assign or transfer this Agreement or any of Sponsor’s rights or obligations created
hereunder, by operation of law or otherwise, without the prior written consent of Penn. Notwithstanding the foregoing, Sponsor may assign its rights and obligations under this Agreement without the prior written consent of Penn (a) to a
successor in connection with the merger, consolidation, reorganization or sale of all or substantially all of its assets or its business, or (b) to a wholly owned subsidiary of Sponsor; provided, that (I) there exists no material breach by
Sponsor of any material term of this Agreement, (II) Sponsor provides prompt written notice of the transaction to Penn, and (III) the assignee agrees in writing to be legally bound by this Agreement. Any permitted assignment will not
relieve Sponsor of any obligation of Sponsor that has accrued at the time of the assignment. 

  

	 	(iii)	 Any assignment not in accordance with this Section 9.7 shall be void.

  

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

  

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

  
 10 

	9.10	 Governing Law. This Agreement shall be governed by and interpreted in accordance with the laws of the
Commonwealth of Pennsylvania, excluding application of any conflict of laws principles that would require application of the law of a jurisdiction outside of the Commonwealth of Pennsylvania. 

 

	9.11	 Dispute Resolution. If a dispute arises between the Parties concerning this Agreement, then the Parties
will confer, as soon as practicable, in an attempt to resolve the dispute. If the Parties are unable to resolve such dispute amicably, then the Parties will submit to the exclusive jurisdiction of, and venue in, the state and Federal courts located
in the Eastern District of Pennsylvania. 

  

	9.12	 Notices and Deliveries. Any notice, request, approval or consent required or permitted to be given under
this Agreement shall be in writing and directed to a Party at its address shown below or such other address as such Party shall have last given by notice to the other Party. A notice will be deemed received: if delivered personally, on the date of
delivery; if mailed, [****] after deposit in the United States mail; if sent via courier, [****] after deposit with the courier service. 

  

			
	 For Penn
	  	 with a copy to:

		
	 [****]
	  	 [****]

	 [****]
	  	 [****]

	 [****]
	  	 [****]

	 [****]
	  	 [****]

	 [****]
	  	
	 [****]
	  	
	 [****]
	  	 With a copy to the Principal Investigator:

 
 [****]

		
	 For Sponsor:
	  	 with a copy to:

		
	 [****]
	  	 [****]

	 [****]
	  	 [****]

	 [****]
	  	 [****]

	 [****]
	  	 [****]

	 [****]
	  	 [****]

  

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

  

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

  
 11 

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

  

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

[SIGNATURE PAGE FOLLOWS] 

  
 12 

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

			
	 THE TRUSTEES OF THE
 UNIVERSITY OF
PENNSYLVANIA
	  	TYCHO THERAPEUTICS, INC.
	  
 By: [****]

 
 Name: [****]

 
 Title: Assoc. Director
	  	  
 By: /s/ Steven Nichtberger

 
 Name: Steven Nichtberger

 
 Title: CEO

		
	 I have read and understood the responsibilities

of the Principal Investigator:
  

Signature: Michael C. Milone
	  	

 [Signature Page to Sponsored Research Agreement] 

 Attachment A 

Summary of Sponsored Research 
 Work
Scope & Details of Program – See attached Appendix 1 to Attachment A. 
 Principal Investigator – Michael C.
Milone, MD, PhD; [****] 
 Representative of Sponsor – Steven Nichtberger; [****] 

Period of Performance – [****] 
 Report
Schedule – Final report due within [****] after completion of the Sponsored Research. Interim reports due [****] after commencement of the Sponsored Research. 

Budget – See attached Appendix 2 to Attachment A; [****] 

Payments under this Agreement will be payable within [****] of Sponsor’s receipt of an invoice from Penn. 

Payment Schedule – 
  

			
	 Date Payment Due
	  	Amount of Payment Due
		
	 [****]
	  	[****]
	 [****]
	  	[****]
	 [****]
	  	[****]
	 [****]
	  	[****]
	 [****]
	  	[****]
	 [****]
	  	[****]

 APPENDIX 1 TO ATTACHMENT A 

WORK SCOPE & DETAILS OF PROGRAM 
 [****]

 APPENDIX 2 TO ATTACHMENT A 

BUDGET 
 [****]EX-10.8

 [***] Certain information in this document has been omitted from this exhibit because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed. 
  

 Exhibit 10.8 

MASTER TRANSLATIONAL RESEARCH SERVICES AGREEMENT 

This Master Translational Research Services Agreement (“Agreement”) is dated as of the date of last signature below (the
“Effective Date”) by and between The Trustees of the University of Pennsylvania, a Pennsylvania nonprofit corporation (“PENN”), with offices located at Clinical Trial Contracting Unity, 322 Anatomy-Chemistry
Building, 3620 Hamilton Walk, Philadelphia, PA 19104-6061, as owner and operator of the following PENN organizations (collectively, the “PENN Organizations”): [****], the Clinical Cell and Vaccine Production Facility (“CVPF”),
the Center for Advanced Retinal and Ocular Therapeutics (“CAROT”), [****], and Cabaletta Bio, Inc. (“Cabaletta Bio”), having a place of business at 501 Northwick Lane, Villanova, PA, 19085. PENN and Cabaletta Bio may be
referred to herein as a “Party” or, collectively, as “Parties”. 
 RECITALS: 

WHEREAS, Cabaletta Bio and PENN are Parties to two Sponsored Research Agreements, each effective April 23, 2018, with under which
PENN investigators are undertaking two programs of research: 1) [****] (PENN investigator: Aimee S. Payne, M.D., Ph.D.); and 2) [****] (PENN Investigator: Michael C. Milone, M.D., Ph.D.); 

WHEREAS, PENN and Cabaletta Bio are parties to a License Agreement effective as of
                     (“License”); 

WHEREAS, PENN and Cabaletta Bio are entering into this Agreement because Cabaletta Bio desires to retain services from PENN, including
the [****], CVPF, CAROT, [****] organizations and possibly other functions related to the research and development of technology licensed to Cabaletta Bio under the License, including clinical research operations, regulatory support and validation,
development, and manufacturing services (“R&D Activities”) as further specified in this Agreement and in the organization-specific Addenda and associated Project Appendices;  

WHEREAS, the R & D Activities contemplated by this Agreement is of mutual interest and benefit to PENN and to Cabaletta Bio,
and will further PENN’s instructional and research objectives in a manner consistent with its status as a non-profit, tax-exempt, educational institution. 

NOW, THEREFORE, in consideration of the various promises and undertakings set forth herein, the Parties, intending to be legally bound,
hereby agree as follows: 
 ARTICLE 1 

DEFINITIONS 
  

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

	1.2	 “Project Materials” means all materials and other tangible items that are developed by
PENN and/or disclosed or provided to Cabaletta Bio in connection with the conduct of the Services for a Project, other than Deliverables or PENN Information, and PENN Materials. 

 

	1.3	 “Confidential Information” of a Party, means: (i) all information of a Party or any of
its Affiliates, including any know-how, that such Party discloses or makes available to the other Party under this Agreement; and (ii) the terms of this Agreement; provided that Confidential Information
shall not include information to the extent that recipient can demonstrate, by clear and convincing evidence, that such Confidential Information: 

(a) is or becomes generally available to the public other than as a result of disclosure by the recipient, or any other act or omission of
recipient; 
 (b) is already known by or in the possession of the recipient at the time of disclosure by the disclosing Party as evidenced by
recipient’s written records; 
 (c) is independently developed by recipient without use of or reference to the disclosing Party’s
Confidential Information; or 
 (d) is obtained by recipient from a Third Party that lawfully has possession of and the right to disclose
such Confidential Information without the breach of any contractual, legal or fiduciary obligation to the disclosing party or any third party. 
  

	1.4	 “Cabaletta Bio Materials” means the biological and proprietary materials that are provided by
Cabaletta Bio to PENN and described in the applicable Project Appendix, specifically excluding PENN Materials and any derivative, progeny, or residual of PENN Materials, for use in performance of the Services, including, without limitation, raw
materials, chemicals, compounds, proteins, peptides, oligonucleotides, DNA, RNA, plasmids, viruses, vector, cell, cell lines, or seed stock. 

  

	1.5	 “Deliverables” means those deliverables developed as part of a Project and specifically
identified as deliverables in the applicable Project Appendix. 

  

	1.6	 “PENN Information” means all of PENN’s technical and scientific information know-how, trade secrets, knowledge, technology, methods, processes, practices, formulas, protocols, formulations, specifications, instructions, techniques, procedures, designs, drawings, computer software,
specifications, data, article, composition, formulation, apparatus, manufacturing, regulatory, clinical or other processes and procedures, test procedures and purification and isolation techniques in written, electronic or any other form now known
or hereafter discovered or developed, which PENN utilizes to perform the Services. PENN Information is Confidential Information except to the extent specified in Section 1.3 (a) through (d). 

 

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

  

	1.8	 “Project” has the meaning set forth in Section 1.11. 

 

	1.9	 “Designated Penn Contact” means the member of PENN’s staff whom PENN has appointed to
serve as project leader for the Services as specified in a Project Appendix, which shall be affixed to an organization-specific Addendum, and shall be responsible for the conduct, supervision, administration, performance of the Services and the
delivery of the Deliverables for each PENN organization with respect to the applicable Project. 

  
 2 

	1.10	 “PENN Materials” means equipment, sequences, or other biological materials or other substances
used to perform the Services, such as raw materials, chemicals, compounds, proteins, peptides, oligonucleotides, DNA, RNA, plasmids, viruses, vector, cell, cell lines, seed stock. whether generated at PENN or purchased by PENN using funds provided
hereunder (but specifically excluding any Cabaletta Bio Materials). 

  

	1.11	 “Services” means the R&D Activities to be conducted by [****], CVPF, CAROT [****] or other
PENN functions on behalf of PENN (each referred to herein as a “Project”). 

  

	1.12	 Other Terms. Any capitalized terms not otherwise defined herein will have the meaning assigned to the
term in SRAs or the License. 

 ARTICLE 2 

SERVICES AND RECORDS 
  

	2.1	 Addenda and Project Appendices. This Agreement is designed to govern R&D Activities of various
organizations with PENN. The Agreement sets forth the terms and conditions applicable between Cabaletta Bio and all PENN organizations. To the extent there are additional, organization-specific terms and conditions, such terms and conditions shall
be set forth in an organization-specific Addendum that specifically references this Agreement and is signed by both Parties (“Addendum/Addenda”). The Services to be performed by each organization, as part of the overall R&D Activities
to be conducted hereunder, shall be memorialized by entering into project-specific appendices, which shall be attached to the Addenda of the particular PENN organization responsible for providing the particular Services, shall specifically reference
this Agreement and/or the applicable Addenda, and shall be signed by both Parties (each referred to herein as a “Project Appendix”). Each Project Appendix shall be subject to the terms and conditions of the applicable Addenda and
this Agreement, unless otherwise specified therein. 

  

	2.2	 Conflict. In the event of any conflict between the terms and conditions set forth in this Agreement, the
terms and conditions set forth in an Addendum, and/or the terms and conditions set forth in a Project Appendix, then (a) the terms and conditions set forth in this Agreement shall govern as to any conflict between such terms and conditions and
the terms and conditions set forth in an Addendum or Project Appendix, and (b) the terms and conditions set forth in an Addendum shall govern as to any conflict between such terms and conditions and the terms and conditions set forth in a
Project Appendix; provided, however, that if the applicable provision in a Project Appendix or Addendum specifically states that such provision shall govern notwithstanding a conflict with a provision in an Addendum or with this Agreement, as
applicable, then such provision that so states shall govern. 

  

	2.3	 Conduct. The Parties understand and agree that R&D Activities will be conducted as specified in this
Agreement, the Addenda, and the Project Appendices, and in compliance with all applicable laws and regulations. 

  

	2.4	 Designated Penn Contact. If the services of a Designated Penn Contact become unavailable to PENN for any
reason or PENN deems it advisable to change a Designated Penn Contact, PENN shall be entitled to designate another member of its staff to serve as the Designated Penn Contract for the applicable Project. If a substitute Designated Penn Contact has
not been designated within [****] after the original Designated Penn Contact ceases his or her services under this Agreement, Cabaletta Bio may terminate the relevant Project Appendix immediately upon written notice thereof to PENN, subject to the
provisions of Section 6.3. 

  
 3 

	2.5	 Communication. The principal contacts for PENN and Cabaletta Bio for the Services conducted pursuant to
a Project Appendix will be identified in the Project Appendix and affixed to an organization-specific Addendum. During the conduct of each of the Services, the principal contacts designated by the Parties in each Project Appendix shall discuss with
each other the conduct and progress of the Services, by telephone, email or in person as reasonably necessary and as may be further specified in the Project Appendix. Such discussions shall cover the status of the Services, review relevant results
and data, as applicable, consider technical and other issues that have arisen and review and advise on any scientific, technical and budgetary matters relating to the Services. 

 

	2.6	 Debarment. PENN hereby certifies that neither PENN nor any employee, consultant, faculty or other
personnel, including the Designated Penn Contacts, engaged by PENN to perform services under this Agreement has been debarred under Section 306 of the U.S. Federal Food, Drug and Cosmetic Act in connection with the performance of Services under
this Agreement or any comparable law or regulation outside of the United States. In the event that PENN becomes aware of any such debarment, PENN will provide Cabaletta Bio with prompt written notice thereof and promptly terminate the performance of
any Services by such Person under this Agreement. 

  

	2.7	 Records. PENN shall maintain accurate and complete records of the data, information, documentation
(including regulatory documentation as applicable) and results of the Services and shall provide Cabaletta Bio with reports of the progress and results of the Services in accordance with any Addendum or Project Appendix. The Addendum or Project
Appendix shall set forth the data, information, documentation (including regulatory documentation as applicable), results and reports that shall be Deliverables. 

ARTICLE 3 
 REIMBURSEMENT OF
COSTS & PAYMENT 
  

	3.1	 Payment. Cabaletta Bio shall pay PENN for an amount equal to its expenditures and applicable overhead
incurred by or on behalf of PENN in the conduct of each Project, in an amount not to exceed the total amount as set forth in the budget in the relevant Project Appendix (“Budget”). Cabaletta Bio understands and acknowledges that given the
nature and scope of the R&D Activities, the amounts set forth on Project Appendices are good faith estimates only for the time period specified and not a guarantee of the cost to conduct the Services. If at any time PENN determines that it will
require additional funds for the Services, it shall, as soon as it becomes aware of such required additional funds, promptly notify Cabaletta Bio and provide an estimate of the additional amount. shall not be liable for any costs in excess of the
amount of set forth in the relevant Project Appendix unless it has agreed in a writing, signed by both Parties, to provide additional funds. 

ARTICLE 4 
 PENN MATERIALS;
DELIVERABLES; TECHNOLOGY TRANSFER 
  

	4.1	 PENN Materials. Title to any PENN Materials, laboratory animals, or any other materials made or acquired
with funds provided under any Project Appendix shall vest in PENN, and such PENN Materials (as well as all documentation, information and intellectual property rights relating thereto), animals, or other materials shall remain the property of PENN
following termination of 

  
 4 

	 	
this Agreement. The Parties understand and agree that it is unlikely that PENN does not have an obligation to transfer PENN Materials to Cabaletta Bio as part of the Services hereunder; however,
should PENN transfer any PENN Materials to Cabaletta Bio hereunder or under an applicable Project Appendix, Cabaletta Bio shall use such PENN Materials solely as described in such Project Appendix and Cabaletta Bio agrees that PENN Materials
(a) will not be modified or derivatized, (b) will not be analyzed for and (c) will not be transferred or distributed to any third person without the prior written permission of PENN. At the request of PENN, Cabaletta Bio will return
or destroy any unused portion of the PENN Materials in a manner mutually agreeable to the Parties at PENN’s expense. 

  

	4.2	 Cabaletta Bio Materials. The Cabaletta Bio Materials, as well as all documentation, information
and intellectual property rights relating thereto, will remain the exclusive property of Cabaletta Bio. PENN will use the Cabaletta Bio Materials solely as necessary in connection with its performance of the Services and agrees that the Cabaletta
Bio Materials (a) will not be modified or derivatized (except to the extent necessary to perform the Services hereunder), (b) will not be analyzed for structure (except to the extent necessary to perform the Services hereunder) and
(c) will not be transferred or distributed to any third person without the prior written permission of Cabaletta Bio. Upon the completion of the applicable Project or the expiration or termination of this Agreement, or at the request of
Cabaletta Bio, PENN will return or destroy any unused portion of the Cabaletta Bio Materials in in a manner mutually agreeable to the Parties at Cabaletta Bio’s expense. 

 

	4.3	 Deliverables; Technology Transfer. PENN shall own all right, title and interest in and to PENN
Information. Ownership of Deliverables, manufactured products, and technology transfer of PENN Information shall be addressed to the extent relevant in an applicable organization-specific Addendum. 

ARTICLE 5 
 CONFIDENTIALITY
AND PUBLICATION 
  

	5.1	 Cabaletta Bio does not intend to disclose confidential information to PENN unless it is necessary or useful for
the performance of the Services. Each Party agrees that, for the Term and for [****] thereafter, such Party shall: (a) use the same degree of care to maintain the secrecy of the Confidential Information of the other Party that it uses to
maintain the secrecy of its Confidential Information of like kind; (b) use the Confidential Information of the other Party only to accomplish the purpose of this Agreement or for audit or management purposes; (c) not disclose the
Confidential Information of the other Party to any third party without the other Party’s prior written consent; and (d) ensure that any employees, consultant, intern, student, faculty or other personnel, including the Designated Penn
Contact, are bound to it by similar obligations of confidentiality and to make sure such disclosure only as required to accomplish the purposes of this Agreement. The Parties will endeavor to mark confidential information. Notwithstanding the
foregoing, the failure to mark will not render the information non-confidential when the confidential nature is apparent from the context or subject matter or a reasonable person knowledgeable about
translational research and clinical manufacturing would recognize the information as confidential. 

  

	5.2	 A Party may disclose the Confidential Information of the other Party to the extent required by applicable law
or court order or legal process obligated by law, rule, regulation, or rules of a securities exchange (“Securities Laws”); provided, however, that the recipient promptly provides to the disclosing Party prior written notice of such
disclosure, limits the disclosure to only what is required to disclose and provides reasonable assistance in obtaining an order or other remedy 

  
 5 

	 	
protecting the Confidential Information from public disclosure. For the avoidance of doubt, in the event the Cabaletta Bio determines it is required to make a disclosure pursuant to the
Securities Laws, Cabaletta Bio shall provide prior written notice thereof to PENN, including the text of the proposed disclosure, and provide PENN with an opportunity to comment. 

 

	5.3	 Cabaletta Bio may disclose the existence and terms of this Agreement to bona fide actual or potential
investors and acquirers, partners, collaborators, and licensees, in each case, in connection with bona fide business discussions, provided the foregoing are bound by similar obligations of confidentiality and
non-use as set forth herein. 

 ARTICLE 6 

TERM & TERMINATION 
  

	6.1	 Term. The initial term of this Agreement shall begin on the Effective Date of this Agreement and shall
expire upon the later of: (i) [****] from the Effective Date; or (ii) completion of all Projects, unless terminated sooner pursuant to Sections 2.4 or 6.2 hereof (“Term”). This Agreement may be extended or renewed only by mutual
written agreement executed by duly authorized representatives of the Parties. 

  

	6.2	 Termination. 

  

	 	(i)	 Except as otherwise explicitly addressed in an Addendum or Project Appendix, either Party may terminate this
Agreement, any Addendum or any outstanding Project Appendix with or without cause upon [****] prior written notice to the other Party. 

  

	 	(ii)	 Either Party may terminate a Project Appendix effective upon written notice to the other Party, if the other
Party breaches any of the terms or conditions of such Project Appendix, or the terms or conditions of this Agreement as they relate to such Project Appendix, and fails to cure such breach within [****] after receiving written notice thereof. In the
event of an incurable breach, the non-breaching Party may terminate such Project Appendix effective immediately upon written notice to the breaching Party. 

 

	 	(iii)	 Early termination of this Agreement will result in early termination of all outstanding Project Appendices,
unless the Parties agree that any of the Addenda or a Project Appendix shall remain in effect, in which case the terms and conditions of this Agreement shall remain in effect for purposes of such Project Appendix only. 

 

	 	(iv)	 Early termination of an individual Project Appendix will not result in early termination of this Agreement or
any other Project Appendix, unless the Parties express their intention to terminate this Agreement in its entirety under Section 6.2(i) and/or such other outstanding Project Addenda in addition to the Project Addendum in question.

  

	 	(v)	 In the event that there are ongoing Project Appendices at the time of expiration or termination of this
Agreement that are not terminated as described in Section 6.2(i) and/or (ii), the terms and conditions of this Agreement shall remain in effect for purposes of those Addenda and Project Appendices only. 

 

	6.3	 Effects of Termination. 

 

	 	(i)	 In the event of termination of a Project Appendix prior to its stated term whether for any reason other than
for PENN’s breach, PENN shall use diligent efforts to avoid incurring 

  
 6 

	 	
any additional costs following receipt of notice of termination, and PENN shall be entitled to payment for the work in progress up to the date of termination, and for allowable costs. Allowable
costs include, without limitation, all costs or non-cancellable commitments incurred prior to the receipt, or issuance, by PENN of the notice of termination, and the full and reasonable cost of each employee,
student and faculty member supported hereunder through the end of such commitments solely to the extent they cannot be utilized in other projects and then in no event shall Cabaletta Bio be responsible for more than [****] of cost for such
individuals, each to the extent incurred in accordance with the applicable Project Appendix. In the event of termination, PENN shall submit a final report of all costs incurred and all funds received under the Project Addendum within [****] after
the effective termination date. The report shall be accompanied by a check in the amount of any excess of funds advanced over costs and allowable commitments incurred. In case of a deficit of funds, Cabaletta Bio shall pay PENN the amount needed to
cover costs and allowable commitments incurred by PENN under the Project Appendix. 

  

	 	(ii)	 Termination of this Agreement shall not affect the rights and obligations of the Parties accrued prior to
termination hereof. The provisions of ARTICLE 3; ARTICLE 4; ARTICLE 5; ARTICLE 7; and ARTICLE 8, and Section 6.3, shall survive any expiration or termination of this Agreement. 

ARTICLE 7 
 REPRESENTATIONS
AND WARRANTIES; DISCLAIMER OF OTHER WARRANTIES; 
 INDEMNIFICATION, INSURANCE, LIMITATION OF LIABILITY 

 

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

  

	 	(i)	 such Party is duly organized and validly existing under the laws of the jurisdiction of its incorporation or
organization; 

  

	 	(ii)	 such Party has taken all action necessary to authorize the execution and delivery of this Agreement and the
performance of its obligations under this Agreement; 

  

	 	(iii)	 this Agreement is a legal and valid obligation of such Party, binding upon such Party and enforceable against
such Party in accordance with the terms of this Agreement, except as enforcement may be limited by applicable bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium and other laws relating to or affecting creditors’ rights
generally and by general equitable principles; 

  

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

  

	7.2	 Disclaimer of Other Warranties. Other than the representations and warranties provided in
Section 7.1 above or as set forth in any Addendum, PENN AND CABALETTA BIO MAKE NO REPRESENTATIONS AND WARRANTIES, WHETHER EXPRESS OR IMPLIED, AS TO ANY MATTER WHATSOEVER, INCLUDING, WITHOUT LIMITATION, WARRANTIES WITH RESPECT TO THE CONDUCT,
COMPLETION, SUCCESS OR PARTICULAR RESULTS OF THE SERVICES OR ANY PROJECT, OR THE CONDITION, OWNERSHIP, MERCHANTABILITY, OR FITNESS FOR A PARTICULAR PURPOSE OF THE SERVICES, THE PROJECT MATERIALS, OR ANY PENN INTELLECTUAL PROPERTY OR

  
 7 

	 	
DEVELOPMENT RESULTS OR THAT USE OF PENN INTELLECTUAL PROPERTY OR PRODUCT OR THE PROJECT MATERIALS WILL NOT INFRINGE ANY PATENT, COPYRIGHT, TRADEMARK OR OTHER INTELLECTUAL PROPERTY RIGHT OF A
THIRD PARTY. PENN AND CABALETTA BIO ALSO EXPLICITLY DISCLAIM ANY REPRESENTATION AND WARRANTY, INCLUDING WITH RESPECT TO ANY ACCURACY, COMPLETENESS, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, COMMERCIAL UTILITY,
NON-INFRINGEMENT OR TITLE FOR THE INTELLECTUAL PROPERTY, PATENT RIGHTS, LICENSE AND ANY PRODUCT. WITHOUT LIMITING PENN’S OBLIGATIONS TO PERFORM THE SERVICES IN ACCORDANCE WITH THIS AGREEMENT, OR CABALETTA
BIO’S OBLIGATION TO PAY FOR SUCH SERVICES, EXCEPT FOR LIABILITY ARISING FROM A BREACH OF A PARTY’S CONFIDENTIALITY OBLIGATIONS, NEITHER PARTY SHALL BE LIABLE FOR ANY INDIRECT, CONSEQUENTIAL, OR PUNITIVE DAMAGES SUFFERED BY THE OTHER PARTY
RESULTING FROM THIS AGREEMENTOR, IN THE CASE OF PENN, PENN SHALL NOT BE LIABLE FOR ANY INDIRECT, CONSEQUENTIAL, OR PUNITIVE DAMAGES SUFFERED BY CABALETTA BIO OR ANY OTHER PERSON RESULTING FROM THE SERVICES OR THE USE OF ANY PENN INTELLECTUAL
PROPERTY, ANY PRODUCT RESULTING THEREFROM OR THE USE OF ANY PENN INFORMATION AND MATERIALS PROVIDED PURSUANT TO THIS AGREEMENT. 

  

	7.3	 Indemnification; Insurance; Limitation of Liability. 

The Parties acknowledge and agree that the provision of Article 7 of the License apply to the Services and accordingly Article 7 of the License
is incorporated herein by reference. 
 ARTICLE 8 

ADDITIONAL PROVISIONS 
  

	8.1	 Force Majeure. Neither Party shall be liable for any failure to perform as required by this Agreement to
the extent such failure to perform is due to unforeseeable circumstances reasonably beyond such Party’s control, including, without limitation, labor disturbances or labor disputes of any kind, accidents, failure of any governmental approval
required for full performance, civil disorders or commotions, terrorism, acts of aggression, acts of God, energy or other conservation measures imposed by law or regulation, explosions, failure of utilities, mechanical breakdowns or other such
occurrences. 

  

	8.2	 Relationship of the Parties. Nothing in this Agreement is intended or shall be deemed, for financial,
tax, legal or other purposes, to constitute a partnership, agency, joint venture or employer-employee relationship between the Parties. The Parties are independent contractors and at no time will either Party make commitments or incur any charges or
expenses for or on behalf of the other Party. 

  

	8.3	 Expenses. Except as otherwise provided in this Agreement, each Party shall pay its own expenses and
costs incidental to the preparation of this Agreement and to the consummation of the transactions contemplated hereby 

  

	8.4	 Third Party Beneficiary. No party, other than PENN or Cabaletta Bio shall be entitled to any rights
whatsoever by virtue of the relationships created by or arising under this Agreement, including, without limitation, rights as a third party beneficiary. 

  
 8 

	8.5	 Use of Names. Cabaletta Bio and its affiliates may not use the name, logo, seal, trademark, or service
mark (including any adaptation of them) of PENN or any PENN school, organization, employee, student or representative, without the prior written consent of PENN or as otherwise required by applicable laws or regulations. Notwithstanding the
foregoing, Cabaletta Bio may use the name of PENN in a non-misleading and factual manner solely to state Cabaletta Bio’s funding of the Services, or as otherwise required by applicable laws or
regulations. PENN shall not use Cabaletta Bio’s name without Cabaletta Bio’s prior written consent except that PENN may acknowledge Cabaletta Bio’s funding of the Services, in listings of research or development projects and for other
academic purposes or as otherwise required by applicable laws or regulations. 

  

	8.6	 No Discrimination. Neither PENN nor Cabaletta Bio will discriminate against any employee or applicant
for employment on the basis of race, national origin, gender, age, creed, ancestry, ethnicity, religion, marital status, familial status, sexual orientation, gender identity or expression, genetic information, culture, language, socioeconomic
status, domestic or sexual violence victim status, source of income, source of payment, veteran status, or disability. 

  

	8.7	 Successors and Assignment. 

 

	 	(i)	 The terms and provisions hereof shall inure to the benefit of, and be binding upon, the Parties and their
respective successors and permitted assigns. 

  

	 	(ii)	 Cabaletta Bio may not assign or transfer this Agreement or any of Cabaletta Bio’s rights or obligations
created hereunder, by operation of law or otherwise, without the prior written consent of PENN, except in connection with the sale or transfer of all or substantially all of Cabaletta Bio’s business or assets relating to the subject matter of
this Agreement, whether by merger, sale of assets or otherwise, provided that: (a) there exists no material breach by Cabaletta Bio of any material term of this Agreement; (b) Cabaletta Bio provides prompt written notice of the transaction
to PENN; and (c) the assignee agrees in writing to be legally bound by this Agreement. Any permitted assignment will not relieve Cabaletta Bio of any obligation of Cabaletta Bio that has accrued at the time of assignment. For clarity,
notwithstanding the foregoing, PENN may exercise its option to terminate under Section 6 upon such assignment by Cabaletta Bio. 

  

	 	(iii)	 Any assignment not in accordance with this Section 8.7 shall be void.

  

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

  

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

  

	8.10	 Governing Law. This Agreement shall be governed by and interpreted in accordance with the laws of the
Commonwealth of Pennsylvania, excluding application of any conflict of laws principles that would require application of the law of a jurisdiction outside of the Commonwealth of Pennsylvania. 

  
 9 

	8.11	 Dispute Resolution. If a dispute arises between the Parties concerning this Agreement, then the Parties
will confer, as soon as practicable, in an attempt to resolve the dispute. If the Parties are unable to resolve such dispute amicably, then the Parties will submit to the exclusive jurisdiction of, and venue in, the state and Federal courts located
in the Eastern District of Pennsylvania. 

  

	8.12	 Notices and Deliveries. Any notice, request, approval or consent required or permitted to be given under
this Agreement shall be in writing and directed to a Party at its address shown below or such other address as such Party shall have last given by notice to the other Party. A notice will be deemed received: if delivered personally, on the date of
delivery; if mailed, [****] after deposit in the United States mail; if sent via courier, [****] after deposit with the courier service. 

  

			
	 For PENN
	  	 with a copy to:

		
	[****]	  	[****]
		
	 For Cabaletta Bio:
	  	 with a copy to:

		
	[****]	  	[****]

  

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

  

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

 

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

  

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

[Remainder of Page Intentionally Left Blank] 

  
 10 

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

			
	 THE TRUSTEES OF THE
 UNIVERSITY OF
PENNSYLVANIA
	  	CABALETTA BIO, INC.
		
	By: [****]	  	By: /s/ Steven Nichtberger
		
	Name: [****]	  	Name: Steven Nichtberger
		
	Title: [****]	  	Title: CEO
		
	Date: 10/19/18	  	Date: 10/19/2018

  
 11

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