Document:

EX-4.3

 Exhibit 4.3 

INVESTOR RIGHTS AGREEMENT 

BETWEEN 
 BELLICUM
PHARMACEUTICALS, INC. 
 AND 

ARIAD GENE THERAPEUTICS, INC. 

AND 
 ARIAD
PHARMACEUTICALS, INC. 

							
	 1.
	    	 Registration Rights
	  	 	1	  
			
	 2.
	    	 Covenants of the Company
	  	 	2	  
			
	 3.
	    	 Co-Sale Rights
	  	 	4	  
			
	 4.
	    	 Percentage Maintenance
	  	 	6	  
			
	 5.
	    	 Observer Rights
	  	 	8	  
			
	 6.
	    	 Miscellaneous
	  	 	9	  

 Exhibit 4.3 

INVESTOR RIGHTS AGREEMENT 

This INVESTOR RIGHTS AGREEMENT (the “Agreement”) is made as of July 25, 2006, by and between
Bellicum Pharmaceuticals, Inc., a Delaware corporation (the “Company” or “Bellicum”) having a place of business at Twelve Greenway Plaza, Suite 1380, Houston, Texas 77046, and ARIAD Pharmaceuticals,
Inc., and ARIAD Gene Therapeutics, Inc., both Delaware corporations with their principal place of business at 26 Landsdowne Street, Cambridge, Massachusetts 02139 (collectively, the “Investor”). 

WHEREAS, the Company and the Investor have entered into a License Agreement (the “License Agreement”) regarding
certain proprietary Licensed Patents and Licensed Technology (as those terms are defined in the License Agreement; and 

WHEREAS, the Company has issued and sold (and in the future will issue and sell) to the Investor certain shares of its common stock,
par value $.01 per share (the “Common Stock”) pursuant to a Stock Purchase Agreement of even date herewith (the “Stock Purchase Agreement”); and 

WHEREAS, as a condition to entering into the Stock Purchase Agreement, the Company has agreed to grant the Investor certain rights and
covenants set forth herein; 
 NOW, THEREFORE, in consideration of the premises and mutual agreements set forth herein and for other good
and valuable consideration, the receipt and sufficiency of which are hereby mutually acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows. Initially capitalized terms not otherwise defined herein shall have the
meanings ascribed to them in the Stock Purchase Agreement: 
 1. Registration Rights. The Company hereby covenants and agrees with
the Investor that at such time as the Company extends piggyback registration rights to any purchaser  

 
of the Company’s preferred stock or Convertible Securities it will extend piggyback registration rights to the Investor, which will be identical in scope and priority, with the initial grant
of piggyback registration rights granted to any purchaser of at least one million dollars ($1,000,000) of the Company’s preferred stock or Convertible Securities and will be transferable to any person or entity to which Investor transfers not
less than 50,000 shares of Common Stock, as adjusted to reflect stock splits, stock dividends, recapitalizations similar divisions and combinations. 

2. Covenants of the Company. 

2.1 Delivery of Financial Statements to Investor. The Company shall deliver to the Investor, as long as the Investor holds not
less than 100,000 shares of Common Stock of the Company, as adjusted to reflect stock splits, stock dividends, recapitalizations similar divisions and combinations: 

(a) as soon as practicable, but in any event within one hundred eighty (180) days after the end of each fiscal year of the
Company, an income statement for such fiscal year, a balance sheet of the Company and statement of stockholder’s equity as of the end of such year, such year-end financial reports to be in reasonable detail, prepared in accordance with
generally accepted accounting principles (“GAAP”), and audited and certified by independent public accountants of nationally recognized standing selected by the Company; 

(b) as soon as practicable, but in any event within thirty (30) days after the end of each of the first three (3) quarters of each
fiscal year of the Company, beginning with the quarter ending June 30, 2006, an unaudited profit or loss statement for such fiscal quarter and an unaudited balance sheet as of the end of such fiscal quarter. 

(c) with respect to the financial statements called for in subsection (b) of this Section 2.1, an instrument executed by the Chief
Financial Officer or Chief Executive 

  
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Officer of the Company and certifying that such financial statements were prepared in accordance with GAAP consistently applied with prior practice for earlier periods (with the exception of
footnotes that may be required by GAAP) and fairly present the financial condition of the Company and its results of operations for the period specified, subject to year-end audit adjustment. 

(d) at such time at substantially similar financial reporting rights are granted to a purchaser of the Company’s preferred stock, the
provisions of Section 2.1 shall be automatically amended to conform to the provisions of such grant, and the entitlement of the Investor to receive financial information pursuant to Section 2.1 shall be deemed satisfied by the delivery to
Investor of the information required to be provided to such preferred stock investors. 
 2.2 Limitation on Access to
Information. The information provided by the Company pursuant to Section 2.1 shall be treated as Confidential Information as defined in the License Agreement and shall be subject to Article 5 thereof; provided, that,
notwithstanding anything to the contrary in Section 2.1 above, the Company reserves the right not to provide information to the Investor (i) if delivery of such information to the Investor would result in disclosure to the Investor of
(A) proprietary or strategic information relating to the Company’s corporate partnering programs other than those involving a Sublicense under the License Agreement, (B) the Company’s know-how or confidential trade secrets other
than Bellicum Technology (as defined in the License Agreement) or (C) information subject to attorney-client privilege, provided, further, that nothing contained in this Section 2.2 shall limit the
Investor’s rights or the Company’s obligations under the License Agreement or the Stock Purchase Agreement. 

  
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 2.3 Termination of Information; Assignment. The covenants set forth in
Section 2.1 shall terminate as to the Investor and be of no further force or effect on the earlier of the Equity Termination Date or when the Company first becomes subject to the periodic reporting requirements of Sections 12(g) or 15(d) of the
1934 Act. The rights to receive and have access to information relating to the Company pursuant to Section 2.1 may be assigned (but only with all related obligations) by the Investor in the event of a merger, consolidation or sale of all or
substantially all of the assets of the Investor or as a result of the assignment by the Investor of all of its rights hereunder, provided (a) the Company is, within a reasonable time after such transfer, furnished with written notice of the
name and address of such transferee or assignee and the securities with respect to which such information rights are being assigned; and (b) such transferee or assignee agrees in writing to be bound by and subject to the terms and conditions of
this Agreement and enters into a confidentiality agreement with the Company containing substantially similar confidentiality obligations to the Company as those contained in the License Agreement. 

3. Co-Sale Rights. 

3.1 (a) In the event that Kevin Slawin, M.D. or any transferee of his in a transaction not subject to this Article 3 pursuant to
Section 3.1(d) (the “Co-Sale Offeree”) receives a bona fide offer from a third party or parties, other than the Company or any Permitted Transferee (as defined below) (the “Co-Sale Offeror”), to acquire any of
his equity in the Company (the “Take-Along Shares”) for a specified price payable in cash or otherwise and on specified terms and conditions (the “Co-Sale Offer”), and the
Co-Sale Offeree proposes to sell or otherwise transfer any or all of the Take-Along Shares to the Co-Sale Offeror pursuant to the Co-Sale Offer, Investor shall have the right to sell to the Co-Sale Offeror, at
the same price per 

  
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share and on the same terms and conditions as stated in the Co-Sale Offer, such number of shares equal to the Take-Along Shares multiplied by a fraction, the numerator of which shall be the
number of shares of Common Stock owned by Investor and the denominator of which shall be the sum of the number of shares of Common Stock (assuming exercise or conversion of all Convertible Securities) owned by the Co-Sale Offeree plus the number of
shares of Common Stock (assuming exercise or conversion of all Convertible Securities) owned by the Investor. Promptly upon receipt of a Co-Sale Offer, the Co-Sale Offeree will send a copy of the document outlining the terms of the proposed transfer
to the Investor (with a copy to the Company), which shall include the name of the proposed transferee, the proposed purchase price per share, the terms of payment of such purchase price and all other matters relating to such sale (the
“Proposal”). 
 (b) If Investor wishes to participate in any sale pursuant to Section 3.1(a) it shall notify
the Co-Sale Offeree in writing of such intention and the number of shares it wishes to sell pursuant to this Section 3.1(b) not later than twenty (20) days after delivery of the Proposal. If the Co-Sale Offeree does not receive such notice
from Investor within such twenty (20) day period, the Co-Sale Offeree shall, subject to the provision of Section 3.1(b), be free to consummate the proposed transaction without any obligation to include shares owned by Investor in such
transaction. 
 (c) The Co-Sale Offeree and Investor, after having provided timely notice, shall sell to the Co-Sale Offeror all of the
shares proposed to be sold by them at not less than the price and upon other terms and conditions, if any, not more favorable to the Co-Sale Offeror than those stated in the Co-Sale Offer. 

  
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 (d) The restrictions on transfer contained in this Section 3.1 shall not apply to transfers
by any Co-Sale Offeree (a) to such Co-Sale Offeree’s children or other member of such Co-Sale Offeree’s immediate family, or to a trust for the sole benefit of such persons, (b) to a limited liability company or family limited
partnership controlled by such Co-Sale Offeree, (c) to such Co-Sale Offeree’s guardian or conservator, (d) in the event of such Co-Sale Offeree’s death, to such Co-Sale Offeree’s executor(s) or administrator(s), or
(e) to Bellicum pursuant to the Plan and any related restricted stock agreement or stock option agreement; provided that such transferee agrees in writing to be bound by the provisions of this Section 3 as a Co-Sale Offeree. 

(e) The Co-Sale rights set forth in this Article 3 (i) shall be transferable to any person or entity to which Investor transfers not
less than 100,000 shares of Common Stock, as adjusted to reflect stock splits, stock dividends, recapitalizations similar divisions and combinations, and (ii) shall terminate on the Equity Termination Date as defined in the Stock Purchase
Agreement. 
 4. Percentage Maintenance. 

4.1 Notice of New Issuance. From and after the date of consummation of a Qualified Financing, except with respect to
“Exempt Issuances” as defined in Paragraph 4.3 below, in the event that the Company issues any shares of Common Stock or any Convertible Securities, the Company will deliver to Investor a written notice (the “Offer Notice”) upon
the completion of such issuance (the “New Issuance”), stating the price and other terms and conditions thereof. 
 4.2
Right to Purchase Shares or Convertible Securities. Subject to Paragraph 3.3 hereof, in the event of a New Issuance (other than an Exempt Issuance), Investor 

  
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shall have the right to purchase all (or any portion) of a number of shares of Common Stock or Convertible Securities at the price and on the terms upon which the New Issuance was made, such
price to be paid in full in cash or by check at the time of issuance of such securities to Investor so that, after giving effect to the issuance to Investor and the conversion, exercise and exchange into or for (whether directly or indirectly)
shares of Common Stock of all such Convertible Securities, Investor will continue to maintain its same proportionate ownership of Common Stock as of the date immediately preceding the New Issuance, treating Investor for the purpose of such
computation, as the holder of the number of shares of Common Stock which would be issuable to it upon conversion, exercise and exchange of all Convertible Securities held by them on the date immediately preceding the New Issuance and assuming the
like conversion, exercise and exchange of all such securities held by other persons. The rights set forth in this Paragraph 4.2 shall be exercised by Investor, if at all, by written notice to the Company delivered not later than thirty
(30) days after the receipt by Investor of the Offer Notice in accordance with the terms and conditions stated therein, and such right shall expire at the end of the thirtieth day after the day of the receipt by Investor of the Offer Notice.

 4.3 Exempt Issuances. The issuances referred to in Paragraph 4.1 which will not give Investor the rights described
in Paragraph 4.2 (the “Exempt Issuances”) are issuances in which shares of Common Stock or Rights or Convertible Securities of the Company are issued (i) upon conversion of the preferred stock of the Company or any other Convertible
Securities outstanding as of the date of this Agreement, (ii) as a dividend, stock split or distribution payable pro rata to all holders of Common Stock or Convertible Securities; (iii) to employees, officers, directors or consultants of
the Company pursuant to the Company’s Stock Plan, (iv) in a Dilutive Financing or (v) in a transaction the primary purpose of which is other than financing the Company, including but not limited to an equipment lease or loan, a
license, a strategic alliance or an acquisition. 

  
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 4.4. Assignment. The rights granted to Investor under this Paragraph
4 shall be assignable to any party to which the Investor transfers not less than 100,000 shares of Common Stock, as adjusted to reflect stock splits, stock dividends, recapitalizations similar divisions and combinations. 

4.5 Termination. The rights granted under this Paragraph 4 shall terminate immediately before the consummation by the
Company of an Initial Public Offering or a Company Sale. 
 5. Observer Rights. For so long as the Investor owns not less than
100,000 shares of Common Stock, as adjusted to reflect stock splits, stock dividends, recapitalizations similar divisions and combinations, from and after the Effective Date, one representative of Investor (the “Observer”),
shall be entitled to (a) be present at all meetings of the Board of Directors of Bellicum or any Executive Committee thereof, and (b) notification of any such meetings, including such meetings’ time and place, in the same manner as
the Directors of the Company. The Observer shall have the same access to information concerning the business and operations of Bellicum and at the same time as the directors of Bellicum. Notwithstanding the above, the Observer shall not be a
director. As such, the Observer shall not have the right to vote at any meetings. Bellicum, in its sole discretion, reserves the right to exclude any Observer from all or part of any meeting of the Board of Directors of Bellicum to the extent
reasonably necessary to protect confidential information of Bellicum to which Investor is not entitled under the License Agreement or maintain a legal privilege with respect to information of Bellicum. Notwithstanding anything to the contrary
herein, the prohibitions and rights provided in this Section 4 will terminate upon the Equity Termination Date. The rights granted under this Paragraph 5 are personal to the Investor and may not be assigned. 

  
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 6. Miscellaneous. 

6.1 Successors and Assigns; Subsequent Parties. The terms and conditions of this Agreement shall inure to the benefit of
and be binding upon the respective successors and permitted assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any
rights, remedies, obligations, or liabilities under or by reason of this Agreement. Subject to the terms of this Agreement, no party hereby may assign its rights or obligations hereunder without the prior written consent of the other parties;
provided, however, that either party may, without the written consent of the other party, assign this Agreement and its rights and delegate its obligations hereunder in connection with the transfer or sale of all or substantially all of such
party’s assets or business related to this Agreement or in the event of its merger, consolidation, change in control or similar transaction. Any permitted assignee shall assume all obligations of its assignor under this Agreement. Any purported
assignment in violation of this Section 6.1 or another express provision of this Agreement shall be void. 
 6.2 Governing
Law. This Agreement will be construed, interpreted and applied in accordance with the laws of the State of Delaware (excluding its body of law controlling conflicts of law). 

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

  
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 6.4 Waiver. The terms or conditions of this Agreement may be waived only by
a written instrument executed by the Party waiving compliance. The failure of either party at any time or times to, require performance of any provision hereof shall in no manner affect its rights at a later time to enforce the same. No waiver by
either party of any condition or term shall be deemed as a continuing waiver of such condition or term or of another condition or term. 

6.5 Headings. Section and subsection headings are inserted for convenience of reference only and do not form part of this
Agreement. 
 6.6 Force Majeure. Neither party shall be liable for failure of or delay in performing obligations set
forth in this Agreement, and neither shall be deemed in breach of its obligations, if such failure or delay is due to natural disasters or any causes beyond the reasonable control of such party. In event of such force majeure, the party
affected thereby shall use reasonable efforts to cure or overcome the same and resume performance of its obligations hereunder. 

6.7 Notices. Unless otherwise provided, all notices, requests, consents and other communications hereunder shall be in
writing, shall be addressed to the receiving party’s address set forth below or to such other address as a party may designate by notice hereunder, and shall be either (i) delivered by hand, (ii) made by telecopy or facsimile
transmission, (iii) sent by overnight courier providing evidence of delivery, or (iv) sent by registered or certified mail, return receipt requested, postage prepaid. 

  
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	If to the Company:	  	Bellicum Pharmaceuticals, Inc.
		  	Twelve Greenway Plaza, Suite 1380
		  	Houston, TX 77046
		  	Attn: Chief Executive Officer
		
	With a copy to:	  	Bracewell & Giuliani, LLP
		  	South Tower Pennzoil Place
		  	711 Louisiana St, STE 2300
		  	Houston, Texas 77002-2770
		  	Attn: William D. Gutermuth, Esq.
		
	If to the Investor:	  	ARIAD Pharmaceuticals, Inc.
		  	26 Landsdowne Street
		  	Cambridge, MA 02139
		  	Attn: Chief Executive Officer
		
	With a copy to:	  	Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
		  	One Financial Center
		  	Boston, MA 02111
		  	Attn: Jeffrey M. Wiesen, Esquire
		  	Facsimile: (617) 542-2241

 All notices, requests, consents and other communications hereunder shall be deemed to have been given either
(i) if by hand, at the time of the delivery thereof to the receiving party at the address of such party set forth above, (ii) if made by telecopy or facsimile transmission, at the time that receipt thereof has been acknowledged by
electronic confirmation or otherwise, (iii) if sent by overnight courier, on the next business day following the day such notice is delivered to the courier service, or (iv) if sent by registered or certified mail, on the fifth business
day following the day such mailing is made. 
 6.8 Expenses. If any action at law or in equity is necessary to enforce
or interpret the terms of this Agreement, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled. 

  
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 6.9 Amendments. Any term of this Agreement may be amended only with the
written consent of the Company and the Investor; provided, however, that any amendment to the provisions of Section 3 shall require the written consent of Kevin M. Slawin, M.D. 

6.10 Severability. If any provision(s) of this Agreement are or become invalid, are ruled illegal by any court of
competent jurisdiction or are deemed unenforceable under then current applicable law from time to time in effect during the term hereof, it is the intention of the parties that the remainder of this Agreement shall not be affected thereby provided
that a party’s rights under this Agreement are not materially affected. The parties hereto covenant and agree to renegotiate any such term, covenant or application thereof in good faith in order to provide a reasonably acceptable alternative to
the term, covenant or condition of this Agreement or the application thereof that is invalid, illegal or unenforceable, it being the intent of the parties that the basic purposes of this Agreement are to be effectuated. 

6.11 Entire Agreement. This is the entire Agreement between the Parties with respect to the subject matter hereof and supersedes
all prior representations, understandings and agreements between the Parties with respect to the subject matter hereof. 
 6.12
Construction. The parties hereby acknowledge and agree that: (i) each party and its counsel reviewed and negotiated the terms and provisions of this Agreement and have contributed to its revision; (ii) the rule of construction
to the effect that any ambiguities are resolved against the drafting party shall not be employed in the interpretation of this Agreement; and (iii) the terms and provisions of this Agreement shall be construed fairly as to all parties hereto
and not in a favor of or against any party, regardless of which party was generally responsible for the preparation of this Agreement. 

  
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 6.13 Remedies. It is specifically understood and agreed that any breach of the
provisions of this Agreement by any person subject hereto will result in irreparable injury to the other parties hereto, that the remedy at law alone will be an inadequate remedy for such breach, and that, in addition to any other remedies which
they may have, such other parties may enforce their respective rights by actions for specific performance (to the extent permitted by law). 

6.14 Status. Nothing in this Agreement is intended or shall be deemed to constitute a partner, agency, employer-employee, or
joint venture relationship between the parties. 
 6.15 Further Assurances. Each party agrees to execute, acknowledge and
deliver such further instructions, and to do all such other acts, as may be necessary or appropriate in order to carry out the purposes and intent of this Agreement. 

6.16 Counterparts. This Agreement may be executed simultaneously in one or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. 
 6.17 Authority of ARIAD Pharmaceuticals,
Inc. ARIAD Gene Therapeutics, Inc. (“AGTI”) hereby appoints ARIAD Pharmaceuticals, Inc. (“API”) as its exclusive proxy and agent with respect to its ownership of Common Stock and for all purposes of this Agreement, and
hereby instructs Bellicum to deal solely with API and to treat API as if it is the sole owner of the Common Stock owned by AGTI and API. Subject to this Section 6.17, AGTI and API may freely transfer their interest in the Common Stock between
them. AGTI and API jointly and severally agree to indemnify and hold Bellicum harmless from any and all loss, costs, liability, claim or expense incurred by the Company as the result of claims against the Company with respect to actions taken in
compliance with this instruction. The proxy and grant 

  
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of agency authority granted hereby is coupled with an interest and shall not be revocable without the written consent an acknowledgement of the Company, which shall not be unreasonably withheld.

 [THE REMAINDER OF THE PAGE IS LEFT INTENTIONALLY BLANK] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Investor Rights Agreement
or caused this Agreement to be executed by their duly authorized representatives, as of the date first written above. 
  

					
	COMPANY:
	
	BELLICUM PHARMACEUTICALS, INC.
		
	By:	 	 /s/ Kevin M. Slawin, M.D.

		 	Name:	 	 Kevin M. Slawin

		 	Title:	 	 President

	
	INVESTOR:
	
	ARIAD PHARMACEUTICALS, INC.
		
	By:	 	 /s/ Laurie A. Allen

		 	Laurie A. Allen
		 	Senior Vice President, Legal and Business Development
	
	ARIAD GENE THERAPEUTICS, INC.
		
	By:	 	 /s/ Harvey J. Berger

		 	Harvey J. Berger, M.D.
		 	President and Chief Executive Officer
	
	JOINDER OF KEVIN SLAWIN, M.D.:
	
	The undersigned, Kevin M. Slawin, M.D., hereby joins this Agreement solely for purposes of Section 3 and agrees to be bound by the provisions of Section 3.
	
	 /s/ Kevin M. Slawin

	Kevin M. Slawin, M.D.

  
 - 15 -EX-4.4

 Exhibit 4.4 

THIS WARRANT AND THE UNDERLYING SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). THEY MAY NOT BE
SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED UNLESS (A) THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT COVERING ANY SUCH TRANSACTION INVOLVING THESE SECURITIES, (B) THE COMPANY RECEIVES AN OPINION OF LEGAL COUNSEL IN A FORM
REASONABLY SATISFACTORY TO THE COMPANY STATING THAT SUCH TRANSACTION IS EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE ACT OR (C) THE COMPANY OTHERWISE SATISFIES ITSELF THAT SUCH TRANSACTION IS EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE
ACT. 
 BELLICUM PHARMACEUTICALS, INC. 

WARRANT TO PURCHASE SERIES C PREFERRED STOCK 
  

			
	No. PCW-    	  	August 22, 2014

 Void After August 22, 2019 

THIS CERTIFIES THAT, for value received,
[                    ], with its principal office at
[                    ], or assigns (the “Holder”), is entitled to subscribe for and purchase at the Exercise Price (defined
below) from BELLICUM PHARMACEUTICALS, INC., a Delaware corporation, with its principal office at 2130 W. Holcombe Blvd., #850, Houston, TX 77030 (the “Company”) up to
[                    ] shares of the Series C Preferred Stock of the Company (the “Preferred Stock”). 

Immediately prior to the closing of the Company’s initial public offering, this Warrant shall become exercisable for that number of
shares of Common Stock of the Company into which the shares of Preferred Stock issuable under this Warrant would then be convertible, so long as such shares, if this Warrant has been exercised prior to such offering, would have been converted into
shares of the Company’s Common Stock pursuant to the automatic conversion provisions (or otherwise) of the Company’s Certificate of Incorporation. 

This Warrant is being issued pursuant to the terms of the Series C Preferred Stock and Warrant Purchase Agreement, dated
August 22, 2014 by and among the Company and the Purchasers therewith (the “Purchase Agreement”).  

1. DEFINITIONS. As used herein, the following terms shall have the following
respective meanings: 
 (a) “Exercise Period” shall mean the period commencing with the date hereof and
ending five (5) years later, unless sooner terminated as provided below. 
 (b) “Exercise Price” shall
mean $6.00 per share, subject to adjustment pursuant to Section 4 below. 

  
 1. 

 (c) “Exercise Shares” shall mean the shares of the Company’s
Preferred Stock issuable upon exercise of this Warrant, subject to adjustment pursuant to the terms herein, including but not limited to adjustment pursuant to Section 4 below. 

(d) “Qualifying IPO” shall mean a firm-commitment underwritten public offering pursuant to an effective
registration statement under the Securities Act of 1933, as amended, on the NASDAQ Global Market, the NASDAQ Capital Market or the New York Stock Exchange, at a per share price of not less than $6.50 (as adjusted for any stock dividends,
combinations, splits, recapitalizations and the like with respect to such shares after the filing date of the Company’s Third Amended and Restated Certificate of Incorporation) and resulting in at least $50,000,000 of gross proceeds, prior to
underwriting discounts, commissions and expenses, to the Company. 
 2. EXERCISE OF
WARRANT. The rights represented by this Warrant may be exercised in whole or in part at any time during the Exercise Period, by delivery of the following to the Company at its address set forth above (or at such other address as
it may designate by notice in writing to the Holder): 
 (a) An executed Notice of Exercise in the form attached hereto; 

(b) Payment of the Exercise Price (which may take the form of a “cashless exercise” if so indicated in the Notice of Exercise
and if a “cashless exercise” may occur at such time pursuant to Section 2.1 below) either (i) in cash or by check, (ii) by cancellation of indebtedness or (iii) by any combination of the foregoing; and 

(c) This Warrant. 
 Upon
the exercise of the rights represented by this Warrant, a certificate or certificates for the Exercise Shares so purchased, registered in the name of the Holder or persons affiliated with the Holder, if the Holder so designates, shall be issued and
delivered to the Holder within a reasonable time after the rights represented by this Warrant shall have been so exercised. 
 The person in
whose name any certificate or certificates for Exercise Shares are to be issued upon exercise of this Warrant shall be deemed to have become the holder of record of such shares on the date on which this Warrant was surrendered and payment of the
Exercise Price was made, irrespective of the date of delivery of such certificate or certificates, except that, if the date of such surrender and payment is a date when the stock transfer books of the Company are closed, such person shall be deemed
to have become the holder of such shares at the close of business on the next succeeding date on which the stock transfer books are open. 

2.1 Net Exercise Following March 31, 2015. Notwithstanding any provisions herein to the contrary, if the fair market value of one
share of the Company’s Preferred Stock is greater than the Exercise Price (at the date of calculation as set forth below), in lieu of exercising this Warrant by payment of cash, the Holder may elect to receive shares equal to the value (as
determined below) of this Warrant (or the portion thereof being canceled) by surrender of this Warrant at the principal office of the Company together with the properly endorsed Notice of Exercise in which event the Company shall issue to the Holder
a number of shares of Preferred Stock computed using the following formula: 
  

					
	X	 	=	  	Y (A-B)
		 		  	     A

  
 2. 

							
	Where	  	X	  	=	  	the number of shares of Preferred Stock to be issued to the Holder
				
		  	Y	  	=	  	the number of shares of Preferred Stock purchasable under the Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being canceled (at the date of such calculation)
				
		  	A	  	=	  	the fair market value of one share of the Company’s Preferred Stock (at the date of such calculation)
				
		  	B	  	=	  	Exercise Price (as adjusted to the date of such calculation)

 For purposes of the above calculation, the fair market value of one share of Preferred Stock shall be
determined by the Company’s Board of Directors in good faith; provided, however, that in the event that this Warrant is exercised pursuant to this Section 2.1 in connection with the Company’s initial public offering of its Common
Stock, the fair market value per share shall be the product of (i) the per share offering price to the public of the Company’s initial public offering, and (ii) the number of shares of Common Stock into which each share of Preferred
Stock is convertible at the time of such exercise. 
 Notwithstanding anything to the contrary herein, the Holder may not make the election
provided for in this Section 2.1 prior to April 1, 2015. 
 3. COVENANTS OF THE
COMPANY. 
 3.1 Covenants as to Exercise Shares. The Company covenants and agrees that all Exercise Shares that
may be issued upon the exercise of the rights represented by this Warrant will, upon issuance, be validly issued and outstanding, fully paid and nonassessable, and free from all taxes, liens and charges with respect to the issuance thereof. The
Company further covenants and agrees that the Company will at all times during the Exercise Period, have authorized and reserved, free from preemptive rights, a sufficient number of shares of its Preferred Stock to provide for the exercise of the
rights represented by this Warrant. If at any time during the Exercise Period the number of authorized but unissued shares of Preferred Stock shall not be sufficient to permit exercise of this Warrant, the Company will take such corporate action as
may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Preferred Stock to such number of shares as shall be sufficient for such purposes. 

3.2 Notices of Record Date. In the event of any taking by the Company of a record of the holders of any class of securities for the
purpose of determining the holders thereof who are entitled to receive any dividend (other than a cash dividend which is the same as cash dividends paid in previous quarters) or other distribution, the Company shall mail to the Holder, at least ten
(10) days prior to the date specified herein, a notice specifying the date on which any such record is to be taken for the purpose of such dividend or distribution. 

  
 3. 

 4. ADJUSTMENT OF EXERCISE
PRICE. In the event of changes in the outstanding Series C Preferred Stock of the Company by reason of stock dividends, split-ups, recapitalizations, reclassifications, combinations or exchanges of shares, separations,
reorganizations, liquidations, or the like, the number and class of shares available under the Warrant in the aggregate and the Exercise Price shall be correspondingly adjusted to give the Holder of the Warrant, on exercise for the same aggregate
Exercise Price, the total number, class, and kind of shares as the Holder would have owned had the Warrant been exercised prior to the event and had the Holder continued to hold such shares until after the event requiring adjustment; provided,
however, that such adjustment shall not be made with respect to, and this Warrant shall terminate if not exercised prior to, the events set forth in Section 6 below. The form of this Warrant need not be changed because of any adjustment in the
number of Exercise Shares subject to this Warrant. 
 5. FRACTIONAL SHARES. No fractional shares shall
be issued upon the exercise of this Warrant as a consequence of any adjustment pursuant hereto. All Exercise Shares (including fractions) issuable upon exercise of this Warrant may be aggregated for purposes of determining whether the exercise would
result in the issuance of any fractional share. If, after aggregation, the exercise would result in the issuance of a fractional share, the Company shall, in lieu of issuance of any fractional share, pay the Holder otherwise entitled to such
fraction a sum in cash equal to the product resulting from multiplying the then current fair market value of an Exercise Share by such fraction. 

6. EARLY TERMINATION. In the event of, at any time during the Exercise Period, a consolidation or merger
of the Company with or into another corporation (other than a merger solely to effect a reincorporation of the Company into another state) or the sale or other disposition of all or substantially all the properties and assets of the Company in its
entirety to any other person, the Company shall provide to the Holder at least twenty (20) days advance written notice of such consolidation, merger or sale or other disposition of the Company’s assets, and this Warrant shall terminate
unless exercised prior to the occurrence of such consolidation, merger or sale or other disposition of the Company’s assets. In the event of Qualifying IPO pursuant to a registration statement filed with the U.S. Securities and Exchange
Commission (the “SEC”) under the Act and declared effective on or prior to March 31, 2015 (the date of such declaration of effectiveness by the SEC is referred to below as the “effective date”),
the Company shall provide to the Holder at least twenty (20) days advance written notice of such public offering, and this Warrant shall terminate unless exercised on or prior to the date immediately following the effective date. 

7. NO STOCKHOLDER RIGHTS. This Warrant in and of itself shall not entitle the Holder to
any voting rights or other rights as a stockholder of the Company. 
 8. TRANSFER OF
WARRANT. Subject to applicable laws, the restriction on transfer set forth on the first page of this Warrant, and any restrictions applicable to the transfer of shares set forth in the Company’s bylaws, as they may be amended
from time to time, or an agreement between the Company and the Holder, this Warrant and all rights hereunder are transferable, by 

  
 4. 

 
the Holder in person or by duly authorized attorney, upon delivery of this Warrant and the form of assignment attached hereto to any transferee designated by Holder. The transferee shall sign an
investment letter in form and substance satisfactory to the Company. 
 9. LOST, STOLEN,
MUTILATED OR DESTROYED WARRANT. If this Warrant is lost, stolen, mutilated or destroyed, the Company may, on such terms as to indemnity or otherwise as it may reasonably impose (which
shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination and tenor as the Warrant so lost, stolen, mutilated or destroyed. Any such new Warrant shall constitute an original contractual
obligation of the Company, whether or not the allegedly lost, stolen, mutilated or destroyed Warrant shall be at any time enforceable by anyone. 

10. NOTICES, ETC. All notices required or permitted hereunder shall be in writing and shall be deemed
effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed telex or facsimile if sent during normal business hours of the recipient, if not, then on the next business day, (c) five
(5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written
verification of receipt. All communications shall be sent to the Company at the address listed on the signature page and to Holder at the address first written above or at such other address as the Company or Holder may designate by at least ten
(10) days advance written notice to the other parties hereto. 
 11. ACCEPTANCE. Receipt of this Warrant by the
Holder shall constitute acceptance of and agreement to all of the terms and conditions contained herein. 
 12. GOVERNING
LAW. This Warrant and all rights, obligations and liabilities hereunder shall be governed by the laws of the State of Delaware. 

  
 5. 

 IN WITNESS WHEREOF, the
Company has caused this Warrant to be executed by its duly authorized officer as of the date first set forth above. 
  

			
	BELLICUM PHARMACEUTICALS, INC.
		
	By:	 	  

 
			
		
	Name:	 	Thomas J. Farrell

 
			
		
	Title:	 	President and Chief Executive Officer

 
			
		
	Address:	 	2130 West Holcombe Boulevard
		 	Suite 850
		 	Houston, Texas 77030

 NOTICE OF EXERCISE 

TO: BELLICUM PHARMACEUTICALS, INC. 

(1)  ̈ The undersigned hereby elects to purchase
                shares of the Series C Preferred Stock of BELLICUM PHARMACEUTICALS,
INC. (the “Company”) pursuant to the terms of the attached Warrant, and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any. 

       ̈ The undersigned hereby elects to purchase
                shares of the Series C Preferred Stock of BELLICUM PHARMACEUTICALS, INC. (the
“Company”) pursuant to the terms of the net exercise provisions set forth in Section 2.1 of the attached Warrant, and shall tender payment of all applicable transfer taxes, if any. 

(2) Please issue a certificate or certificates representing said shares of Series C Preferred Stock in the name of the undersigned or
in such other name as is specified below: 
  

 
 (Name) 

 
  

 
  

(Address) 
 (3) The
undersigned represents that (i) the aforesaid shares of Series C Preferred Stock are being acquired for the account of the undersigned for investment and not with a view to, or for resale in connection with, the distribution thereof and that
the undersigned has no present intention of distributing or reselling such shares; (ii) the undersigned is aware of the Company’s business affairs and financial condition and has acquired sufficient information about the Company to reach
an informed and knowledgeable decision regarding its investment in the Company; (iii) the undersigned is experienced in making investments of this type and has such knowledge and background in financial and business matters that the undersigned
is capable of evaluating the merits and risks of this investment and protecting the undersigned’s own interests; (iv) the undersigned understands that the shares of Series C Preferred Stock issuable upon exercise of this Warrant have not
been registered under the Securities Act of 1933, as amended (the “Securities Act”), by reason of a specific exemption from the registration provisions of the Securities Act, which exemption depends upon, among other things,
the bona fide nature of the investment intent as expressed herein, and, because such securities have not been registered under the Securities Act, they must be held indefinitely unless subsequently registered under the Securities Act or an exemption
from such registration is available; (v) the undersigned is aware that the aforesaid shares of Series C Preferred Stock may not be sold pursuant to Rule 144 adopted under the Securities Act unless certain conditions are met and until the
undersigned has held the shares for the number of years prescribed by Rule 144, that among the conditions for use of the Rule is the availability of current information to the public about the Company and the Company has not made such information
available and has no present plans to do so; and (vi) the undersigned agrees not to make any disposition of all or any part of the aforesaid shares of Series C Preferred Stock unless and until there is then in effect a registration statement
under the Securities Act covering such proposed disposition and such disposition is made in accordance with said registration statement, or the undersigned has provided the Company with an opinion of counsel satisfactory to the Company, stating that
such registration is not required. 
  

					
	  
	 		 	  

	(Date)	 		 	(Signature)
			
		 		 	  

		 		 	(Print name)

 ASSIGNMENT FORM 

(To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.) 

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby
are hereby assigned to 
  

			
	Name:	  	  

					
	(Please Print)

			
		
	Address:	  	  

	(Please Print)
	
	Dated:             , 201    

					
			
	Holder’s	  		 	
	Signature:	  	  
	 	
			
	Holder’s	  		 	
	Address:	  	  
	 	

 NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant,
without alteration or enlargement or any change whatever. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.

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