Document:

EX-10.11

 Exhibit 10.11 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN
FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 

SPONSORED RESEARCH AGREEMENT 
 This
Sponsored Research Agreement (“Agreement”) is by and between The University of Texas M. D. Anderson Cancer Center (“Institution”), a member institution of The University of Texas System (“System”)
and Codiak Biosciences, Inc., a Delaware corporation with its principal place of business at 999 Third Avenue, Suite 3400, Seattle, WA 98104 (“Sponsor”). 

RECITALS 
 A. Sponsor and
Institution have entered into that certain Patent and Technology License Agreement, effective as of the 10th day of November, 2015 (“License Agreement Effective Date”), pursuant
to which, among other things, Institution has granted an exclusive license to Sponsor to develop and commercialize products relating to intellectual property developed in part by the Principal Investigator (the “License Agreement”).
Terms portrayed in all capitalized letters herein shall have the definition provided in the License Agreement; 
 B. Sponsor desires that
Institution perform the Research Program (as hereinafter defined) and is willing to advance funds to sponsor such Research Program; 
 C.
Sponsor desires to obtain certain rights to patents and technology developed by Principal Investigator with a view to profitable commercialization of such patents and technology for the Sponsor’s benefit; and 

D. Institution is willing to perform the Research Program and to grant rights to such patents and technology. 

NOW THEREFORE, in consideration of the mutual covenants and promises herein contained, Institution and Sponsor agree as follows: 

1. EFFECTIVE DATE 
 This Agreement shall
be effective as of the date of approval of the Agreement by OGC as set forth in Section 10.6 (the “Effective Date”). 

2. RESEARCH PROGRAM 
  

	2.1	 Institution will use reasonable efforts to conduct the Research Program described in Attachment A (the
“Research Program”), and will furnish the facilities necessary to carry out said Research Program. Attachment A may be amended from time-to-time during the Term, by agreement of the parties, to modify the current Research Program or
to add additional research projects for inclusion as part of the Research Program. The Research Program will be under the direction of, and will be conducted at Institution by, [***], or his designate as required by Institution’s policies
and/or as mutually agreed to by the parties (“Principal Investigator”). 

  

	2.2	 The term of the Research Program shall be from the Effective Date through and including the third anniversary
of the Effective Date (each such annual period within the term is a “Year of Operation”). Sponsor shall have the option of extending the term of the Research Program under mutually agreeable support terms. 

  
 1 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 

2.3 Sponsor understands that Institution’s primary mission is education and advancement of knowledge, and consequently the Research Program will be
designed to carry out that mission. The manner of performance of the Research Program shall be determined solely by the Principal Investigator provided that the Research Program will be conducted in accordance with Attachment A and applicable laws.
Institution does not guarantee specific results, and the Research Program will be conducted only on a reasonable efforts basis. 
 2.4 Sponsor understands
that Institution may be involved in similar research on behalf of itself and others. Institution shall be free to continue such research provided that during the term of this Agreement, any such commercial research similar to the Research Program
will be conducted outside of the laboratory facilities overseen by Principal Investigator and without the supervision or participation of Principal Investigator. Sponsor shall not gain any rights via this Agreement to such other research. 

2.5 Institution does not guarantee that any patent rights will result from the Research Program, that the scope of any patent rights obtained will cover
Sponsor’s commercial interests, or that any such patent rights will be free of dominance by other patents, including those based upon inventions made by other inventors in System independent of the Research Program. 

3. FIXED PRICE 
 3.1 As consideration for
the performance by Institution of its obligations under this Agreement, Sponsor agrees to pay Institution as delineated below: 
  

			
	 Year of Operation
	 	 Direct Expenses

	 1
	 	[***]
	 2
	 	[***]
	 3
	 	[***]

 Such amounts will be used to fund procurement of equipment, and the cost of employing specific personnel and materials, in
each case, for use directly in the performance of the Research Program, such charges to be allocated between the Research Program and other activities conducted in the Principal Investigator’s laboratory in accordance with the
Institution’s reasonable practices and policies (“Direct Expense”). Such funding shall be payable on a calendar quarter basis during the term of this Agreement with the first payment to be due and payable within [***] after the
Effective Date and each subsequent payment to be due and payable within [***] after the start of each calendar quarter thereafter, during each of the first, second and third years of operation (each payment referred to as the “Quarterly
Payment”). The first and last such payments shall be pro-rated to account for the period between the Effective Date and the beginning of the first full calendar quarter and the period between the end of the last full calendar quarter and
the date of termination, should such periods be less than a complete calendar quarter. In addition, Sponsor will pay to Institution an “Overhead Charge” based on the Direct Expenses, calculated and payable as below: 

 

	 	•	 	 Overhead Charge equal to Twenty-five percent (25%) of Direct Expense payable in cash with each of the
foregoing Quarterly Payments, and 

  
 2 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	 	•	 	 Overhead Charge equal to Twenty percent (20%) of Direct Expense, which such Overhead Charge shall be payable
in the form of Series A Preferred Stock of Sponsor (as defined in the Second Amended and Restated Certificate of Incorporation of Sponsor (the “A&R COI”) and the Series B Preferred Stock (as defined in the A&R COI)) of
Sponsor, as follows: 

 (a) During the first year of operation, Sponsor shall issue to Institution Fifty Thousand
(50,000) shares of Series A Preferred Stock of Sponsor with each Quarterly Payment made to Institution, and with such Series A Preferred Stock valued at One Dollar ($1.00) per share, for a total of Two Hundred Thousand (200,000) shares of
Series A Preferred Stock of Sponsor; and 
 (b) During the second and third years of operation, Sponsor shall issue Forty-One Thousand Six Hundred Sixty-Six (41,666) shares of Series B Preferred Stock of Sponsor on a quarterly basis, with each Quarterly Payment made to Institution, and with each share of Series B
Preferred Stock of Sponsor valued at Three Dollars ($3.00) per share, and such that the Institution shall receive a total of Three Hundred Thirty-Three Thousand, Three Hundred Thirty-Three
(333,333) shares of Series B Preferred Stock of Sponsor. 
 All payments under this Agreement shall be made payable to The University of Texas,
M. D. Anderson Cancer Center, specifically referencing the Principal Investigator, the title of the Research Program, and the Agreement number, and submitted to the address in Section 3.4. 

3.2 Institution shall retain title to all equipment purchased and/or fabricated by it with funds provided by Sponsor under this Agreement. 

3.3 
  

			
	 Checks shall be made payable to Institution and sent to:

The University of Texas M. D. Anderson Cancer Center
	  	Invoices shall be sent to Sponsor at:
	[***]	  	 Codiak BioSciences, Inc.

509 E 2nd St. #9
 Boston MA
02127

	 REFERENCE: include title and EFFECTIVE
 DATE of
AGREEMENT and type of payment (e.g., license documentation fee, milestone payment, royalty including applicable patent/application identified by MDA reference number and patent number or application serial number, or maintenance fee, etc.).
	  	

 4. CONSULTATION AND REPORTS 

4.1 Sponsor’s designated representative (“Designated Representative”) for consultation and communications with the Principal
Investigator shall be Doug Williams or such other person as Sponsor may from time to time designate in writing to Institution and the Principal Investigator. 

  
 3 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 4.2 During the term of the Agreement, Sponsor’s representatives may consult informally with
Institution’s representatives regarding the Research Program, both personally and by telephone. Access to work carried on in Institution laboratories in the course of the Research Program shall be entirely under the control of Institution
and/or Principal Investigator, but shall be made accessible to Sponsor on a reasonable basis for purposes of review of the Research Program. 
 4.3 The
Principal Investigator will make up to two (2) written report(s) each year as requested by Sponsor’s Designated Representative. The Principal Investigator shall also submit a comprehensive final report within ninety (90) days of
termination or completion of each research project within the Research Program which shall consist of a report of all activities undertaken and accomplishments achieved in connection with such research project. 

5. PUBLICITY 
 Neither party shall make
reference to the other in a press release or any other written statement in connection with work performed under this Agreement, if it is intended for use in the public media, except as required by the Texas Public Information Act or other law or
regulation. Institution, however, shall have the right to acknowledge Sponsor’s support of the Research Program under this Agreement in scientific or academic publications and other scientific or academic communications, provided that in any
statements, the scope and nature of participation shall be described accurately and appropriately. 
 6. PUBLICATION AND ACADEMIC RIGHTS

 6.1 Institution and the Principal Investigator have the right to publish or otherwise publicly disclose information gained in the course of this
Agreement, except for Sponsor’s confidential information (“Confidential Information”) as may be furnished to Institution pursuant to a separate nondisclosure agreement executed by the parties (“NDA”). In order to avoid loss
of patent rights as a result of premature public disclosure of patentable information, Institution will submit any prepublication materials to Sponsor for review and comment [***] days in advance of its planned submission for publication. Sponsor
shall notify Institution within [***] days of receipt of such materials whether it desires Institution to file patent applications on any inventions contained in the materials; and, if Sponsor agrees to reimburse Institution for the expense of
preparing and filing such patent application(s), Institution will proceed promptly to file the patent application(s). Institution and Sponsor shall confer regarding the scope and content of any such patent application(s) but Institution shall have
final authority with respect thereto. 
 6.2 It is understood that the Institution investigators may discuss the Research Program with other investigators
but shall not reveal information which is Sponsor’s Confidential Information, as may be furnished to Institution pursuant to the NDA. In the event any joint inventions result, Institution shall grant to Sponsor the rights outlined in Article
7 to this Agreement as applicable to jointly owned Inventions, to the extent these are not in conflict with obligations to another party as a result of the involvement of the other investigator(s). In this latter case, Institution shall, in good
faith, exercise reasonable efforts to enable Sponsor to obtain rights to the joint invention. 

  
 4 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 7. PATENTS, COPYRIGHTS AND TECHNOLOGY RIGHTS 

7.1 Title to all inventions or discoveries conceived or reduced to practice in the performance of the Research Program hereunder and arising during the term
of this Agreement (“Inventions”) shall reside: (a) in Institution if such Invention is conceived or reduced to practice solely by Institution; (b) in Sponsor if such Invention is conceived or reduced to practice solely by
Sponsor; and (c) jointly in Sponsor and Institution if such Invention is conceived or reduced to practice jointly by Sponsor and Institution. 
 7.2
Institution hereby grants to Sponsor an option to negotiate a license to Institution’s rights in Inventions that fall within the definition of FUTURE UTDMACC EXOSOME TECHNOLOGY for all uses in the LICENSED FIELD and the LICENSED TERRITORY.
Principal Investigator shall submit an invention disclosure to Institution’s Office of Technology Commercialization (“OTC”) promptly following conception or reduction to practice of any such Invention. OTC shall promptly
(within [***] days after receipt of the invention disclosure) disclose such Invention to Sponsor. If Sponsor is interested in licensing such Invention, Sponsor will promptly notify Institution (within [***] days after disclosure by Institution) of
its interest in licensing Institution’s rights in such Invention. Thereafter, Sponsor and Institution agree to negotiate in good faith, for a period of [***] days from the date of disclosure of the Invention to Sponsor, the terms of a license
to Sponsor to Institution’s rights in such Invention, which terms shall be consistent with the terms of Institution’s standard license agreement, as described in Section 4.6(c) of the License Agreement. If a license agreement to such
Invention has not been executed within [***] days of OTC’s disclosure of such Invention to Sponsor, then Sponsor’s Option shall be deemed terminated with respect to such Invention and Institution shall be free to enter into an exclusive or
non-exclusive license to such Invention with any other entity, with no further obligation to Sponsor. 
 7.3 Each license entered into by Institution and
Sponsor upon exercise of the option under Section 7.2 shall include financial terms relating to royalties and milestones to be paid by Sponsor upon further commercial development. Each such license shall contain terms and conditions that
are generally consistent with the License Agreement with such variations, including for example, with respect to economic terms to reflect Sponsor’s commitment of funding hereunder, as the parties may reasonably agree. 

7.4 Subject to the rights of third parties (e.g., research sponsors) in such FUTURE UTMDACC EXOSOME TECHNOLOGY, any FUTURE UTDMACC EXOSOME TECHNOLOGY developed
in the laboratories of [***] that is not an Invention shall be subject to Sponsor’s option to license such FUTURE UTMDACC EXOSOME TECHNOLOGY, as described in Section 4.6 of the License Agreement. Any conflict between terms of this
Agreement and terms of the License Agreement with respect to FUTURE UTMDACC EXOSOME TECHNOLOGY shall be governed and controlled by the terms of the License Agreement. 

7.5 The parties agree that nothing in this Agreement grants either party any rights to any background intellectual property of the other Party created before
the Effective Date and/or outside the scope of this Agreement. “Institution Background Intellectual Property” (“BIP”) means intellectual property and the legal rights therein (including, but not limited to,
inventions, 

  
 5 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 
patent applications, patents, copyrights, and any information embodying proprietary data such as technical data and computer software) of Institution developed or created by Principal
Investigator(s) before the Effective Date and/or outside the scope of this Agreement and necessary for the full exercise of all intellectual property resulting from the Research Program. If Institution identifies BIP to Sponsor and Sponsor
determines that any such BIP owned solely by Institution is necessary for the full exercise of all intellectual property resulting from the Research Program, then Institution, in good faith, agrees to negotiate a license with Sponsor with respect to
such BIP on a nondiscriminatory and reasonable royalty basis, to the extent that Institution is legally able to do so. 
 8. LIABILITY

 8.1 Sponsor agrees to indemnify and hold harmless System, Institution, their Regents, officers, agents and employees from any liability, loss or
damage they may suffer as a result of claims, demands, costs or judgments (“Claims”) against them arising out of the activities to be carried out pursuant to this Agreement, including but not limited to the use by Sponsor of the
results obtained from the activities performed by Institution under this Agreement; provided, however, that the following is excluded from Sponsor’s obligation to indemnify and hold harmless: 

(a) Claims arising from the negligent failure of Institution to substantially comply with any applicable FDA or other governmental
requirements; 
 (b) Claims arising from the negligence or willful malfeasance of any Regent, officer, agent or employee of Institution or
System; or 
 (c) Claims arising from a breach of this Agreement by Institution. 

8.2 Both parties agree that upon receipt of a notice of Claim, the party receiving such notice will notify the other party promptly. Subject to the statutory
rights and duties of the Texas State Attorney General, Sponsor agrees, at its own expense, to provide attorneys to defend against any actions brought or filed against Institution, System, their Regents, officers, agents and/or employees with respect
to the subject of the indemnity contained herein, whether Claims are rightfully brought or filed; and subject to the statutory rights and duties of the Texas Attorney General, Institution will permit Sponsor to control the defense of such claim or
action and will reasonably cooperate with Sponsor in connection therewith. 
 9. INDEPENDENT CONTRACTOR 

For the purposes of this Agreement and the Research Program, the parties shall be, and shall be deemed to be, independent contractors and not agents or
employees of the other party. Neither party shall have authority to make any statements, representations nor commitments of any kind, or to take any action which shall be binding on the other party, except as may be expressly provided for herein or
authorized in writing. 

  
 6 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 10. TERM AND TERMINATION 

10.1 This Agreement shall commence on the Effective Date and extend until the completion of the Research Program, unless sooner terminated in accordance with
the provisions of this Article 10. 
 10.2 This Agreement may be terminated by the written agreement of both parties, or, after the first full
Year of Operation, by Sponsor with [***] written notice to Institution (“Post Year One Termination”). In the event of Post Year One Termination, Sponsor shall pay all amounts that would otherwise have become due and payable under
Section 3.1, excluding any [***], for the remainder of the then-current Year of Operation and [***] of all amounts that would otherwise have become due and payable under Section 3.1, excluding any [***], for the next Year of
Operation, such amounts to become due and payable as and when such amounts otherwise would have become due and payable hereunder if no Post Year One Termination occurred. Upon any Post Year One Termination, any such amounts payable under this
Section 10.2 shall be allocated and used by Institution at Institution’s sole discretion. For example, if such Post Year One Termination occurs in the second Year of Operation, Sponsor shall pay Institution a total of [***]for such
second Year of Operation, and [***] ([***] as set forth in Section 3.1 x [***]) for the third Year of Operation, such amounts to be allocated and used by Institution for any purpose at Institution’s sole discretion. For the
avoidance of doubt, payment of such amounts under this Section 10.2 upon any Post Year One Termination will constitute payment of “consideration provided herein” pursuant to Section 4.1 of the License Agreement such that
the license grant under Section 4.1 of the License Agreement will remain in effect notwithstanding such Post Year One Termination. 
 10.3 In the event
that either party shall be in default of its material obligations under this Agreement and shall fail to remedy such default within [***] days after receipt of written notice thereof, this Agreement may be terminated at the option of the party not
in default upon expiration of the [***] day period. 
 10.4 This Agreement shall terminate automatically and immediately if Sponsor becomes bankrupt or
insolvent and/or enters receivership or trusteeship, whether by voluntary act of Sponsor or otherwise. 
 10.5 Termination or cancellation of this Agreement
shall not affect the rights and obligations of the parties accrued prior to termination. Upon termination, Sponsor shall pay Institution for all reasonable expenses incurred or committed to be expended as of the effective termination date, including
salaries for appointees for the remainder of their appointment. 
 10.6 In addition, in order to accommodate the review and approval of this Agreement by the
Office of General Counsel of System (“OGC”), for a period of [***] days following the Effective Date (the “Limited Unilateral Termination Period”), Institution will have the right to terminate this Agreement without
cause upon [***] days’ notice to Sponsor; provided, however, that: (a) a termination by Institution will be effective if notice of termination is sent by Institution any time within the Limited Unilateral Termination
Period even if the [***] day notice period extends beyond the Limited Unilateral Termination Period; and (b) the Limited Unilateral Termination Period will expire on the earlier to occur of (i) the end of the [***] days, or
(ii) written notice to Sponsor from Institution that the Agreement has been approved by the OGC. 

  
 7 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 10.7 Any provisions of this Agreement which by their nature extend beyond termination shall survive such
termination, including without limitation, those set forth in Section 3.3, 4.3, 5-8 and 13. 
 11.
ATTACHMENTS 
 Attachments A and B are incorporated and made a part of this Agreement for all purposes. 

12. USE OF HUMAN SUBJECTS (IF APPLICABLE) 

12.1 To the extent applicable to the Research Program, Institution will conduct all human subjects research in accordance with Institution’s Federal Wide
Assurance, written protocol(s), applicable law(s), and Institution’s policies and ethical standards. In the event a subject of any research under the Research Program has a research related injury, neither Institution nor Sponsor will provide
coverage for any costs arising from such research related injury. 
 12.2 If Sponsor is responsible for monitoring research according to applicable law(s),
then Sponsor shall alert Institution’s Institutional Review Board (“IRB”) when research findings could: 
 (a) Affect
the safety of research subjects; 
 (b) Affect the willingness of research subjects to continue participation; 

(c) Influence the conduct of the research; 

(d) Alter the IRB’s approval for the research. 

12.3 In the event research findings indicate that current and past research subjects are at increased risk that was not anticipated at the time of research
design, the Principal Investigator, in accordance with both Institution IRB Policy and Procedures and the informed consent agreement applicable to the research and to research subjects, will immediately inform research subjects of such risk
alteration. 
 13. GENERAL 
 13.1 This
Agreement may not be assigned by either party without the prior written consent of the other party; provided, however, that subject to the written approval of Institution, Sponsor may assign this Agreement to any purchaser or transferee of all or
substantially all of Sponsor’s assets or stock upon prior written notice to Institution; provided, however, that such assignee shall have expressly assumed all of the obligations and liabilities of Sponsor under this Agreement, and provided,
further that, Institution may assign its right to receive payments hereunder. 
 13.2 This Agreement constitutes the entire and only agreement between the
parties relating to the Research Program, and all prior negotiations, representations, agreements and understandings are superseded hereby. No agreements altering or supplementing the terms hereof may be made except by means of a written document
signed by the duly authorized representatives of the 

  
 8 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 
parties. Terms and conditions which may be set forth (front, reverse, attached or incorporated) in any purchase order issued by Sponsor in connection with this Agreement shall not apply, except
for informational billing purposes; i.e., reference to purchase order number, address for submission of invoices, or other invoicing items of a similar informational nature. 

13.3 Any notice required by this Agreement shall be given prepaid, first class, certified mail, return receipt requested, addressed in the case of Institution
to: 
 The University of Texas 

M. D. Anderson Cancer Center 

Strategic Industry Ventures 
 7007
Bertner, Unit 1643 
 Houston, Texas 77030 

[***] 
 With a copy to: 

The University of Texas 
 M. D.
Anderson Cancer Center 
 1515 Holcombe Blvd. 

Houston, Texas 77030 
 Attention:
Chief Legal Officer 
 Or in the case of the Sponsor to: 

Codiak BioSciences, Inc. 
 509 E 2nd
St. #9 
 Boston MA 02127 
 or at such other
addresses as may be given from time to time in accordance with the terms of this notice provision. 
 Notices and other communications regarding the
day-to-day administration and operations of the Research Program shall be mailed (or otherwise delivered), addressed in the case of Institution to: 

The University of Texas 
 M. D.
Anderson Cancer Center 
 So Campus Research Bldg 3 (3SCR5.3414) 

1515 Holcombe Blvd., Unit 1906 

Houston Texas, 77030 
 [***] 

or in the case of Sponsor to: 
 Codiak
BioSciences, Inc. 
 509 E 2nd St. #9 

Boston MA 02127 

  
 9 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 13.4 This Agreement shall be governed by, construed, and enforced in accordance with the internal laws of the
State of Texas. 
 13.5 Each party acknowledges that this Agreement and the performance thereof are subject to compliance with any and all applicable United
States laws, regulations, or orders, including those that may relate to the export of technical data, and each Party agrees to comply with all such laws, regulations and orders, including, if applicable, all requirements of the International Traffic
in Arms Regulations and/or the Export Administration Act, as may be amended. Sponsor further agrees that if the export laws are applicable, it will not disclose or re-export any technical data under this Agreement to any countries for which the
United States government requires an export license or other supporting documentation at the time of export or transfer, unless Sponsor has obtained prior written authorization from the U.S. Office of Export Control or other authority responsible
for such matters. 
 13.6 If any provision contained in this Agreement is held invalid, unenforceable or contrary to laws then the validity of the remaining
provisions of this Agreement shall remain in full force. In such instance, the parties shall use their best efforts to replace the invalid provision(s) with legally valid provisions having an economic effect as close as possible to the original
intent of the parties. 
 13.7 Institution is an agency of the State of Texas and is subject to the Constitution and laws of the State of Texas. Nothing in
this Agreement shall constitute or be construed as a waiver of the sovereign immunity of the State of Texas or a waiver, limitation, or restriction of any right of the State of Texas. 

[Signatures on Following Page] 

  
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REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their
duly authorized representatives. 
  

			
	SPONSOR:
	
	CODIAK BIOSCIENCES, INC.
		
	By:	 	 /s/ Doug Williams

	Name: Doug Williams
	Title: President
	
	Addresses for notices:
	
	c/o ARCH Venture Partners
	999 Third Avenue, Suite 3400
	Seattle, WA 98104
	
	With a mandatory copy, which shall not constitute notice to:
	
	Goodwin Procter LLP
	620 Eighth Avenue
	New York, NY 10018
	[***]

 SIGNATURE PAGE TO SPONSORED
RESEARCH AGREEMENT 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their
duly authorized representatives. 
  

			
	INSTITUTION:
	
	THE BOARD OF REGENTS OF THE UNIVERSITY OF TEXAS SYSTEM, on behalf of
	
	THE UNIVERSITY OF TEXAS M. D. ANDERSON CANCER CENTER
		
	By:	 	 /s/Ronald A. Depinho

	Name: Ronald A. DePinho, M.D.
	Title:   President
	
	Approved as to Content
		
	By:	 	 /s/Ferran Prat

	Name: Ferran Prat, J.D., Ph.D.
	Title:   Vice President, Strategic Industry
	 Ventures M. D. Anderson Cancer Center

	
	Addresses for notices:
	
	The University of Texas M. D. Anderson Cancer
	Center
	Office of Technology Commercialization
	Unit 1669
	PO Box 301407
	Houston, Texas 77230-1407
	[***]
	
	With a mandatory copy, which shall not constitute notice, to:
	Bracewell & Giuliani LLP
	1445 Ross Avenue Suite 3800
	 Dallas, TX 75202-2724

[***]

 SIGNATURE PAGE TO SPONSORED
RESEARCH AGREEMENT 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 ATTACHMENT A - RESEARCH PROGRAM 

[***] 

  
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 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 FIRST AMENDMENT TO 

SPONSORED RESEARCH AGREEMENT 
 This First
Amendment to Sponsored Research Agreement (“Amendment”) is by and between The University of Texas M. D. Anderson Cancer Center (“Institution”), a member institution of The University of Texas System
(“System”) and Codiak BioSciences, Inc., a Delaware corporation with its principal place of business at 500 Technology Square, 9th Floor, Cambridge, MA 02139
(“Sponsor”). 
 RECITALS 

A. Sponsor and Institution have entered into that certain Sponsored Research Agreement (the “Agreement;” capitalized terms
used but not defined herein shall have the meaning provided in the Agreement), effective as of the first day of February, 2016 (“Agreement Effective Date”); and 

B. Sponsor and Institution desire to amend the Agreement as set forth herein. 

NOW THEREFORE, in consideration of the mutual covenants and promises herein contained, Institution and Sponsor agree as follows: 

1. AMENDMENT EFFECTIVE DATE 
 1.1. This
Amendment shall be effective as of 1 February 2017 (the “Amendment Effective Date”). 
 2. AMENDMENT OF AGREEMENT

 2.1. Section 2.2 of the Agreement is hereby deleted and replaced by the following text: 

“2.2 The term of the Research Program shall be from the Agreement Effective Date through and including the fifth anniversary of the
Agreement Effective Date (each such annual period within the term is a “Year of Operation”). Sponsor shall have the option of extending the term of the Research Program under mutually agreeable support terms.” 

2.2. Section 3.1 of the Agreement is hereby deleted and replaced by the following text: 

“3.1 As consideration for the performance by Institution of its obligations under this Agreement, Sponsor agrees to pay Institution as
delineated below: 
  

					
	 Year of Operation
	  	Direct Expenses	 
	 1
	  	$	1.0MM	 
	 2
	  	$	1.25MM	 
	 3
	  	$	1.25MM	 
	 4
	  	$	1.25MM	 
	 5
	  	$	1.25MM	 

  
 1 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 Such amounts will be used to fund procurement of equipment, and the cost of employing
specific personnel and materials, in each case, for use directly in the performance of the Research Program, such charges to be allocated between the Research Program and other activities conducted in the Principal Investigator’s laboratory in
accordance with the Institution’s reasonable practices and policies (“Direct Expense”). Such funding shall be payable on a calendar quarter basis during the term of this Agreement with the first payment to be due and payable
within [***] days after the Effective Date and each subsequent payment to be due and payable within [***] days after the start of each calendar quarter thereafter, during each of the first, second, third, fourth and fifth years of operation (each
payment referred to as the “Quarterly Payment”). The first and last such payments shall be pro-rated to account for the period between the Effective Date and the beginning of the first full calendar quarter and the period between
the end of the last full calendar quarter and the date of termination, should such periods be less than a complete calendar quarter. In addition, Sponsor will pay to Institution an “Overhead Charge” based on the Direct Expenses, calculated
and payable as below: 
  

	 	•	 	 Overhead Charge equal to Twenty-five percent (25%) of Direct Expense payable in cash with each of the
foregoing Quarterly Payments, and 

  

	 	•	 	 Overhead Charge equal to Twenty percent (20%) of Direct Expense, which such Overhead Charge shall be payable
in the form of Series A Preferred Stock of Sponsor (as defined in the Second Amended and Restated Certificate of Incorporation of Sponsor (the “A&R COI”) and the Series B Preferred Stock (as defined in the A&R COI)) of
Sponsor, as follows: 

 (a) During the first year of operation, Sponsor shall issue to Institution Fifty
Thousand (50,000) shares of Series A Preferred Stock of Sponsor with each Quarterly Payment made to Institution, and with such Series A Preferred Stock valued at One Dollar ($1.00) per share, for a total of Two Hundred Thousand
(200,000) shares of Series A Preferred Stock of Sponsor; and 
 (b) During the second, third, fourth and fifth years of
operation, Sponsor shall issue Twenty Thousand Eight Hundred Thirty-Three (20,833) shares of Series B Preferred Stock of Sponsor on a quarterly basis, with each Quarterly Payment made to Institution, and with each share of Series B Preferred
Stock of Sponsor valued at Three Dollars ($3.00) per share, and such that the Institution shall receive a total of Three Hundred Thirty-Three Thousand, Three Hundred Thirty-Three (333,333) shares of Series B Preferred Stock of Sponsor. 

All payments under this Agreement shall be made payable to The University of Texas, M. D. Anderson Cancer Center, specifically referencing
the Principal Investigator, the title of the Research Program, and the Agreement number, and submitted to the address in Section 3.4.” 

  
 2 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 2.3. Section 10.2 of the Agreement is hereby deleted and replaced by the following text: 

“10.2 This Agreement may be terminated by the written agreement of both parties, or, after the first full Year of Operation, by Sponsor
with [***] days’ written notice to Institution (“Post Year One Termination”). In the event of Post Year One Termination, Sponsor shall pay all amounts that would otherwise have become due and payable under
Section 3.1, excluding any [***], for the remainder of the then-current Year of Operation and [***] of all amounts that would otherwise have become due and payable under Section 3.1, excluding any [***], for the next Year of
Operation, such amounts to become due and payable as and when such amounts otherwise would have become due and payable hereunder if no Post Year One Termination occurred. Upon any Post Year One Termination, any such amounts payable under this
Section 10.2 shall be allocated and used by Institution at Institution’s sole discretion. For example, if such Post Year One Termination occurs in the second Year of Operation, Sponsor shall pay Institution a total of $1.25M for
such second Year of Operation, and $.75M ($1.25M as set forth in Section 3.1 x [***]) for the third Year of Operation, such amounts to be allocated and used by Institution for any purpose at Institution’s sole discretion. For the
avoidance of doubt, payment of such amounts under this Section 10.2 upon any Post Year One Termination will constitute payment of “consideration provided herein” pursuant to Section 4.1 of the License Agreement such that
the license grant under Section 4.1 of the License Agreement will remain in effect notwithstanding such Post Year One Termination.” 

3. CONFIRMATION OF TERMS 
 3.1. Except as
otherwise set forth herein, the Agreement shall continue in full force and effect, in accordance with it terms. 
 IN WITNESS WHEREOF, the parties have
caused this Agreement to be executed by their duly authorized representatives. 
  

									
	INSTITUTION	  	    	 	SPONSOR
					
	By:	  	 /s/ Chris McKee, MHA
	  		 	By:	  	 /s/ Douglas E. Williams

	Print Name: Chris McKee, MHA	  		 	Print Name: Douglas E. Williams
	Title: VP Business Operations	  		 	Title: President and Chief Executive Officer

  
 3 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 SECOND AMENDMENT TO 

SPONSORED RESEARCH AGREEMENT 
 This Second
Amendment to Sponsored Research Agreement (“Amendment”) is by and between The University of Texas M. D. Anderson Cancer Center (“Institution”), a member institution of The University of Texas System
(“System”) and Codiak BioSciences, Inc., a Delaware corporation with its principal place of business at 500 Technology Square, 9th Floor, Cambridge, MA 02139
(“Sponsor”). 
 RECITALS 
  

	 	A.	 Sponsor and Institution have entered into that certain Sponsored Research Agreement, effective as of the first
day of February, 2016 (as amended by the First Amendment to Sponsored Research Agreement, the “Agreement;” capitalized terms used but not defined herein shall have the meaning provided in the Agreement). 

 

	 	B.	 Sponsor and Institution entered into a License Agreement effective on or about November 10, 2015 (the
“License Agreement”). 

  

	 	C.	 Contemporaneously with the execution of this Second Amendment to Sponsored Research Agreement, Sponsor and
Institution entered into a First Amendment to the License Agreement (the “First Amendment to the License Agreement”) pursuant to which clause (c) in the definition of “FUTURE UTDMACC EXOSOME TECHNOLOGY” was amended so
that the phrase “[***]” was deleted and was replaced with the phrase “[***].” 

  

	 	D.	 Pursuant to Section 7.2 of this Agreement, Institution granted an option to Sponsor to certain Inventions,
which Inventions are defined in the Agreement in part by reference to the term “FUTURE UTDMACC EXOSOME TECHNOLOGY” as defined in the License Agreement. 

 

	 	E.	 It is the Parties’ intention and agreement that the option granted pursuant to Section 7.2 of the
Agreement apply to Inventions that fall within the definition of FUTURE UTDMACC EXOSOME TECHNOLOGY as amended by the First Amendment to the License Agreement. 

NOW THEREFORE, in consideration of the mutual covenants and promises herein contained, Institution and Sponsor agree as follows: 

1. AMENDMENT OF AGREEMENT 
  

	1.1.	 Section 7.2 of the Agreement is hereby deleted and replaced by the following text: 

“7.2 Institution hereby grants to Sponsor an option to negotiate a license to Institution’s rights in Inventions that fall within the
definition of FUTURE UTDMACC EXOSOME TECHNOLOGY (as amended by the First Amendment 

  
 1 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 
to the License Agreement), for all uses in the LICENSED FIELD and the LICENSED TERRITORY. Principal Investigator shall submit an invention disclosure to Institution’s Office of Technology
Commercialization (“OTC”) promptly following conception or reduction to practice of any such Invention. OTC shall promptly (within [***] days after receipt of the invention disclosure) disclose such Invention to Sponsor. If Sponsor
is interested in licensing such Invention, Sponsor will promptly notify Institution (within [***] days after disclosure by Institution) of its interest in licensing Institution’s rights in such Invention. Thereafter, Sponsor and Institution
agree to negotiate in good faith, for a period of [***] days from the date of disclosure of the Invention to Sponsor, the terms of a license to Sponsor to Institution’s rights in such Invention, which terms shall be consistent with the terms of
Institution’s standard license agreement, as described in Section 4.6(c) of the License Agreement. If a license agreement to such Invention has not been executed within [***] days of OTC’s disclosure of such Invention to Sponsor, then
Sponsor’s Option shall be deemed terminated with respect to such Invention and Institution shall be free to enter into an exclusive or non-exclusive license to such Invention with any other entity, with no further obligation to Sponsor.”

 2. CONFIRMATION OF TERMS 
 2.1.
Except as otherwise set forth herein, the Agreement shall continue in full force and effect, in accordance with it terms. 
 IN WITNESS WHEREOF, the parties
have caused this Agreement to be executed by their duly authorized representatives. 
  

									
	INSTITUTION	  	    	 	SPONSOR
					
	By:	  	 /s/ Ben Melson
	  		 	By:	  	 /s/ Douglas E. Williams

	Print Name: Ben Melson	  		 	Print Name: Douglas E. Williams
	Title: SVP, Chief Financial Officer	  		 	Title: President and Chief Executive Officer

  
 2EX-10.12

 Exhibit 10.12 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN
FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
 LICENSE
AGREEMENT 
 This License Agreement (this “Agreement”) is effective as of November 6, 2018 (the “Effective
Date”), by and between Kayla Therapeutics S.A.S., a corporation organized under the laws of France, with a principal place of business at 77, avenue de Toulouse—31240 L’Union, France (“Kayla”), and Codiak
Biosciences Inc., a corporation organized under the laws of Delaware with offices at 500 Technology Square, 9th Floor, Cambridge, MA 02139 (“Codiak”). Kayla and Codiak are each sometimes referred to herein as a
“Party” or collectively as the “Parties.” 
 RECITALS 

WHEREAS, Kayla Controls (as defined below) Licensed IP (as defined below) related to certain modified cyclic dinucleotides and has the
exclusive right to grant an exclusive license under said Licensed IP; and 
 WHEREAS, Codiak desires to obtain, and Kayla desires to grant,
an exclusive license under the Licensed IP to Exploit (as defined below) Licensed Compounds (as defined below) and Licensed Products (as defined below) on the terms and conditions set forth herein. 

NOW, THEREFORE, in consideration of the mutual covenants contained herein, and for other good and valuable consideration, the amount and
sufficiency of which are hereby acknowledged, Kayla and Codiak hereby agree as follows: 
 ARTICLE 1 

DEFINITIONS 
 The following terms and their
correlatives will have the following meanings: 
 1.1 “Affiliate” means, with respect to a Person, any other Person that
directly or indirectly controls, or is controlled by, or is under common control with such Person. The term “control” as used herein means (a) in the case of corporate entities, direct or indirect ownership of at least fifty percent
(50%) of the stock or shares entitled to vote for the election of directors, provided that if local law restricts foreign ownership, control shall be established by direct or indirect ownership of the maximum ownership percentage that may,
under such local law, be owned by foreign interests; or (b) in the case of an entity that is not a corporate entity, the possession, directly or indirectly, of the power to direct the management and policies of such entity. 

1.2 “Agreement” has the meaning set forth in the preamble. 

1.3 “BLA” means a Biologics License Application (as defined in 21 C.F.R. 600 et. seq.), or a substantially similar
application or submission filed with a Regulatory Authority in a country or group of countries to obtain marketing approval to market a Licensed Product in that country or in that group of countries, and any amendments thereto. 

1.4 “Breaching Party” has the meaning set forth in Section 11.3. 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 

1.5 “cGMP” means current good manufacturing practices, including the regulations promulgated by the FDA under the FDCA, 21 C.F.R,
Part 210 et seq., as amended from time to time, applicable guidance documents issued by the FDA, EC Directive 2003/94/EC and EMA guidance documents, applicable documents developed by the International Conference on Harmonization (ICH) to the extent
that they are applicable to a Licensed Product, and the Parties hereunder, and comparable laws or regulations applicable to the manufacture and testing of pharmaceutical materials under applicable laws. 

1.6 “Codiak” has the meaning set forth in the preamble. 

1.7 “Codiak Indemnitees” has the meaning set forth in Section 8.2. 

1.8 “Combination Product” means any Licensed Product sold or used in combination with one or more other active ingredient(s)
which are not Licensed Products (whether co-formulated, co-packaged, or otherwise). 
 1.9 “Commercially Reasonable
Efforts” means the level of efforts and resources normally used by a similarly situated company and its Affiliates in the pharmaceutical industry for its own product or drug, which is of a similar market potential and at a similar stage in
its development or product life, taking into account efficacy, safety, patent and regulatory exclusivity, anticipated or approved labeling, present and future market potential, competitive market conditions, the profitability of the product in light
of pricing and reimbursement issues, and all other relevant factors. 
 1.10 “[***]” shall mean the compound described in
Schedule A. 
 1.11 “Confidentiality Agreement” means that certain Codiak Biosciences Inc. Non-Disclosure Agreement entered
into by and between the Parties as of February 26, 2018. 
 1.12 “Confidential Information” has the meaning set forth
in Section 10.1. 
 1.13 “Control” or “Controlled” means, with respect to any materials, Technical
Information, Regulatory Documentation, patents or patent applications or other intellectual property right, the possession (whether by ownership or, other than pursuant to this Agreement, license or sublicense or other grant of rights) by a Party or
its Affiliate of the ability to use or practice such materials, Technical Information, Regulatory Documentation, patents or patent applications or other intellectual property right to grant to the other Party a license, sublicense or access as
provided herein to such item as of the time such Party or its Affiliate would first be required hereunder to grant the other Party such access, license or sublicense, without violating the terms of any agreement or other arrangement with any Third
Party or being obligated to pay any royalties or other consideration therefor unless to the extent the other Party accepts to bear such payment. 

1.14 “Covers” (including variations such as “Covered” and the like), means, with reference to (a) a
Licensed Product, and (b) a patent, that the composition of matter or the manufacture, having manufactured, use, commercialization (including sale or), importation or exportation of such Licensed Product, including the method of making or using
such Licensed Product, is covered by a Valid Claim of such patent. 

  
 2 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 1.15 “Claimed STING Compound” means any Licensed Compound that is not a
Disclosed STING Compound. 
 1.16 “Development Milestone Event” has the meaning set forth in Section 5.2(a) 

1.17 “Development Milestone Payment” has the meaning set forth in 5.2(a) 

1.18 “Development Plan” has the meaning set forth in Section 4.3. 

1.19 “Disclosed STING Compound” means the Compounds described or identified on Exhibit A and in the form set forth in such
Exhibit A. 
 1.20 “Disclosing Party” has the meaning set forth in Section 10.1. 

1.21 “Distributor” means a Third Party to whom Codiak, a Codiak Affiliate or a Sublicensee has granted the right to
distribute any Licensed Product under Section 3.2 (including the right to repackage and resell) but who is not granted a sublicense of the rights granted to Codiak pursuant to Section 3.1. 

1.22 “Effective Date” means the meaning set forth in the preamble. 

1.23 “Excluded Claim” has the meaning set forth in Section 12.3(i). 

1.24 “Exosome” means a biological vesicle produced by any cell, including eukaryotic and prokaryotic cells, that is
characterized by a lipid-rich membrane enclosing an inner volume. Such vesicles include viral-like particles and other vesicular particles produced by cells via, for example, but not limited to, export from the multivesicular body or through direct
budding of the plasma membrane. For the avoidance of doubt, exosomes include vesicles that are naturally produced by cells or caused to be produced by those cells through direct or indirect synthetic manipulation. 

1.25 “Exploit” means, with respect to a particular Licensed Compound or Licensed Product, to use, have used, manufacture,
have manufactured, sell, have sold, offer for sale, have offered for sale, import, have imported, export and have exported, including to research, develop, commercialize or otherwise exploit such Licensed Compound or Licensed Product. 

1.26 “EMA” means the European Medicines Agency or any successor agency thereto performing substantially the same functions. 

1.27 “FDA” means the United States Food and Drug Administration, or any successor federal agency thereto performing
substantially the same functions. 
 1.28 “Field” means all uses of the Licensed Patents or Licensed Know-How applicable to
the research, development and manufacture of Licensed Products for any diagnostic, prophylactic, or therapeutic use. 

  
 3 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 1.29 “First Commercial Sale” means, with respect to any Licensed Product in
any country or jurisdiction in the Territory, the first sale of such Licensed Product by Codiak or any of its Affiliates or Sublicensees to a Third Party for distribution, use or consumption in such country or jurisdiction after the Regulatory
Approvals for the commercial sale of the Licensed Product have been obtained in such country or jurisdiction. 
 1.30 “FTE”
means the equivalent of one (1) full-time person (i.e. one fully-dedicated or multiple partially dedicated employees aggregating to one full-time employee employed by Kayla or its Affiliates) based upon a total of one thousand nine hundred and
fifty (1950) working hours per year (taking account of normal vacations, sick days and holidays at the Party they are employed not being considered working days) and performing manufacturing, quality assurance, regulatory or other scientific
work directly related to Technology Transfer activities, but for the avoidance of doubt excluding managerial, financial, human resources, legal, marketing or business development and excluding overhead charges for support functions. 

1.31 “FTE Rate” means, unless otherwise agreed between the Parties, a rate per FTE equal to [***] per one (1) FTE per
annum. This FTE Rate includes employee salaries, benefits, vacation, sick days, holidays and travel, and facilities and equipment of such Party and ordinary laboratory consumables they may use. 

1.32 “Generic Product” means, with respect to a Licensed Product in a particular country or jurisdiction, any product that is
developed by a Third Party without any license or assistance from Codiak, its Affiliates and Sublicensees that (a) contains the same active pharmaceutical ingredient as the Licensed Product or a substantially similar equivalent of the active
pharmaceutical ingredient that is contained in such Licensed Product in such country or jurisdiction and (b) is, as and to the extent required, approved by the applicable Regulatory Authority in such country or jurisdiction pursuant to an
abbreviated approval process that relies, in whole or in part, on such Regulatory Authority’s previous grant of Regulatory Approval for the Licensed Product, or on the safety or efficacy data submitted in support of such Regulatory Approval.

 1.33 “IND” means: (a) an investigational new drug application filed with the FDA for authorization for the
investigation of a Licensed Product; or (b) any foreign equivalents as filed with the applicable Regulatory Authorities in other countries or regulatory jurisdictions in the Territory, as applicable. 

1.34 “Kayla” has the meaning set forth in the preamble. 

1.35 “Kayla Indemnitees” has the meaning set forth in Section 8.1. 

1.36 “Kayla’s knowledge” means the actual knowledge of Kayla’s officers, without specific investigation. 

1.37 “Licensed Compounds” means: any and all of the modified cyclic dinucleotides (“CDNs”) described,
exemplified or claimed in the Licensed Patents, including any radioisomers, stereoisomer, racemates, tautomers, solvates, salt forms, bases, acid forms, anhydrides, hydrates, polymorphs, metabolites, and crystalline forms of such CDNs. 

1.38 “Licensed IP” means all (a) Licensed Know-How, (b) Licensed Patents and (c) Licensed Methods. 

  
 4 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 1.39 “Licensed Know-How” means all Technical Information and Regulatory
Documentation Controlled as of the Effective Date or thereafter during the Term by Kayla or any of its Affiliates that is necessary for the Exploitation of any Licensed Compounds in any Licensed Product in the Field in the Territory. The Licensed
Know-How existing as of the Effective Date is listed on Exhibit B. 
 1.40 “Licensed Method” means any method that
(a) uses Licensed Know-How, or (b) the use, practice or performance of which is covered by a Valid Claim of any Licensed Patent. 

1.41 “Licensed Patents” means (a) [***] and [***]; (b) any and all provisionals, nonprovisionals, substitutions,
continuations, continuations-in-part or divisionals or the patents or patent applications listed in subsection (a) or any other patent application claiming priority directly or indirectly to (i) any of the patents or patent applications in
subsection (a) or (ii) any patent or patent application from which the patents or patent applications in subsection (a) claim direct or indirect priority, (c) all patents issuing on any of the foregoing in (a)-(b), (d) all
foreign and other counterparts of any of the foregoing in (a)-(c), whether pending or issued, including any patent applications filed under the Patent Cooperation Treaty and (e) all other continuing applications, extensions or restorations by
existing or future extension or restoration mechanisms, including patent term extension, supplementary protection certificates (or the equivalent), renewals, letters patent, reissues, reexaminations, extensions, confirmations, registrations and
patents of addition, or any other existing or future extension or restoration mechanisms or patent term adjustments, on any of the foregoing in subsections (a)-(d). 

1.42 “Licensed Product” means any product containing a Licensed Compound administered in, on or together with an Exosome.
Licensed Product shall include all dosage forms, formulations, preparations and line extensions of any such product, including a Combination Product, except for calculation of Net Sales in Section 1.37. 

1.43 “Losses” has the meaning set forth in Section 8.1. 

1.44 “Management Committee” has the meaning set forth in Section 2.1. 

1.45 “Manufacture” means, with respect to a Licensed Product or component thereof, those manufacturing-related activities
that support the research, development, seeking and obtaining of Regulatory Approvals, and commercialization of such Licensed Product, including manufacturing process development and scale-up, validation, qualification and audit of clinical and
commercial manufacturing facilities, bulk production and fill/finish work, related quality assurance technical support activities and CMC activities, and including, in the case of commercial supply of such Licensed Product, the synthesis,
manufacturing, processing, formulating, packaging, labeling, holding, quality control testing and release of such Licensed Product. 
 1.46
“Material Breach” has the meaning set forth in Section 11.3. 
 1.47 “NDA” means a New Drug
Application, as defined in the U.S. Food, Drug and Cosmetic Act and applicable regulations promulgated thereunder by the FDA, filed with the FDA required for marketing approval for the applicable Licensed Product in the U.S, and any equivalent
application submitted in any country in the Territory. 

  
 5 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 1.48 “Net Sales” [***] 

1.49 “Non-Breaching Party” has the meaning set forth in Section 11.3. 

1.50 “Partnering Transaction” means a license, collaboration agreement, strategic partnering agreement or a similar agreement
between Codiak and a Third Party pursuant to which Codiak grants such Third Party the right to participate (on other than a fee-for-service basis or otherwise on a basis that is for the benefit of Codiak) in the development and commercialization of
a Licensed Product. 
 1.51 “Party” or “Parties” has the meaning set forth in the preamble. 

1.52 “Patent Committee” has the meaning set forth in Section 2.3. 

1.53 “Person” means an individual, sole proprietorship, partnership, limited partnership, limited liability partnership,
corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture or other similar entity or organization, including a government or political subdivision, department or agency of a
government. 
 1.54 “Phase 1/2 Trial” means a human clinical trial of a Licensed Product, the principal purpose of which is
a determination of safety and tolerability in the target patient population, which is prospectively designed to include efficacy related secondary endpoints to generate sufficient data that may permit commencement of a Pivotal Trial, or a similar
clinical trial prescribed by EMA, from time to time, pursuant to applicable law or otherwise, including the trials referred to in 21 C.F.R. §312.21(b) or its foreign equivalent. 

1.55 “Phase 3 Trial” means a human clinical trial of a Licensed Product in any country that satisfies the requirements of 21
C.F.R. § 312.21(c) or its foreign equivalent. For clarity, a trial called a phase 2/3 trial shall not be considered a Phase 3 Trial (and shall instead be a phase 2 trial) unless it satisfies or will satisfy the requirements of 21 C.F.R. §
312.21(c) or its foreign equivalent. 
 1.56 “Pivotal Trial” means, with respect to a Licensed Product, a human clinical
trial that is expected to be the basis for Regulatory Approval of such product based on discussions with the relevant Regulatory Authority. 

1.57 “PMDA” means the Pharmaceuticals and Medicines Devices Agency in Japan and any successor agency thereto performing
substantially the same functions. 
 1.58 “Prosecution and Maintenance” means, with respect to a Licensed Patent, the
preparation, filing, prosecution (including conducting all correspondence and interactions with any patent office and seeking, conducting and defending all any interferences, inter partes reviews, reissue proceedings, reexaminations, and
oppositions and similar proceedings) and maintenance (including payment of any patent annuity fees) of such Licensed Patent, as well as 

  
 6 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 
re-examinations, reissues, appeals, post grant reviews (PGR), inter partes reviews (IPR) and requests for patent term adjustments, patent term extensions, supplementary protection
certificates, or their equivalents with respect to such Licensed Patent, together with the initiation or defense of interferences, oppositions and other similar proceedings with respect to the particular Licensed Patent, and any appeals therefrom.
For clarification, “Prosecution and Maintenance” excludes any enforcement action with respect to a Licensed Patent. 
 1.59
“Receiving Party” has the meaning set forth in 10.1. 
 1.60 “Regulatory Approval” means with respect to a
country or region in the Territory, any and all NDAs, BLAs and/or other approvals, licenses, registrations or authorizations from the relevant Regulatory Authority necessary in order to import, distribute, market and sell a biopharmaceutical product
in such country or region (which excludes any required pricing or pricing reimbursement approvals). 
 1.61 “Regulatory
Authority” means the FDA and any other analogous government regulatory authority or agency involved in granting approvals for or regulating or otherwise exercising authority with respect to the manufacture, development and/or
commercialization of pharmaceutical products in the Territory. 
 1.62 “Regulatory Documentation” means all
(a) applications (including all INDs), registrations, licenses, authorizations and Regulatory Approvals; (b) correspondence and reports submitted to or received from Regulatory Authorities (including minutes and official contact reports
relating to any communications with any Regulatory Authority) and all documents cited therein, including as applicable, all adverse event files and complaint files; and (c) clinical, chemistry, manufacturing and controls and other data
contained or relied upon in any of the foregoing; in each case ((a), (b) and (c)) relating to a Licensed Compound or a Licensed Product 

1.63 “Royalties” has the meaning set forth in Section 5.4(a). 

1.64 “Royalty Term” has the meaning set forth in Section 5.4(c). 

1.65 “Sublicensee” means any non-Affiliate sublicensee of the rights granted by Codiak pursuant to Section 3.1. For
avoidance of doubt, Sublicensees shall not include Distributors. 
 1.66 “Sublicensee Payments” means any and all
consideration of any kind received by Codiak from a Sublicensee pursuant to a sublicense, including without limitation any option fee, upfront and milestone payments related to the development of a Licensed Product, but excluding any payments
(i) based on net sales of the Licensed Product such as sales milestone payments and royalty payments, (ii) for research or development related to a Licensed Product to the extent that such payments correspond to the actual costs incurred
by Codiak after the execution of the sublicense, without mark up (to the extent such payments exceed such actual costs, the excess shall be included in Sublicensee Payments) and (iii) for equity to the extent not in excess of the then-current
fair market value for such equity (to the extent payment for such equity exceed such fair market value, the excess shall be included in Sublicensee Payments). 

  
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 1.67 “Technical Information” means any data, results, and information of any
type whatsoever, in any tangible or intangible form, including know-how, trade secrets, practices, techniques, methods, processes, discoveries and claims, including synthesis, preparation, recovery and purification processes and techniques, control
methods and assays, inventions, developments, specification, formulations, formulae, materials (including biological or chemical) or compositions of matter of any type or kind (patentable or otherwise), software, algorithms, marketing reports,
clinical and non-clinical study reports, regulatory submission documents and summaries, expertise, stability, technology, test data including pharmacological, biological, chemical, biochemical, toxicological, and clinical test data, analytical and
quality control data, stability data, studies and procedures. 
 1.68 “Technology Transfer” has the meaning set forth in
Section 4.5. 
 1.69 “Technology Transfer Committee” has the meaning set forth in Section 2.2. 

1.70 “Term” has the meaning set forth in Section 11.1. 

1.71 “Territory” means worldwide. 

1.72 “Third Party” means any Person other than a Party or their respective Affiliates. 

1.73 “Third Party Claims” has the meaning set forth in Section 8.1. 

1.74 “Valid Claim” means (a) a claim of an issued and unexpired patent which has not been revoked or held unenforceable
or invalid by a decision of a court or other governmental agency of competent jurisdiction, unappealable or unappealed within the time allowed for appeal, and which has not been admitted to be invalid or unenforceable through reissue or disclaimer
or otherwise, or (b) a claim of a pending patent application that has been pending less than [***] years from the earliest patent application from which such patent application claims priority, which claim has shown evidence of reasonably
consistent activity to advance to issuance of a patent and has not been cancelled, withdrawn, abandoned or finally disallowed without the possibility of appeal or refiling of such application. 

ARTICLE 2 

GOVERNANCE 
 2.1
Management Committee. Promptly after the Effective Date, the Parties shall form a management committee (the “Management Committee”) to oversee the research, development and commercialization of the Licensed Products. 

(a) Responsibilities. The role of the Management Committee is to: 

(i) Act as liaison between the Parties to ensure open and regular communication channels, and more particularly to ensure the
Parties are informed of, and discuss, the ongoing progress of Codiak’s activities to research, develop, and commercialize Licensed Products; and 

  
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 (ii) Perform such other activities of mutual interest of the Parties as the
Parties agree in writing. 
 (b) Term. The Management Committee will cease to exist upon the expiration of the Term, unless otherwise
agreed in writing by the Parties. 
 2.2 Technology Transfer Committee. Promptly after the Effective Date, the Parties shall form a
technology transfer committee (“Technology Transfer Committee”) to oversee matters relating to the Technology Transfer. 

(a) Responsibilities. The role of the Technology Transfer Committee is to: 

(i) provide a forum for discussing and coordinating the Technology Transfer; 

(ii) draft and revise a fully detailed written plan for Technology Transfer within thirty (30) days after the Effective
Date, including a schedule, criteria for deciding when Technology Transfer is deemed complete, and budget for reimbursement for personnel as well as any internal or external expenses incurred in accordance with activities under such plan; 

(iii) determine the resources and the number and identity of appropriate personnel to assist and advise in connection with
Technology Transfer; and 
 (iv) perform such other functions regarding the Technology Transfer as are specifically assigned
to the Technology Transfer Committee to this Agreement. 
 (b) Duration of the Technology Transfer Committee, The Technology Transfer
Committee will cease to exist upon completion of Technology Transfer, unless otherwise agreed in writing by the Parties. 
 2.3 Patent
Committee. Promptly after the Effective Date, the Parties shall form a patent committee (“Patent Committee”) to oversee matters relating to the Licensed Patents. 

(a) Responsibilities. The role of the Patent Committee is to: 

(i) provide a forum for discussing, and coordinate on, the Prosecution and Maintenance of the Licensed Patents, as set forth in
Section 6.2; 
 (ii) keep the Management Committee informed of all material matters regarding the Prosecution and
Maintenance, enforcement and defense of the Licensed Patents; and 
 (iii) perform such other functions regarding the
Licensed Patents as are specifically assigned to the Patent Committee to this Agreement. 
 (b) Duration of the Patent Committee. The
Patent Committee will cease to exist upon the expiration of the last Valid Claim included in any Licensed Patent, unless otherwise agreed in writing by the Parties. 

  
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 2.4 Committee Membership. The Management Committee, the Technology Transfer Committee
and the Patent Committee (together the “Committees”) shall to the extent possible be composed of an equal number of representatives, provided that each Party will have one vote at the Committee, irrespective of its number of
representatives at such Committee. 
 2.5 Committee Meetings. 

(a) The Committee shall meet from time to time within three (3) weeks after the date of a written request by either Party in accordance
with the periodicity below, or more or less frequently as the circumstances require. 
 (i) The Management Committee shall
meet twice per calendar year during the development of the Licensed Products, and once per calendar year after the First Commercial Sale of a Licensed Product. 

(ii) The Technology Transfer Committee shall meet at least one (1) time per calendar quarter for the first twelve months
following the Effective Date. 
 (iii) The Patent Committee shall meet at least one (1) time per calendar year. 

(b) The Committees may meet in person or by teleconference or videoconference and to the extent possible, on the same day. 

(c) The Party requesting a meeting will send a draft agenda, which may be completed by the other Party within a week of receiving the draft.

 (d) The Parties will alternate to circulate draft minutes of each meeting within thirty (30) days after the meeting date. Once
finalized and agreed, such minutes shall be signed by the representatives of each Party. 
 2.6 Decision Making Authorities. No
Committee will have decision-making authority. It will serve only as a forum for the Parties to discuss, collaborate, and facilitate the purpose of the Agreement. 

ARTICLE 3 
 GRANT OF
RIGHTS; EXCLUSIVITY 
 3.1 License Grant. 

(a) Kayla hereby grants as of the Effective Date to Codiak and its Affiliates for the Term a co-exclusive, with Kayla (but Kayla’s
retained rights are subject to the restrictions set forth in Section 3.3 below), royalty-bearing, license, with the right to sublicense through multiple tiers (subject to Section 3.2), under the Licensed IP, to Exploit the Licensed
Products in the Field in the Territory 
 (b) Kayla acknowledges and agrees that, during the Term, it shall not, nor shall it allow any
Affiliate to, directly or indirectly, grant any licenses or other rights inconsistent with this Section 3.3. 

  
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 3.2 Sublicenses: Distributors. 

(a) Sublicensees. 

(i) Codiak shall have the right to grant sublicenses of the rights and licenses granted to Codiak hereunder to Sublicensees
through multiple tiers, provided that Codiak shall inform Kayla, in writing, that Codiak is in the process of negotiating a sublicense agreement or option to sublicense the rights and licenses granted to Codiak hereunder with any Third Party. 

(ii) Codiak shall incorporate terms and conditions into its sublicense agreements consistent with this Agreement and sufficient
to enable Codiak to comply with this Agreement. Codiak shall provide Kayla with a copy of any sublicense or option to sublicense of the rights and licenses granted to Codiak hereunder within [***] days after its execution. 

(b) Distributors. Codiak, its Affiliates and Sublicensees shall have the right to appoint Third Parties distributors to import, offer
for sale and sell Licensed Products and, provided that such Third Parties are not granted any additional rights to Exploit the Licensed Products and purchase from Codiak and its Affiliates or Sublicenses and resell the Licensed Products at a price
determined by such Third Parties distributors, then such Third Parties shall be Distributors for purposes of this Agreement and not Sublicensees, 

3.3 Exclusivity. 
 (a) For
the period commencing on the Effective Date and continuing until the sixth (6th) anniversary of the Effective Date, Kayla and its Affiliates, shall not, itself or themselves, together or through, with or on behalf of, any Third Party (including
any sublicensee of Kayla or any of its Affiliates) research, develop, manufacture or commercialize anywhere in the Territory any product containing an Exosome and a small molecule STING agonist. Subject to and without limiting the restriction set
forth in Section 3.3(a), upon and following the sixth (6th) anniversary of the Effective Date, Kayla and its Affiliates, may itself or themselves, together or through, with or on behalf of, any Third Party (including any sublicensee of
Kayla or any of its Affiliates) research, develop, manufacture or commercialize anywhere in the Territory a product containing a small molecule STING agonist (but not including a small molecule STING Agonist that is a Disclosed STING Compound) and
an Exosome. 
 (b) During the Term, Kayla and its Affiliates, shall not, itself or themselves, together or through, with or on behalf of, any
Third Party (including any sublicensee of Kayla or any of its Affiliates) grant a license under the Licensed Patents allowing a Third Party to, clinically develop, manufacture or commercialize anywhere in the Territory a product containing a
Disclosed STING Compound for veterinary or therapeutics purpose. Notwithstanding the foregoing limitation in this Section 3.3(b), but subject to and without limiting the restrictions set forth in Section 3.3(a), Kayla and its Affiliates,
may itself or themselves, together or through, with or on behalf of, any Third Party (including any sublicensee of Kayla or any of its Affiliates) under the Licensed Patents, research, develop, manufacture or commercialize anywhere in the Territory
a product containing a Claimed STING Compound, which includes any product containing a Claimed STING Compound that releases a Disclosed STING Compound after administration to a subject. 

  
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 (c) Notwithstanding the provisions of Section 3.3 (b), Kayla and its Affiliates may
manufacture and sell non-GMP Licensed Compounds, subject to a restriction that such compounds shall be used for research uses only, and the use of such non-GMP Licensed Compounds by Third Party customers of Kayla or its Affiliates shall not
constitute a violation of this Section 3.3; provided that Kayla and its Affiliates shall cease supplying any Third Party customers if and when Kayla learns that such Third Party customer, itself or with or through a Third Party, is using a
Disclosed STING Compound in ways or for purposes that would constitute a breach of this Agreement by Kayla if Kayla were to make such use of such compounds. 

(d) Until [***] (the “Non Compete Period”), Codiak agrees that it will not, and will cause their Affiliates not to, directly
or indirectly through a Sublicensee: (a) research, develop, manufacture, have manufactured, sell, offer for sale, import or otherwise commercialize any product containing an Exosome with a STING agonist for use in the Field other than the
Licensed Product developed pursuant to this Agreement (“Competing Product”); (b) grant a license or a covenant not to assert to any Third Party to do any activity prohibited by subsection (a) or (c) transfer
Licensed IP to any Third Party to enable, or that Codiak knows would have the effect of enabling, such Third Party to do any activity prohibited by subsection (a). After expiry of the Non Compete Period, if Codiak or its Affiliates directly or
indirectly through a Sublicensee research, develop, manufacture, have manufactured, sell, offer for sale, import or otherwise commercialize a Competing Product, then: 

(i) Codiak shall use, or shall cause one or more of its Affiliates or Sublicensees to use, efforts consistent with the efforts
Codiak (or one or more of its Affiliates or Sublicensees) would have used absent such Change in Control or Partnering Transaction, as applicable, in order to comply with Codiak’s diligence obligations set forth in Section 4.3 and shall not
take into account the market potential, stage of development, or profitability of such Competing Product or Codiak’s or its Affiliate’s interest in or rights to such Competing Product in determining such efforts to use; and 

(ii) Kayla shall be released from its restrictions of Section 3.3. 

Notwithstanding the above, if during the Non Compete Period, a Change in Control occurs with respect to Codiak or its Affiliate with a Third Party,, and such
Third Party (or any of such Third Party’s Affiliates or any of such Third Party’s Affiliates or any successors or assigns of such Third Party or such Third Party’s Affiliates), has as of the Change in Control, or later has,
researched, developed, commercialized or otherwise exploited a Competing Product (or has rights to or demonstrable plans to research, develop, commercialize or otherwise exploit a Competing Product) then: 

(i) such Third Party, or any of such Third Party’s Affiliates or any successors or assigns of such Third Party or such
Third Party’s Affiliates, as applicable, will be permitted to pursue and continue to research, develop, commercialize and otherwise exploit the Competing Product; 

  
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 (ii) Codiak shall use, or shall cause one or more of its Affiliates or
Sublicensees to use, efforts consistent with the efforts Codiak (or one or more of its Affiliates or Sublicensees) would have used absent such Change in Control or Partnering Transaction, as applicable, in order to comply with Codiak’s
diligence obligations set forth in Section 4.3 and shall not take into account the market potential, stage of development, or profitability of such Competing Product or Codiak’s or its Affiliate’s interest in or rights to such
Competing Product in determining such efforts to use; 
 (iii) Kayla shall be released from the restrictions of
Section 3.3; and 
 (iv) Codiak and the Third Party will establish firewalls between the activities relating to the
Licensed Product and the Competing Product. 
 (e) The parties will negotiate in good faith under reasonable terms, without any obligation,
addition of new molecules based on chemical modification of [***] to Exhibit A compounds that would allow Codiak to exploit such new molecules for use in exosome therapeutics. 

ARTICLE 4 

DEVELOPMENT, REGULATORY, AND COMMERCIALIZATION 

4.1 General. Codiak shall be solely responsible for developing, preparing any and all regulatory filings, obtaining Regulatory Approval
of, and commercializing Licensed Products in the Field and in the Territory, in its sole discretion. Codiak shall be solely responsible for all communications with regulatory authorities related to the Regulatory Documentation for any Licensed
Product in the Field and in the Territory. Kayla shall cooperate with, and provide reasonable assistance to Codiak, in the preparation and submission of any portions of any regulatory filings that rely upon or contain information or data in the
Licensed IP generated by or on behalf of Kayla. 
 4.2 Safety Information. If at any time during the Term, each Party becomes aware
of any information concerning any safety issues, adverse experiences, or any product complaints associated with adverse experiences related to any Licensed Compound or Licensed Product, such Party shall promptly provide such information to the other
Party. 
 4.3 Diligence. Codiak shall use Commercially Reasonable Efforts, or shall cause one or more of its Affiliates and
Sublicensees to use Commercially Reasonable Efforts, to develop, commercially launch and market the Licensed Products in the Field in the Territory. The initial development plan is attached hereto as Exhibit D (attached hereto)
(“Development Plan”) and Codiak shall use Commercially Reasonable Efforts to meet the timelines set forth therein. Without limiting the foregoing, and subject to the occurrence of events that are beyond Codiak’s reasonable
control, Codiak shall use Commercially Reasonable Efforts to apply for and obtain an IND on or before June 30, 2020 and to initiate the cohort extension of a Phase 1/2 as soon as reasonably practicable after such IND is effective. 

4.4 Reporting. On or before September 30th of each year during the Term,
Codiak will furnish to Kayla a written report, describing in reasonable detail, Codiak’s activities to research, development and commercialize Licensed Products and any amendments to the Development Plan since the date of the last such report.
Without limiting the foregoing, Codiak shall afford Kayla a reasonable opportunity to discuss such reports and such activities, and shall provide Kayla with such additional information regarding such activities as Kayla may reasonably request. 

  
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 4.5 Technology Transfer. Kayla and Codiak shall cooperate to arrange for and complete
an orderly transfer from Kayla to Codiak, or to make such other mutually acceptable arrangements as are reasonably necessary, to provide Codiak with access to the Licensed Know-How (the “Technology Transfer”). Without limiting the
generality of the foregoing, the Parties have agreed that Kayla will perform the following Technology Transfer activities: 
 (a) Initial
Data Transfer. Within [***] days of Codiak’s reasonable request, Kayla shall promptly deliver or otherwise provide Codiak with copies of certain documentation, data and information that constitute Licensed Know-How (preferably in digital or
other electronic format where possible, but which may also include hard-copy documentation) and are identified in Exhibit B (attached hereto). 

(b) Transfer of Licensed Compound. Within [***] days after the Effective Date, Kayla shall deliver to Codiak the quantities of [***]
which are set forth in Exhibit C (attached hereto) and within [***] days [***] mg of additional compound 656 as set forth in Exhibit C. All such materials are being provided “as is” and without any representation or
warranties of any kind. 
 (c) Transfer of Manufacturing Technical Information. According to a schedule and plan to be determined
Technology Transfer Committee, Kayla shall provide (i) a copy of all existing Technical Information Controlled by Kayla relating to the Manufacture of the Licensed Product, including existing documentation constituting material support,
performance advice, shop practice, specifications as to materials to be used, control methods, standard operating procedures, descriptions of the Manufacturing process and related Technical Information, development reports, analytical methods and
other existing testing know-how including method validation reasonably required to perform release testing or other testing as may be required by any applicable Regulatory Authority (to the extent required by such Regulatory Authority for work
completed up to the time of termination), batch records, and any other information, in each case that is necessary or reasonably useful to Manufacturing such Licensed Product, in each case, as and to the extent such information and materials have
been developed by or for Kayla as of the Effective Date and (ii) personnel to assist and advise in connection with the foregoing. 

ARTICLE 5 

FINANCIAL TERMS 
 5.1
Upfront Payment. Within [***] days after the Effective Date, in partial consideration of the licenses and rights granted to Codiak hereunder, Codiak shall pay to Kayla a non-refundable, non-creditable upfront payment of Ten Million Dollars
($10,000,000), consisting of: 
 (a) Six Million Five Hundred Thousand Dollars ($6,500,000) in cash; and 

  
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 (b) Three Million Five Hundred Thousand Dollars ($3,500,000) in shares of Codiak Common Stock
(“Common Stock”), par value $0.001 per share. The dollar value of such Common Stock grant has been determined by using the then most recent price per share of equity sold by Codiak in a Qualified Financing on an as-converted Common
Stock basis. “Qualified Financing” shall mean a bona fide sale by Codiak of its equity securities which raises at least $10,000,000 in gross proceeds. For purposes of the first issuance of Common Stock, the price per share is
$3.7876 per share resulting in an issuance of 924,068 shares of Common Stock. 
 5.2 Development Milestones. 

(a) In partial consideration of the licenses and rights granted to Codiak hereunder, Codiak shall make the following non-refundable [***]
milestone payments to Kayla (each, a “Development Milestone Payment”), following the first achievement by Codiak or its Affiliates of the milestone events described below in Table 5.2(a) with respect to a Licensed Product (each, a
“Development Milestone Event”), subject to reduction as provided in Section 5.3, with the price per share of each Common Stock grant determined as described in Section 5.2 (c): 

 

			
	Table 5.2(a) - Cash and Common Stock Development Milestones
	 Development Milestone Event
	  	 Milestone Payments

	[***]	  	[***]
	[***], then this milestone event shall be deemed not to have occurred until such determination has been made	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]

 (b) For clarity, each Development Milestone Payment in Table 5.2(a) shall be due and payable [***] upon its
first achievement with a Licensed Product regardless of the number of Licensed Products to achieve such Development Milestone Event, such that the maximum total amount payable under this Section shall not exceed One Hundred Million Dollars
($100,000,000). Codiak shall deliver written notice to Kayla of the achievement of the Development Milestone Events together with the payment of the associated Development Milestone Payment within [***] days of (i) the achievement of the
applicable Development Milestone Event, if Codiak achieves such Development Milestone Event and (ii) the date Codiak receives notice of any such achievement by a Sublicensee. 

(c) The dollar value of each Common Stock grant in Table 5.2 (a) above shall be determined by using the then most recent price per share
of equity sold by Codiak in a Qualified Financing on an as-converted Common Stock basis. “Qualified Financing” shall mean a bona fide sale by Codiak of its equity securities which raises at least [***] in gross proceeds.

  
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Notwithstanding the foregoing, if Codiak is a publicly traded company, the average closing price per share of Codiak’s Common Stock for the [***] day period prior to the milestone
announcement shall be used in calculating the number of shares of Common Stock to be issued. In the event of a Change of Control, Codiak shall pay cash in lieu of Common Stock upon meeting a subsequent milestone. A “Change in Control”
shall mean: (i) (A) any consolidation or merger of Codiak with or into any other corporation or other entity or person, or any other corporate reorganization, other than any such consolidation, merger or reorganization in which the
stockholders of Codiak immediately prior to such consolidation, merger or reorganization, continue to hold at least a majority of the voting power of the surviving entity (or if the surviving entity is a wholly owned subsidiary, its parent)
immediately after such consolidation, merger or reorganization; or (B) any transaction or series of related transactions to which Codiak is a party in which in excess of fifty percent (50%) of Codiak’s voting power is transferred (an
“Acquisition”); provided, that an Acquisition shall not include any transaction or series of transactions principally for bona fide equity financing purposes in which cash is received by Codiak unless any shareholder of Codiak sell
its stock in any such financing transactions. 
 (d) If Codiak has not sufficient authorization to issue the shares granted pursuant to
section 5.1 (b) when due, the corresponding payment shall be paid in cash. 
 5.3 Sublicensee Payments. In partial
consideration of the licenses and rights granted to Codiak hereunder, Codiak shall pay to Kayla the following percentage of Sublicensee Payments Codiak receives in connection with each sublicense of the Licensed IP to a Sublicensee: 

(a) If such sublicense is entered into [***]; or 

(b) If such sublicense is entered into [***]; or 

(c) If such sublicense is entered into [***]. 

For purposes of the above, a sublicense includes the grant of an option to sublicense. If a Sublicensee achieves a given Development Milestone Event specified
in Section 5.2 before such event is achieved by Codiak or an Affiliate, then, in lieu of Codiak paying Kayla the applicable Milestone Payment specified in Section 5.2 upon its subsequent achievement by Codiak or an Affiliate, Codiak will
pay Kayla [***] (i) [***] and (ii) an amount [***], determined in accordance with this Section 5.3, of the amount, if any, paid by such Sublicensee to Codiak in connection with the achievement of such Development Milestone Event, all
as further described in Exhibit 5.3. 
 5.4 Royalties. 

(a) Running Royalties. In partial consideration of the licenses and rights granted to Codiak hereunder, during the Royalty Term, on a
Licensed Product-by-Licensed Product and country-by-country basis, Codiak shall pay royalty payments to Kayla based on Territory-wide annual Net Sales of each Licensed Product, regardless of whether such Net Sales are achieved by Codiak, its
Affiliates or a Sublicensee in a given calendar year at the royalty rates set forth in Table 5.4(a) below (“Royalties”): 

  
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	Table 5.4(a) - Royalty Rates for Net Sales of Licensed Product
	 Annual Net Sales of a Licensed Product in the
Territory each Calendar Year
	  	 Royalty Rate (as a percentage of Net
Sales)

	Annual Net Sales of a Licensed Product up to and including [***]	  	[***]
	Annual Net Sales of a Licensed Product above [***] up to and including [***]	  	[***]
	Annual Net Sales of a Licensed Product above [***]	  	[***]

 (b) No Multiple Royalties. If the manufacture, use or sale of any Licensed Product is claimed or
covered by more than one of the Licensed Patents, multiple royalties shall not be due. 
 (c) Duration of Royalty Obligations. The
royalty obligations set forth in Section 5.2(a) shall commence on the First Commercial Sale for each Licensed Product and shall continue on a country-by-country basis as to each Licensed Product until the later of (i) loss, expiration or
termination of the last to expire Valid Claim within the Licensed Patents that Covers such Licensed Product in such country, (ii) the loss or expiration of any period of marketing exclusivity for such Licensed Product in such country, and
(iii) ten (10) years from the date of the First Commercial Sale of such Licensed Product in such country (such period, the “Royalty Term” for such Licensed Product in such country). 

(d) Royalty Step-Down: Generic Competition. 

(i) Notwithstanding Section 5.4(c), on a Licensed Product-by-Licensed Product basis in USA, the royalty rate set forth in
Section 5.4(a) for Net Sales of such Licensed Product in USA shall be reduced by [***] if at the time of sale (a) no issued Valid Claim of any Licensed Patents that Covers such Licensed Product exists in USA and (b) all periods of
marketing exclusivity for such Licensed Product in USA have been lost or have expired. 
 (ii) Notwithstanding
Section 5.4(c), on a Licensed Product-by-Licensed Product and country-by-country basis (other than the United States), the royalty rate set forth in Section 5.4(a) for Net Sales of such Licensed Product shall be reduced by [***] if at the
time of sale (a) no issued Valid Claim of any Licensed Patents that Covers such Licensed Product exists in such country and (b) all periods of marketing exclusivity for such Licensed Product in such country have been lost or have expired.

 (iii) Notwithstanding Section 5.4(c), on a Licensed Product-by-Licensed Product and country-by-country basis, the
royalty rate set forth in Section 5.4(a) for Net Sales of such Licensed Product in such country shall be reduced, in lieu of subclause (i) as applicable, (A) by [***] upon the First Commercial Sale in such country of a Generic Product
and (B) by [***] in such country if the unit sales of all Generic Products in such 

  
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country exceed [***] of the sum of unit sales of Licensed Products plus unit sales of all Generic Products in such country. Unless otherwise agreed by the Parties, the unit sales of each such
Generic Product sold during a calendar quarter shall be as reported by IQVIA or any successor to IQVIA or any other independent sales auditing firm reasonably agreed upon by the Parties. 

(e) Third Party IP. Kayla shall remain responsible for the payment of milestones, royalties and other payment obligations under all
agreements entered into by Kayla or its Affiliates. In the event that Codiak determines, after good faith discussion with Kayla that it is necessary to acquire rights under a Third Party’s patents in order for Codiak to Exploit [***] under this
Agreement, Codiak shall have the right to negotiate and acquire such rights, through a license or otherwise, and to deduct from the royalty payments due to Kayla under this Agreement [***] of the royalty and sales milestone payments made by Codiak
to such Third Party; provided, however that such reduction shall not reduce the royalty rates otherwise applicable to the Net Sales of such Licensed Product pursuant to Section 4.1(a) by more than [***] for any calendar quarter; and provided,
further, that if any of such amounts cannot be offset against royalties due with respect to such Licensed Product for any given calendar quarter due to the preceding proviso, such unused amount may be carried forward and offset against royalties due
with respect to such Licensed Product in future calendar quarter. 
 (f) Royalty Reports. Within sixty (60) calendar days
following the end of each calendar quarter, following the First Commercial Sale of a Licensed Product, Codiak shall furnish to Kayla a written report for the calendar quarter showing the Net Sales of Licensed Product sold by Codiak, its Affiliates
and Sublicensees in the Territory during such calendar quarter and the royalties payable under this Agreement for such calendar quarter. Such written report shall include the gross sales of Licensed Product on a country-by-country basis, an itemized
calculation of any deductions taken from such gross sales to arrive at Net Sales for the applicable calendar quarter and the calculation of the amount of royalty payment due on such Net Sales. Simultaneously with the submission of the written
report, Codiak shall pay to Kayla the royalty due for such calendar quarter calculated in accordance with this Agreement. 
 (g) Method of
Payment. All payments under this Agreement should be made payable to Kayla by wire transfer in immediately available funds on the bank account notified from time to time by Kayla pursuant to Section 13.1. 

(h) Payments in U.S. Dollars. All payments due under this Agreement shall be payable in United States dollars. Conversion of foreign
currency to U.S. dollars shall be made at the conversion rate existing in the United States (as reported in the Wall Street Journal) on the last working day of the applicable calendar quarter. Such payments shall be without deduction of exchange,
collection, or other charges, and, specifically, without deduction of withholding or similar taxes or other government imposed fees or taxes, except as permitted in the definition of Net Sales. 

(i) Taxes. Notwithstanding such efforts, if Codiak concludes that tax withholdings under the Laws of any country are required with
respect to payments to Kayla, Codiak shall first notify Kayla and provide Kayla with twenty (20) days to determine whether there are actions Kayla can undertake to avoid such withholding. During this notice period, Codiak shall refrain

  
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from making such payment until Kayla instructs Codiak that (a) Kayla intends to take actions (satisfactory to both Parties) that shall obviate the need for such withholding, in which case
Codiak shall make such payment only after it is instructed to do so by Kayla, or (b) Codiak should make such payment and withhold the required amount and pay it to the appropriate taxing authority. Codiak shall promptly provide Kayla with
copies of receipts or other evidence reasonably required and sufficient to allow Kayla to document such tax withholdings adequately for purposes of claiming foreign tax credits and similar benefits, the Parties shall cooperate reasonably in
completing and filing documents required under the provisions of any applicable tax laws or under any other applicable Law, in connection with the making of any required tax payment or withholding payment, or in connection with any claim to a refund
of or credit for any such payment, and the Parties shall cooperate to minimize such taxes in accordance with applicable laws, including using reasonable efforts to access the benefits of any applicable treaties. 

5.5 FTEs. Codiak shall reimburse Kayla for (a) the Technology Transfer activities actually performed by FTEs at the FTE Rate in
accordance with the plan and schedule established by the Technology Transfer Committee, and (b) all out-of-pocket expenses (without mark-up) with respect to such activities. Such amounts referenced in the preceding sentence shall be evidenced
by Kayla’s or its Affiliates’ complete and accurate written records. Within [***] days of the end of each quarter in which such Technology Transfer activities occur, Kayla shall (i) provide a report summarizing in reasonable detail
all activities performed by FTEs, and all reimbursable out-of-pocket expenses incurred by Kayla, in the preceding quarter, (ii) provide supporting receipts or other documentation for such reimbursable out-of-pocket expenses, and
(iii) issue an invoice to Codiak for the applicable amounts due for FTEs during the previous Quarter. Within [***] days following receipt of the invoice, Codiak shall pay the amounts due for such FTEs during the previous quarter. 

5.6 Codiak Records. Codiak shall maintain, and shall cause its Affiliates and Sublicensees to maintain, complete and accurate records
relating to amounts payable to Kayla in relation to this Agreement. The relevant entity shall retain such records for at least [***] years following the end of the calendar year to which they pertain. No more than once per calendar year, a
certified, independent public accountant selected by Kayla and reasonably acceptable to Codiak shall have the right, at Kayla’s expense, to inspect such records during normal business hours to verify the accuracy of any payments made under this
Agreement by Codiak. As a condition to the conduct of such an audit, if Codiak so requests, such certified, independent public accountant shall enter into a confidentiality agreement with Codiak having non-use and non-disclosure obligations that are
no less stringent than those contained in this Agreement. In no event shall any period be subject to audit more than one time under this Section 5.6. In the event that any audit performed under this Section 5.5 reveals an underpayment in
excess of [***] [***], Codiak shall bear the full out-of-pocket cost of such audit. If such an audit reveals an underpayment or overpayment, the Party responsible for making payment shall remit any amounts due to the other Party the amount of the
underpayment or overpayment discovered unpaid under this Section 5.5 within [***] days of receiving notice thereof from the other Party. 

  
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 ARTICLE 6 

INTELLECTUAL PROPERTY 
 6.1
New Inventions. As between the Parties, Codiak shall own all rights, title and interest in or to any new discoveries, improvements, or inventions conceived, discovered, developed or otherwise made by or on behalf of Codiak, its Affiliates or
its Sublicensees after the Effective Date and in connection with the Exploitation of Licensed Products, whether or not patented or patentable, and any and all patents and other intellectual property rights with respect thereof. 

6.2 Responsibility for Licensed Patents. 

(a) For purposes of this Section 6.2, Kayla shall be the “Prosecuting Party” during the period commencing on the Effective Date
and ending on Codiak’s payment of the [***] milestone described in Table 5.2(a) above. After such period, for those Licensed Patents that (i) are the sole patents owned or controlled by Codiak that Claim the composition of matter of a
Licensed Product in development by Codiak and (ii) rights under which have not been licensed by Kayla to a Third Party for the development and commercialization of products containing a Claimed STING Compound, Codiak shall be the
“Prosecuting Party” for the remainder of the Term. Promptly after the Effective Date, Kayla shall provide complete copies of the prosecution histories of all of the Licensed Patents to Codiak or its designee. 

(b) Prosecuting Party shall use Commercially Reasonable Efforts to Prosecute and Maintain all Licensed Patents, at Prosecuting Party’s
sole expense and by counsel selected by Prosecuting Party and reasonably acceptable to the other Party. Prosecuting Party shall consult with the other Party as to the Prosecution and Maintenance of the Licensed Patents reasonably prior to any
deadline or action with any patent office, and shall furnish to the other Party copies of all relevant drafts and documents reasonably in advance of such consultation. Prosecuting Party shall consider in good faith any comments from the other Party
in Prosecuting Party’s Prosecution and Maintenance of the Licensed Patents. In the event that, and solely to the extent consistent with the use of Commercially Reasonable Efforts, Prosecuting Party desires to abandon or cease Prosecution and
Maintenance of any Licensed Patent, Prosecuting Party shall provide reasonable prior written notice to the other Party of such intention to abandon promptly after Prosecuting Party makes such determination (which notice shall, in any event, be given
no later than [***] days prior to the next deadline for any action that must be taken with respect to such Licensed Patent in the relevant patent office). In such case, the other Party shall have the right, but not the obligation, exercisable upon
written notice to Prosecuting Party delivered no later than [***] days after receipt of notice from Prosecuting Party, to assume responsibility for Prosecution and Maintenance of such Licensed Patent, at its sole cost and expense and by counsel
selected by such other Party and reasonably acceptable to Prosecuting Party. For purposes of this Section 6.2, any determination as to whether Commercially Reasonable Efforts would permit Prosecuting Party to abandon prosecution and maintenance
of a Licensed Patent shall be made without consideration of any other patents that are controlled by Prosecuting Party and that may claim a Licensed Product hereunder. 

6.3 Patent Extensions and Orange Book Listings. If elections with respect to obtaining patent term extensions (including any available
pediatric extensions) or supplemental protection certificates or their equivalents in any country with respect to the Licensed Patents are available, Codiak, after consulting with Kayla, shall have the sole and exclusive right to make any such
reasonable elections based on Licensed Products. With respect to data exclusivity 

  
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periods (such as those periods listed in the FDA’s Orange Book (including any available pediatric extensions) or periods under national implementations of Article 10.1(a)(iii) of Directive
2001/EC/83 or orphan exclusivity periods, and all equivalents in any country), Codiak shall have the sole and exclusive right to seek and maintain all such data exclusivity periods available for the Licensed Products. With respect to all of the
rights and activities identified in this Section 6.3, Kayla hereby appoints Codiak as its agent for such purposes with the authority to act on Kayla’s behalf with respect to such Licensed Patents in a manner consistent with this Agreement.

 ARTICLE 7 

INFRINGEMENT 
 7.1
Notification of Infringement. Each Party agrees to provide written notice to the other Party promptly after becoming aware of any infringement, misappropriation or other violation of the Licensed Patents by a Third Party and of any available
evidence thereof. 
 7.2 Right to Prosecute Infringements. 

(a) For purposes of this Section 7.2, Kayla shall be the “Lead Party” during the period commencing on the Effective Date and
ending on Codiak’s payment of the [***] milestone described in Table 5.2(a) above. After such period, for those Licensed Patents that (i) are the sole patents owned or controlled by Codiak that Claim the composition of matter of a Licensed
Product in development by Codiak or (ii) rights under which have not been licensed by Kayla to a Third Party for the development and commercialization of products containing a Claimed STING Compound, Codiak shall be the “Lead
Party” for the remainder of the Term. 
 (b) First Right to Prosecute. The Lead Party shall have the first and exclusive right,
but not the obligation, under its own control and at its own expense, to prosecute any Third Party infringement, misappropriation or other violation of the Licensed Patents, subject to Sections 7.4 and 7.5. The total cost of any such infringement
action commenced or defended solely by the Lead Party shall be borne by the Lead Party. The Lead Party shall keep the other Party reasonably informed of all developments in the prosecution or settlement of such action, including by providing copies
of documents received or filed in connection with any such action promptly upon receipt, or reasonably in advance of their filing, to the extent controlled by the Lead Party, for the other Party to review and comment thereon, which information and
documents shall be subject to Article 10. The Lead Party shall consult with, and consider in good faith the requests and suggestions of the other Party with respect to such prosecution, provided that the Lead Party shall retain final decision-making
authority with respect to any such prosecution. The Lead Party shall have the right, in its sole discretion, to delegate its rights under this Section 7.2 (b), in whole or in part, to Third Party provided that such Third Party shall comply with
the terms of this Section 7.2 (b) and that the Lead Party shall remain primarily liable for any acts or omissions of such Third Party. 

(c) Back-up Right to Prosecute. If [***] days after having been notified of any alleged infringement that is material and competitive in
the marketplace, the Lead Party is unsuccessful in persuading the alleged infringer to desist and shall not have brought or shall not be diligently prosecuting an infringement action, then the other Party shall have the right, but

  
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shall not be obligated, under its own control and at its own expense, to prosecute any infringement of the Licensed Patents; provided that such other Party shall first consult with the Lead Party
concerning the reasons the Lead Party elected not to bring such action and shall consider those reasons in good faith in deciding whether to bring such action. The Lead Party shall have the right to participate and be represented in any such action
by its own counsel at its own expense. The other Party shall keep the Lead Party reasonably informed of all developments in the prosecution or settlement of such action, including by providing copies of documents received or filed in connection with
any such action promptly upon receipt, or reasonably in advance of their filing, to the extent controlled by the other Party, for the Lead Party to review and comment thereon, which information and documents shall be subject to Article 10. The
other Party shall consult with, and consider in good faith the requests and suggestions of the Lead Party with respect to such prosecution, provided that the other Party shall retain final decision-making authority with respect to any such
prosecution. The other Party shall have the right, in its sole discretion, to delegate its rights under this Section 7.2 (c), in whole or in part, to Third Party provided that such Third Party shall comply with the terms of this
Section 7.2 (c) and that the other Party shall remain primarily liable for any acts or omissions of such Third Party. 
 (d) No
settlement of any such action which restricts the scope, or adversely affects the enforceability, of a Licensed Patent may be entered into by a Party without the prior written consent of the other Party, which consent shall not be unreasonably
withheld, delayed or conditioned. 
 7.3 Declaratory Judgment Actions. If a declaratory judgment action is brought naming Kayla or
Codiak or any of its Affiliates or Sublicensees as a defendant and alleging invalidity, unenforceability or non-infringement of any Licensed Patents, Codiak or Kayla, as the case may be, shall promptly notify the other Party in writing and Codiak
may elect, upon written notice to Kayla within [***] days after receiving or giving notice of the commencement of such action, to take over the sole control of such action at its own expense. If Codiak does not defend any such action, then Kayla
shall have the right, but shall not be obligated, to defend such action at Kayla’s expense. 
 7.4 Recovery. In the event that
either Party exercises the rights conferred in this Article 7 and recovers any damages or other sums in such action, such damages or other sums recovered shall first be applied to all out-of-pocket costs and expenses incurred by the Parties in
connection therewith (including attorneys’ fees). If such recovery is insufficient to cover all such costs and expenses of both Parties, the Lead Party’s costs shall be paid in full first before any of the other Party’s costs. If
after both Parties’ costs have been reimbursed in full any funds shall remain from such damages or other sums recovered, such funds shall be retained by the Lead Party; provided, however, that (a) if Codiak is the Lead Party, Kayla shall
receive out of any such remaining recovery received by Codiak an amount equal [***] of such sums, (b) if Kayla is the Lead Party, and the infringement relates to the practice of a Licensed IP with an Exosome, Kayla shall retain out of any such
remaining recovery an amount equal to [***] and pay [***] of it to Codiak, (c) if Kayla is the Lead Party, and the infringement does not relates to the practice of a Licensed IP with an Exosome, the remaining recovery received by Kayla retained
by Kayla. 

  
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 7.5 Cooperation. Each Party agrees to cooperate in any action under this
Article 7 which is controlled by the other Party, including joining such action as a party plaintiff if necessary or desirable for initiation or continuation of such action; provided that the controlling Party reimburses the cooperating Party
promptly for any reasonable costs and expenses incurred by the cooperating Party in connection with providing such assistance. 
 7.6
Patent Certifications. Kayla shall notify and provide Codiak with copies of any allegations of alleged patent invalidity, unenforceability or non-infringement of a Licensed Patent pursuant to a Paragraph IV Patent Certification by a Third
Party filing an Abbreviated New Drug Application, an application under §505(b)(2) or any other similar patent certification by a Third Party, and any foreign equivalent thereof. Such notification and copies shall be provided to Codiak within
[***] business days after Kayla receives such certification. 
 ARTICLE 8 

INDEMNIFICATION AND INSURANCE 

8.1 Indemnification By Codiak. Codiak shall indemnify Kayla, its Affiliates, and their respective directors, officers, employees and
agents (collectively, the “Kayla Indemnitees”), and defend and save each of them harmless, from and against any and all losses, damages, liabilities, costs and expenses (including reasonable attorneys’ fees and expenses)
(collectively, “Losses”) in connection with any and all liability suits, investigations, claims or demands by Third Parties (collectively, “Third Party Claims”) arising out of (a) the research, development,
manufacture, storage, use, marketing or sale of any Licensed Compound or Licensed Products by or on behalf of Codiak or any of its Affiliates or Sublicensees their respective representatives on or after the Effective Date, including any product
liability claim arising therefrom; (b) a Codiak Indemnitee’s negligence or willful misconduct; or (c) Codiak’s breach of any obligation, representation, warranty or covenant in this Agreement, except to the extent that such
Losses arise out of or result from a breach of this Agreement by Kayla or a Kayla Indemnitee’s negligence or willful misconduct. 
 8.2
Indemnification by Kayla. Kayla shall indemnify Codiak, its Affiliates and Sublicensees, and their respective directors, officers, employees and agents (collectively, the “Codiak Indemnitees”), and defend and hold each of
them harmless, from and against any and all Losses in connection with any and all Third Party Claims to the extent arising from or occurring as a result of (a) a Kayla Indemnitee’s negligence or willful misconduct; or (b) Kayla’s
material breach of any obligation, representation, warranty or covenant in Section 3.3 or Article 9 of this Agreement, except to the extent that such Losses arise out of or result from a breach of this Agreement by Codiak or a Codiak
Indemnitee’s negligence or willful misconduct. 
 8.3 Indemnification Procedure. To be eligible to be indemnified as described in
this Article 8, each of the indemnitees seeking to be indemnified shall provide the indemnifying Party with prompt notice of any claim (with a description of the claim and the nature and amount of any such loss) giving rise to the indemnification
obligation pursuant to Section 8.1 or 8.2, as the case may be, and the exclusive ability to defend such claim (with the reasonable cooperation of the indemnitee(s)). Each indemnitee shall have the right to retain its own counsel, at its own
expense, if representation by the counsel of the indemnifying Party would be inappropriate due to actual or potential differing interests between such indemnitee(s) and the indemnifying Party. 

  
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Neither the indemnitee(s) nor the indemnifying Party shall settle or consent to the entry of any judgment with respect to any claim for losses for which indemnification is sought without the
prior written consent of the other (not to be unreasonably withheld or delayed); provided however, that the indemnifying Party shall have the right to settle or compromise any claim for losses without such prior written consent if the settlement or
compromise provides for a full and unconditional release of the indemnitee(s) and is not materially prejudicial to any indemnitee’s rights. 

8.4 Insurance. Each Party shall have and maintain such types and amounts of liability insurance as is normal and customary in the
industry generally for parties similarly situated, and shall upon request provide the other Party with a copy of its policies of insurance in that regard, along with any amendments and revisions thereto. 

ARTICLE 9 

REPRESENTATIONS, WARRANTIES AND COVENANTS 

9.1 Representations and Warranties of the Parties. Each of Codiak and Kayla hereby represents and warrants that, as of the Effective
Date: 
 (a) Corporate Existence and Power. It is a corporation duly organized, validly existing and in good standing under the laws
of the jurisdiction in which it is incorporated, and has full corporate power and authority and the legal right to own and operate its property and assets and to carry on its business as it is now being conducted and as contemplated by this
Agreement, including the right to grant the rights granted hereunder. 
 (b) Authority and Binding Agreement. (i) It has the
corporate power and authority and the legal right to enter into this Agreement and perform its obligations hereunder; (ii) it has taken all necessary corporate action required to authorize the execution and delivery of the Agreement and the
performance of its obligations hereunder; and (iii) this Agreement has been duly executed and delivered on behalf of such Party, and constitutes a legal, valid and binding obligation of such Party that is enforceable against it in accordance
with its terms. 
 (c) No Conflict. It has not entered, and shall not enter, into any agreement with any Third Party that is in
conflict with the rights granted to the other Party under this Agreement, and has not taken and shall not take any action that would in any way prevent it from granting the rights granted to the other Party under this Agreement, or that would
otherwise materially conflict with or adversely affect the rights granted to the other Party under this Agreement. Its performance and execution of this Agreement does not and shall not result in a breach of any other contract to which it is a
party. It is aware of no action, suit, inquiry or investigation instituted by any Third Party that threatens the validity of this Agreement. 

9.2 Further Representations by Kayla. Kayla hereby further represents, warrants and covenants (as applicable) as of the Effective Date,
as follows: 
 (a) Licensed Patents. Kayla owns all right, title and interest in and to [***] and [***], and such patents (including
any patent applications claiming priority thereto and any foreign equivalents thereto) are the only patent applications or patents Controlled by Kayla as of the Effective Date that claim or cover the Disclosed STING Compounds, except [***] and
foreign equivalents thereto that relate [***]. 

  
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 (b) Licensed IP. (i) Kayla is the sole and exclusive owner of the entire rights,
title and interest in and to all Licensed Patents and other intellectual property rights within the Licensed IP within the Field free of any encumbrance such as a lien, pledge or claim of ownership by any Third Party, (ii) Kayla or its
Affiliates have timely paid all filing and renewal fees due by Kayla with respect to the Licensed Patents, and (iii) Kayla has complied with all applicable laws, including any duties of candor to applicable patent offices, in connection with
the filing, prosecution and maintenance of the Licensed Patents. 
 (c) Sufficient Rights. Kayla represents that it has the full and
legal rights and authority to license the Licensed IP to Codiak. 
 (d) No Claims. No Third Party has any license, option or other
rights or interest in or to the Licensed IP conflicting with the rights granted to Codiak under this Agreement. Kayla has not received, nor is aware of any claims or allegations (including threatened interference actions or oppositions) that a Third
Party has any right or interest in or to the Licensed IP or that any of the Licensed Patents are invalid or unenforceable. 
 (e)
Assignments. Kayla has secured from all employees, consultants, contractors and other persons who have contributed to the creation or invention of any of the Licensed IP a written agreement assigning to Kayla all rights to such creations,
inventions or Licensed IP. 
 (f) Third Party Intellectual Property. To Kayla’s knowledge as of the Effective Date, no issued
patent rights of any Third Party would be infringed or misappropriated by the sale of [***]. 
 (g) Inventors. Kayla has obtained from
all inventors of Licensed Patents owned by Kayla valid and enforceable agreements assigning to Kayla each such inventor’s entire right, title and interest in and to all such Licensed Patents. 

(h) Debarment, In the course of the development or manufacture of any Licensed Compound or Licensed Product, Kayla has not used any
employee, agent or, to its knowledge, any consultant or contractor who has been debarred by any Regulatory Authority, or, to such Party’s knowledge, is the subject of debarment proceedings by a Regulatory Authority. If, at any time after the
Effective Date, Kayla becomes aware that it or any employee, agent, consultant or contractor who participated in the development or manufacture of any Licensed Compound or Licensed Product has been debarred or is the subject of debarment proceedings
by a Regulatory Authority it shall provide written notice of this to Codiak immediately. 
 (i) Investment Representations. 

(i) Kayla confirms that the shares to be acquired by Kayla will be acquired for investment for Kayla’s own account, not as
a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that Kayla has no present intention of selling, granting any participation in, or otherwise distributing the same. 

  
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 (ii) Kayla understands that the shares to be issued by Codiak hereunder are
“restricted securities” under applicable U.S. federal and state securities laws and that, pursuant to these laws, Kayla must hold the Shares indefinitely unless they are registered with the Securities and Exchange Commission and qualified
by state authorities, or an exemption from such registration and qualification requirements is available. 
 (iii) Kayla
understands that the certificate representing the shares issued by Codiak will have a legend on them as follows: 
 “THE SHARES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN
EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.” 

(j) Further Assurances. Kayla shall perform all acts reasonably requested by Codiak to assure that the Licensed IP shall be licensed to
Codiak to the extent provided for herein. 
 9.3 Further Representations by Codiak. Codiak hereby further represents, warrants and
covenants (as applicable) as of the Effective Date, as follows: 
 (a) Licensed Patents. The patents listed as Schedule 9.3(a) [***]
(the “Exosome Patents”). Codiak Controls the Exosome Patents. 
 (b) No Claims. Codiak has not received any written
claims or allegations (including threatened interference actions or oppositions) that a Third Party has any right or interest in or to the Exosome Patents or that any of the Exosome Patents are invalid or unenforceable. 

(c) Shares. 

(i) All corporate action required to be taken by Codiak in order to issue the shares in accordance with Article 5 has been
taken. 
 (ii) The shares, when issued in accordance with the terms set forth in this Agreement, will be validly issued,
fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer under applicable state and federal securities laws. 

(iii) Assuming the accuracy of the representations of Kayla in Section 9.2 of this Agreement, the shares will be issued in
compliance with all applicable federal and state securities laws. 
 (iv) The shares granted to benefit of Kayla pursuant to
Section 5.1 shall be equal to [***] of the outstanding shares of Codiak immediately following the Effective Date, on an as-converted basis. 

  
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 (v) Assuming the accuracy of the representations made by Kayla in
Section 9.2 herein, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state or local governmental authority is required on the part of Codiak in connection
with issuing the shares hereunder. 
 (d) Debarment. Codiak will not use any employee, agent or, to its knowledge, any consultant or
contractor who has been debarred by any Regulatory Authority, or, is the subject of debarment proceedings by a Regulatory Authority. If, at any time Codiak becomes aware that it or any employee, agent, consultant or contractor who participated in
the development or manufacture of any Licensed Compound or Licensed Product has been debarred or is the subject of debarment proceedings by a Regulatory Authority it shall provide written notice of this to Kayla immediately. 

(e) Compliance with Laws. Codiak will comply with all applicable laws in its performance of activities contemplated under this
Agreement. 
 9.4 Disclaimer of Warranties. EXCEPT AS OTHERWISE BE EXPRESSLY SET FORTH IN THIS AGREEMENT, NEITHER PARTY MAKES ANY
OTHER WARRANTIES CONCERNING LICENSED IP OR ANY OTHER MATTER WHATSOEVER, INCLUDING ANY EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR ARISING OUT OF COURSE OF CONDUCT OR
TRADE CUSTOM OR USAGE, AND EACH PARTY DISCLAIMS ALL SUCH EXPRESS OR IMPLIED WARRANTIES. 
 9.5 Limitation of Liability. EXCEPT WITH
RESPECT TO A CLAIM FOR INDEMNIFICATION PURSUANT TO ARTICLE 8 OR A CLAIM FOR FRAUD OR WILLFUL MISCONDUCT, IN NO EVENT SHALL EITHER PARTY BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, EXEMPLARY OR CONSEQUENTIAL DAMAGES (INCLUDING DAMAGES FOR LOSS
OF PROFITS OR EXPECTED SAVINGS OR OTHER ECONOMIC LOSSES) ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ITS SUBJECT MATTER. 
 9.6
Kayla Limitation of Liability. Notwithstanding any other provision in this Agreement, but without limiting Codiak’s right of set-off under Section 11.6, Kayla’s liability to Codiak, its Affiliates and Sublicensees under this
Agreement for claims other than those caused by the fraud or intentional misconduct of Kayla or any of its Affiliates, and including liability arising out of Section 8.2, shall not exceed (i) the cash amounts actually received by Kayla
from Codiak hereunder plus (ii) the cash received by Kayla for the sale of any Common Stock received in accordance with Article 5 plus (iii) any Common Stock that Kayla received in accordance with Article 5 and has not sold pursuant to
subclause (ii). 

  
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 ARTICLE 10 

CONFIDENTIALITY 
 10.1
Confidentiality. During the Term and subject to the terms and conditions of this Agreement, a Party (a “Disclosing Party”) may communicate to another Party (a “Receiving Party”) information in connection with
this Agreement or the performance of its obligations hereunder, whether in oral, written, graphic, or electronic form, which information may include scientific and manufacturing information and plans, marketing and business plans, trade secret and
financial and personnel matters relating to a Party or its present or future products, sales, suppliers, customers, employees, investors or business (collectively, “Confidential Information”). 

10.2 Exclusions. Notwithstanding the foregoing, information of a Disclosing Party shall not be deemed Confidential Information with
respect to a Receiving Party for purposes of this Agreement if such information: 
 (i) was already known to the Receiving
Party or any of its Affiliates, other than under an obligation of confidentiality or non-use, at the time of disclosure by the Disclosing Party; 

(ii) was generally available or known to parties reasonably skilled in the field to which such information or know-how
pertains, or was otherwise part of the public domain, at the time of its disclosure to the Receiving Party; 
 (iii) became
generally available or known to parties reasonably skilled in the field to which such information or know-how pertains, or otherwise became part of the public domain, after its disclosure to the Receiving Party through no fault of or breach of its
obligations under this Article 10 by the Receiving Party; 
 (iv) was disclosed to the Receiving Party other than under an
obligation of confidentiality or non-use, by a Third Party who had no obligation to the Disclosing Party not to disclose such information to others; or 

(v) was independently discovered or developed by the Receiving Party or any of its Affiliates, as evidenced by their written
records, without the use of, and by personnel who had no access to, Confidential Information of the Disclosing Party. 
 10.3 Disclosure
and Use Restriction. Except as expressly provided herein, the Parties agree that, during the Term and for [***] years thereafter, the Receiving Party shall keep completely confidential and shall not publish or otherwise disclose to any Third
Party and shall not use for any purpose except for the purposes of performing its obligations or exercising its rights (including in the case of Codiak, the exercise of the license granted under Section 2.1) under this Agreement any
Confidential Information of the Disclosing Party; provided, however, that the obligation to keep a Party’s trade secrets confidential shall survive for such time as such information remains a protected trade secret under applicable laws.
Further, neither Kayla nor its Affiliates shall disclose to Third Parties any Confidential Information solely related to any Disclosed STING Compound, including a method of making or using the same, to any Third Party without the prior written
consent of Codiak, provided that Kayla shall not be restricted from disclosing any Confidential Information related to any Claimed STING Compound, including a method of making or using the same, to any Third Party. 

  
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 10.4 Authorized Disclosure. 

(a) Each Party may disclose Confidential Information of the other Party to the extent such disclosure is reasonably necessary to: 

(i) prosecute or defend litigation with respect to this Agreement; or 

(ii) comply with applicable laws, governmental regulations or court orders. 

(b) Additionally, Codiak may use and disclose Confidential Information of Kayla to the extent such use or disclosure: 

(i) is reasonably necessary for the prosecution or enforcement of patent rights relating to Licensed Products or for regulatory
filings for Licensed Products; 
 (ii) is pursuant to Codiak’s exercise of its license pursuant to Section 3.1;

 (iii) is to Codiak’s officers, directors, employees, consultants, contractors, Affiliates, licensees, or Sublicensees
who are bound by obligations of confidentiality and non-use at least equivalent in scope to those set forth in this Article 10; or 

(iv) is to existing or potential acquirers or merger candidates, investment bankers, existing or potential investors, venture
capital firms or other financial institutions or investors for purposes of obtaining financing, its existing or potential licensees or sublicensees (to the extent needed to prove the absence of conflict with this Agreement), each of whom prior to
disclosure is bound by obligations of confidentiality and non-use at least equivalent in scope to those set forth in this Article 10 (but may be of shorter duration). 

(c) In the event a Party is required to make a disclosure of the other Party’s Confidential Information pursuant to Section 10.4(a)
it shall, except where impracticable, give reasonable advance notice to the other Party of such disclosure and use commercially reasonable efforts to secure confidential treatment of such information. 

10.5 Terms of Agreement. The Parties agree that the terms of this Agreement are the Confidential Information of each Party, subject to
the special authorized disclosure provisions set forth in Section 10.4 and this Section 10.5. Notwithstanding the foregoing, a Party may make any filings of this Agreement or otherwise disclose the terms of this Agreement as required by
law or regulation in any country so long as it uses its reasonable efforts to obtain confidential treatment for portions of this Agreement as available, consults with the other Party, and permits the other Party to participate, to the extent
practicable, in seeking a protective order or other confidential treatment. 
 10.6 Return of Confidential Information. Upon
termination or expiration of this Agreement, or earlier if so agreed in writing by the Parties, the Receiving Party shall either return all copies of the Confidential Information it may have received or be deemed to have received from the other
Party, or destroy in a secure manner all such copies of the Confidential Information if so instructed by the other Party except for one (1) copy which may be retained for the purpose of establishing that Party’s compliance with its
obligations under this Agreement. 

  
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REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 10.7 Use of Name. Neither Party may make public use of the other Party’s name
except (a) in connection with announcements and other permitted disclosures relating to this Agreement and the activities contemplated hereby, (b) as required by applicable law, and (c) otherwise as agreed in writing by such other
Party. 
 ARTICLE 11 

TERMINATION 
 11.1
Term. The term of this Agreement shall commence on the Effective Date and, unless earlier terminated in accordance with this Article 11, shall remain in effect on a country-by-country and Licensed Product-by-Licensed Product basis until the
expiration of the Royalty Term for such Licensed Product (the “Term”). Upon expiration of this Agreement (but not early termination), the license grant contained in Section 3.1 shall become non exclusive, fully paid-up,
royalty-free, perpetual and irrevocable for such Licensed Product in such country. 
 11.2 Voluntary Termination by Codiak, Codiak
shall have the right to terminate this Agreement, on a Licensed Compound-by-Licensed Compound basis, and on a Region-by-Region basis, for any reason, upon at least thirty (30) days prior written notice to Kayla, such notice to state the date at
least thirty (30) days in the future upon which termination is to be effective. For purposes of this Section only, each of the following shall constitute a Region: [***]. If this Agreement is terminated by Codiak in one or more Regions,
Kayla’s restrictions set forth in Section 3.3 will terminate on a global basis, but the remaining provisions hereof shall remain in full force and effect, including the licenses granted pursuant to 3.1 with respect to the remaining Regions
of the Territory. Any terminated Licensed Compound shall be deemed a Claimed STING Compound and no longer a Described STING Compound, as applicable. 

11.3 Termination for Material Breach. 

(a) Any material failure by a Party (the “Breaching Party”) to comply with any of its material obligations contained in this
Agreement (such failure, a “Material Breach”) shall entitle the other Party (the “Non-Breaching Party”) to give to the Breaching Party written notice specifying the nature of the Material Breach, requiring the
Breaching Party to cure such Material Breach. 
 (b) If such Material Breach is not cured within sixty (60) days after the receipt of
notice pursuant to Section 11.3(a) above, the Non-Breaching Party shall be entitled to terminate this Agreement on written notice to the Breaching Party and without prejudice to any of its other rights conferred on it by this Agreement;
provided that if a Material Breach (other than for non-payment) cannot reasonably be cured within such sixty (60)-day period and the Breaching Party delivers a plan to cure such Material Breach (reasonably acceptable to the Non-Breaching Party)
within such sixty (60)-day period and uses Commercially Reasonable Efforts to implement such plan in accordance with the timelines therein, then the cure period shall be extended for [***] days following the notice of breach; further provided,
however, that if the Breaching Party disputes whether such Material Breach has occurred and notifies the Non-Breaching Party thereof within [***] days after receipt of the Non-Breaching Party’s notice of Material Breach, the matter shall be
submitted for resolution in accordance with Article 12. 

  
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 11.4 Effect of Expiration or Termination. 

(a) Survival. The following provisions shall survive the expiration or termination of this Agreement: Article 1, Sections 9.5 and 9.6,
Article 10, Article 12 and Article 13, and Section 3.1(a) to the extent in accordance with Section 11.1 (the last sentence), and this Section 11.4. 

(b) Survival of Certain Sublicenses. Upon termination of this Agreement by Kayla pursuant to Section 11.3, upon Codiak’s
request, Kayla shall enter into a direct sublicense with Sublicensees on the same terms and conditions as those set forth in this Agreement, to the extent applicable to the rights granted by Codiak to such Sublicensee (including the same field of
use, territory) and to the extent that the Sublicensee is in good standing with respect to the sublicense agreement and such Sublicensee was not the cause of the termination of this Agreement. Kayla shall make the Licensed IP available to such
Sublicensee on the economic terms set forth herein, 
 (c) Option to License Products. If, within [***] days of the effective date of
termination, Kayla notifies Codiak in writing that it wishes to license all intellectual property, Technical Information and Regulatory Documentation Controlled by Codiak to Exploit the terminated Licensed Products (“Codiak
IP”), then the Parties shall enter into good faith negotiations towards a license of the Codiak IP for such purposes. Such negotiations shall continue for a period of up to [***] days. If the Parties are unable to reach agreement on the
terms for such a license during such [***] day period, then Codiak shall be permitted to grant a license or similar rights under the Codiak IP to a third party for such purposes and on such terms as Codiak may determine; provided that for any deals
entered into during the one year period following the conclusion of the [***] negotiation period, the terms shall be no less favorable on the whole than the terms last offered by Kayla to Codiak. 

(d) Inventory, Upon the early termination of this Agreement, Codiak and its Affiliates and Sublicensees may complete and sell any
work-in-progress and inventory of Licensed Products that exist as of the effective date of termination, provided that (i) Codiak pays Kayla the applicable running royalty on such sales of Licensed Products in accordance with the terms and
conditions of this Agreement, and (ii) Codiak and its Affiliates and Sublicensees shall complete and sell all work-in-progress and inventory of Licensed Products within [***] months after the effective date of termination, 

(e) Accrued Obligations. Expiration or termination of this Agreement for any reason shall not relieve either Party of any liability or
obligation which accrued hereunder prior to the effective date of such termination or expiration. 
 11.5 Rights in Bankruptcy. All
rights and licenses granted under or pursuant to this Agreement by Kayla are, and shall otherwise be deemed to be, for purposes of Section 365(n) of the U.S. Bankruptcy Code, licenses of right to “intellectual property” as defined
under Section 101 of the U.S. Bankruptcy Code. The Parties agree that Codiak shall retain and may fully exercise all of its rights and elections under the U.S. Bankruptcy Code. The Parties further agree that, in the event of the commencement of
a bankruptcy proceeding by or against Kayla under the U.S. Bankruptcy Code, Codiak shall be entitled to a complete duplicate of (or complete access to, as appropriate) any intellectual property licensed to Codiak and all embodiments of

  
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such intellectual property, which, if not already in Codiak’s possession, shall be promptly delivered to it (a) upon any such commencement of a bankruptcy proceeding upon Codiak’s
written request therefor, unless Kayla elects to continue to perform all of its obligations under this Agreement or (b) if not delivered under clause (a), following the rejection of this Agreement by Kayla upon written request therefor by
Codiak. 
 11.6 Set-Off Rights. If Codiak has the right to terminate this Agreement under Section 11.3 because of an uncured
Material Breach by Kayla, but Codiak does not desire to terminate this Agreement, then Codiak shall be permitted to offset from time-to-time from the amounts owed by Codiak to Kayla hereunder, an amount equal to the undisputed damages suffered by
Codiak from such Material Breach. 
 ARTICLE 12 

DISPUTE RESOLUTION 
 12.1
Mandatory Procedures. The Parties agree that any dispute arising out of or relating to this Agreement shall be resolved solely by means of the procedures set forth in this Article 12, and that such procedures constitute legally binding
obligations that are an essential provision of this Agreement. If either Party fails to observe the procedures of this Article 12, as may be modified by their written agreement, the other Party may bring an action for specific performance of these
procedures in any court of competent jurisdiction. 
 12.2 Dispute Resolution Procedures. 

(a) The Parties shall negotiate in good faith and use reasonable efforts to amicably settle any dispute, controversy or claim arising from or
related to this Agreement or the breach thereof, except for any Excluded Claims. Either Party shall have the right to refer any such dispute to the Chief Executive Officer of Kayla and the Chief Executive Officer of Codiak (or their respective
designees) who shall attempt in good faith to resolve such dispute over a period of [***] days. 
 (b) In the event arises (each, a
“Dispute”), and the Executive Officers cannot resolve such Dispute pursuant to Section 12.2, then either Party may submit such Dispute to arbitration for final resolution by arbitration request (the “Arbitration
Request”) under the Rules of Arbitration of the International Chamber of Commerce (the “Rules”) by one or three arbitrators appointed in accordance with the said Rules (“Arbitration”). Any Arbitration may
be initiated by either Party in accordance with the Rules. The place of Arbitration shall be London, UK. 
 (c) Prompt resolution of any
dispute is important to both Parties; and the Parties agree that the arbitration of any dispute shall be conducted expeditiously. The arbitrators are instructed and directed to assume case management initiative and control over the arbitration
process (including scheduling of events, pre-hearing discovery and activities, and the conduct of the hearing), in order to complete the arbitration as expeditiously as is reasonably practical for obtaining a just resolution of the dispute. 

(d) Notwithstanding anything to the contrary in this Agreement, prior to or while an arbitration proceeding is pending, either Party has the
right to seek and obtain injunctive and other equitable relief from a court of competent jurisdiction to enforce that Party’s rights hereunder. 

  
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 (e) Notwithstanding the foregoing, any disputes arising hereunder with respect to the
inventorship, validity, enforceability or other aspect of intellectual property rights shall be resolved by a court of competent jurisdiction and not by arbitration (each such dispute, an “Excluded Claim”). 

(f) Except as set forth below and as necessary to obtain or enforce a judgment upon any arbitration award, the Parties shall keep confidential
the fact of the arbitration, the dispute being arbitrated, and the decision of the arbitrators. Notwithstanding the foregoing, the Parties may disclose information about the arbitration to Persons who have a need to know, such as directors,
trustees, management employees, witnesses, experts, investors, attorneys, lenders, insurers, actual or potential collaborators or corporate partners, actual or potential acquirors, and others who may be directly affected provided that such Persons
are bound to keep such information confidential. Additionally, if a Party has stock which is publicly traded, the Party may make such disclosures as are required by applicable securities laws, but shall use commercially reasonably efforts to seek
confidential treatment for such disclosure. 
 12.3 Performance to Continue. Each Party shall continue to perform its undisputed
obligations under this Agreement pending final resolution of any dispute arising out of or relating to this Agreement. 
 12.4 Statute of
Limitations. The Parties agree that all applicable statutes of limitation and time-based defenses (such as estoppel and laches) shall be tolled while the procedures set forth in Section 12.3 are pending. The Parties shall cooperate in
taking any actions necessary to achieve this result. 
 ARTICLE 13 

MISCELLANEOUS 
 13.1
Notice. Any notices required or permitted under this Agreement shall be in writing, shall specifically refer to this Agreement, and shall be sent by hand, recognized national overnight courier, confirmed electronic mail, or registered or
certified mail, postage prepaid, return receipt requested, to the following addresses or facsimile numbers of the Parties: 
 If to Kayla: 

Kayla S.A.S. 
 77, avenue de
Toulouse 
 31240 L’Union 

France 
 Attention: Chief
Executive Officer 
 With a copy to: 

McDermott Will & Emery 

23 rue de 1’Université 

75007 Paris 
 France 

[***] 

  
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 If to Codiak: 

Codiak Biosciences Inc. 
 500
Technology Square, 9th Floor 
 Cambridge, MA 02139 

Attention: Chief Business Officer 
 With a copy
to: 
 Goodwin Procter LLP 
 100
Northern Avenue 
 Boston, MA 02210 

[***] 
 All notices under this
Agreement shall be deemed effective upon receipt. A Party may change its contact information immediately upon written notice to the other Party in the manner provided in this Section 13.1. 

13.2 Governing Law. This Agreement and all disputes arising out of or related to this Agreement, or the performance, enforcement, breach
or termination hereof, and any remedies relating thereto, shall be construed, governed, interpreted and applied in accordance with the laws of the England and Wales, without regard to conflict of laws principles, except that questions affecting the
construction and effect of any patent shall be determined by the law of the country in which the patent shall have been granted. 
 13.3
Assignment. Without the prior written consent of the other Party hereto (which may be granted at the other Party’s discretion), neither Party shall sell, transfer, assign, delegate, pledge or otherwise dispose of, whether voluntarily,
involuntarily, by operation of law or otherwise, this Agreement or any of its rights or duties hereunder; provided, however, that either Party hereto may assign or transfer this Agreement or any of its rights or obligations hereunder, on notice to
but without the consent of the other Party (a) to any Affiliate of such Party; or (b) to any Third Party in connection with a change of control, merger, consolidation, stock sale or sale or transfer of all or substantially all of its
assets to which this Agreement relates, or other similar transaction or series of transactions. Any purported assignment or transfer in violation of this Section 13.3 shall be void ab initio and of no force or effect. 

13.4 Performance by Affiliates. Each Party may discharge any obligations and exercise any right hereunder through any of its Affiliates.
Each Party hereby guarantees the performance by its Affiliates of such Party’s obligations under this Agreement, and shall cause its Affiliates to comply with the provisions of this Agreement in connection with such performance. Any breach by a
Party’s Affiliate of any of such Party’s obligations under this Agreement shall be deemed a breach by such Party, and the other Party may proceed directly against such Party without any obligation to first proceed against such Party’s
Affiliate. 

  
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REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 13.5 Force Majeure. Neither Party shall be responsible for delays resulting from
causes beyond the reasonable control of such Party, including fire, explosion, flood, war, strike, or riot, provided that the nonperforming Party shall promptly give written notice to the other Party and provided further that the nonperforming Party
uses commercially reasonable efforts to avoid or remove such causes of nonperformance and continues performance under this Agreement with reasonable dispatch whenever such causes are removed. In case such force majeure event exceeds one year,
the Party not affected by the force majeure may terminate this Agreement. 
 13.6 Amendment and Waiver. This Agreement may be amended,
supplemented, or otherwise modified only by means of a written instrument signed by both Parties. Any waiver of any rights or failure to act in a specific instance shall relate only to such instance and shall not be construed as an agreement to
waive any rights or fail to act in any other instance, whether or not similar. 
 13.7 Severability. In the event that any provision
of this Agreement shall be held invalid or unenforceable for any reason, such invalidity or unenforceability shall not affect any other provision of this Agreement, and the Parties shall negotiate in good faith to modify the Agreement to preserve
(to the extent possible) their original intent. If the Parties fail to reach a modified agreement within [***] days after the relevant provision is held invalid or unenforceable, then the dispute shall be resolved in accordance with the procedures
set forth in Article 12. While the dispute is pending resolution, this Agreement shall be construed as if such provision were deleted by agreement of the Parties. 

13.8 Relationship of Parties. Nothing in this Agreement is intended or shall be deemed to constitute a partnership, agency,
employer-employee or joint venture relationship between the Parties. No Party shall incur any debts or make any commitments for the other, except to the extent, if at all, specifically provided herein. Except under Sections 8.1 and 8.2, there are no
express or implied third party beneficiaries hereunder. 
 13.9 Binding Effect. This Agreement shall be binding upon and inure to the
benefit of the Parties and their respective legal representatives, successors and assigns. 
 13.10 Counterparts: Facsimiles. This
Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all of which together shall be deemed to be one and the same instrument. Facsimile or PDF execution and delivery of this Agreement by either Party
shall constitute a legal, valid and binding execution and delivery of this Agreement by such Party. 
 13.11 Headings. All headings
are for convenience only and shall not affect the meaning of any provision of this Agreement. 
 13.12 Interpretation. The captions
and headings to this Agreement are for convenience only, and are to be of no force or effect in construing or interpreting any of the provisions of this Agreement. Unless specified to the contrary, references to Articles, Sections or Exhibits mean
the particular Articles, Sections or Exhibits to this Agreement and references to this Agreement include all Exhibits hereto. Unless context otherwise clearly requires, whenever used in this 

  
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Agreement: (a) the words “include” or “including” shall be construed as incorporating, also, “but not limited to” or “without limitation;”
(b) the word “day” or “year” means a calendar day or year unless otherwise specified; (c) the word “notice” shall mean notice in writing (whether or not specifically stated) and shall include notices,
consents, approvals and other written communications contemplated under this Agreement; (d) the words “hereof,” “herein,” “hereby” and derivative or similar words refer to this Agreement (including any Exhibits);
(e) the word “or” shall be construed as the inclusive meaning identified with the phrase “and/or;” (f) provisions that require that a Party or the Parties hereunder “agree,” “consent” or
“approve” or the like shall require that such agreement, consent or approval be specific and in writing, whether by written agreement, letter or otherwise; (g) words of any gender include the other gender; (h) words using the
singular or plural number also include the plural or singular number, respectively; and (i) the word “law” (or “laws”) when used herein means any applicable, legally binding statute, ordinance, resolution, regulation, code,
guideline, rule, order, decree, judgment, injunction, mandate or other legally binding requirement of a government entity, together with any then-current modification, amendment and re-enactment thereof, and any legislative provision substituted
therefor. 
 13.13 Entire Agreement. This Agreement constitutes the entire agreement between the Parties with respect to its subject
matter and supersedes all prior agreements or understandings between the Parties relating to its subject matter, except for the Confidentiality Agreement on the terms and conditions set forth in Article 10. 

[remainder of this page intentionally left blank] 

  
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 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their
duly authorized representatives. 
  

			
	KAYLA THERAPEUTICS S.A.S.	  	CODIAK BIOSCIENCES, INC.
		
	By: /s/ Michele Tiraby                     	  	By: /s/ Linda C. Bain                     
	Name: Michele Tiraby	  	Name: Linda C. Bain
	Title: President	  	Title: Chief Executive Officer

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 Exhibit A 

Disclosed STING Compounds 
 [***]

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 EXHIBIT B 

LICENSED KNOW-HOW 
 [***] 

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REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 EXHIBIT C 

QUANTITIES OF [***] AND OTHER MATERIALS TO BE TRANSFERRED 

[***] 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 EXHIBIT D 

ESTIMATED DEVELOPMENT PLAN AND TIMELINES (BASED ON COMMERCIALLY 

REASONABLE EFFORTS) 
 [***] 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 Exhibit 5.3 

Sublicensee Payments 

Example Calculations 
 This exhibit
provides examples for determining, in the event that Codiak sublicenses the Licensed IP, whether Kayla will receive the Development Milestones described in Section 5.2 or a portion of the Sublicensee Payments as described in Section 5.3.

 For the purpose of this exhibit, two examples of sublicense terms are provided. Both examples have the same total Development Milestone Payments. In the
first example, the sublicense development milestone events are the same as the Development Milestone Events in this Agreement. In the second example, the sublicense development milestone events in some cases precede the Development Milestone Events
in (his Agreement, and in other cases, follow the Development Milestone Events. 
 In the examples shown, the timing of the sublicense is assumed to be
prior to the first dosing of the [***], such that Kayla would receive the [***] of the [***] (Section 5.3(a)), i.e. [***]. 
 Methodology for
Determination of Payments to Kayla 
 Development Milestones and sublicensee development milestones will be grouped according to the clinical trial or
regulatory events with which they are associated. The groups of events are as follows: 
  

	 	•	 	 IND filing and Ph 1/2 patient dosing 

 

	 	•	 	 Pivotal Trial 

  

	 	•	 	 FDA, EMA, PMDA filing and approval 

If the sublicensee development milestone events are the same as the Development Milestone events, than Kayla will be paid the [***]of the [***] or the [***].

 For a given event group, If the sublicense milestone event occurs prior to the Development Milestone associated with that event group, then the allocated
portion of the sublicense milestone will be paid and will be credited towards the payment that will be made when the associated Development Milestone occurs. If the allocated portion of the sublicense milestone is less than the associated
Development Milestone, the balance of the Development Milestone will be paid when it occurs. If the allocated portion of the sublicense milestone which has been paid exceeds the associated Development Milestone, then the allocated portion of the
Sublicensee Payment will have been paid in lieu of the associated Development Milestone. 
 For a given event group, if the associated Development Milestone
precedes the sublicense milestone associated with that event group, the Development Milestone is paid when earned. If the Development Milestone is greater than the allocated portion of the associated sublicense milestone, no payment is made from the
sublicense milestone. If the Development Milestone is less than the allocated sublicense milestone associated with the activity, then the difference between the allocated sublicense milestone and the Development Milestone will be paid. 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 Example 1: Sublicense Events are the Same as Development Milestone Events in this Agreement 

[***] 
 Note; In above example, in each instance Kayla receives
[***]of the [***] or the [***]. 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 Example 2: Sublicense Events are Different from Development Milestone Events in this Agreement 

[***] 
 Exhibit 9.3(a) 

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

3. [***] 
 The above-referenced patent
applications are rolling provisional applications and together will convert to one or more nonprovisional patent application no later than [***].

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