Document:

EX-10.21

 Exhibit 10.21 

INTRINSIC MEDICINE, INC. 
 April 3,
2022 
 Jason Ferrone 
 Intrinsic Medicine, Inc. 

500 Yale Avenue North 
 Seattle, WA 98109 

 

	RE:	 Retention Agreement 

Dear Jason: 
 As an incentive for you to remain
with INTRINSIC MEDICINE, INC. (the “Company”), the Company is offering you the opportunity to earn the Retention Bonus (as defined below) under the terms and conditions of this Retention Agreement
(“Retention Agreement”). If accepted by your signature below, you and the Company agree to the following terms: 
  

	I.	 Retention Bonus 

(a) Eligibility for Retention Bonus 

In recognition of your performance, and as an incentive to remain with the Company, you will be eligible for a
one-time special cash retention bonus in the aggregate amount of $150,000, contingent upon you remaining continuously employed by the Company on a full-time basis in good performance standing through and
including date the Company first lists shares of common stock on a stock exchange in the United States or otherwise completes a financing of no less than $20 million (the “Payment Date”), payable in a lump sum in advance
of it being earned on the first administratively practicable Company payroll date following the Payment Date, less applicable payroll withholdings and deductions, pursuant to the terms and conditions set forth in this Retention Agreement (the
“Retention Bonus”). 
 Except as provided herein, to earn this Retention Bonus, you must remain continuously employed
by the Company on a full-time basis in good performance standing through and including the second anniversary of the Payment Date (the “Earn Date”). If, prior to the Earn Date, your employment with the Company is terminated
other than due to a Qualifying Termination (as defined below), you will be required to repay to the Company the entire gross amount of the Retention Bonus that was advanced to you within 30 days after your last day of employment with the Company.

 (b) Impact of a Qualifying Termination  

Notwithstanding the foregoing Section I(a), if, on or after the Payment Date and on or prior to the Earn Date, you incur a Qualifying
Termination then, subject to your execution and non-revocation of an effective Release as described below, you will be paid or entitled to retain, as applicable, the full amount of the Retention Bonus, less
applicable payroll withholdings and deductions. 

 For the avoidance of doubt, the following, without limitation, will not constitute a
Qualifying Termination: (i) you provide notice of your employment resignation or actually terminate your employment relationship by resignation for any reason, including retirement (but excluding your resignation for Good Reason), (ii) the
Company terminates your employment for Cause, (iii) your employment is terminated due to your death or disability, or (iv) you are no longer in good performance standing. 

Once you have incurred a Qualifying Termination, you shall no longer be eligible for or entitled to any payments under this Retention
Agreement, except for the payment described in this Section I(b). 
 (c) Release Requirement 

In order to earn the Retention Bonus described in Section I(b), you must execute and return a general waiver and release in a form reasonably
satisfactory to the Company (the “Release”) within the applicable deadline set forth therein and not revoke the Release within the revocation period (if any) set forth therein; provided, however, that in no event may
the applicable time period or revocation period extend beyond 60 days following your Qualifying Termination date. 
  

	II.	 Definitions 

“Cause” shall have the meaning ascribed to such term in any written agreement between you and the Company defining such term, and, in
the absence of such agreement, such term means the occurrence of any of the following events: (i) your commission of any felony or any crime involving fraud, dishonesty or moral turpitude under the laws of the United States or any state
thereof; (ii) your attempted commission of, or participation in, a fraud or act of dishonesty against the Company; (iii) your intentional, material violation of any contract or agreement between you and the Company or of any statutory duty
owed to the Company; (iv) your unauthorized use or disclosure of the Company’s confidential information or trade secrets; or (v) your gross misconduct. The determination whether a termination is for Cause shall be made by the Chief
Executive Officer of the Company in his or her sole and exclusive judgment and discretion 
 “Good Reason” shall have the meaning
ascribed to such term in any written agreement between you and the Company defining such term, and in the absence of such agreement, means the occurrence of any of the following events, conditions or actions taken by the Company without Cause and
without your consent: (i) a material reduction in a your annual base salary; provided, however, that Good Reason will not be deemed to have occurred in the event of a reduction in your annual base salary that is pursuant to a salary
reduction program affecting substantially all of the employees of the Company and that does not adversely affect you to a greater extent than other similarly situated employees; (ii) a material reduction in your authority, duties or
responsibilities; provided, however, that a change in job position (including a change in title) shall not be deemed a “material reduction” in and of itself unless your new duties are materially reduced from your prior duties;
(iii) a relocation of your principal place of employment with the Company (or successor to the Company, if applicable) to a place that increases your one-way commute by more than 50 miles as compared to
your then-current principal place of employment immediately prior to such relocation, except for required travel by you on the Company’s business to an extent substantially consistent with your business travel obligations; or (iv) a
material breach by the Company of any provision of any material agreement between you and the Company concerning the terms and conditions of your employment or service with the Company, provided, however, that in each case (i) through
(iv) above, in order for your resignation to be deemed to have been for Good Reason, you must first give the Company written notice of the action or omission giving rise to “Good Reason” within 30 days after the first occurrence
thereof; the Company must fail to reasonably cure such action or omission within 30 days after receipt of such notice (the “Cure Period”), and your resignation must be effective not later than 30 days after the
expiration of such Cure Period. 

  
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 “Qualifying Termination” means your employment with the Company terminates as a
result of either (i) a termination by the Company without Cause and other than as a result of your death or disability or (ii) your resignation for Good Reason. 
  

	III.	 IRS Code Section 409A 

It is intended that all payments provided for under this Retention Agreement satisfy, to the greatest extent possible, an exemption from the application of
Section 409A of the Internal Revenue Code of 1986, as amended and the regulations and other guidance thereunder or any state law of similar effect (“Section 409A”), including but not
limited to the exemption provided under Treasury Regulations Section 1.409A-1(b)(4) and in all cases will be paid not later than March 15 of the year following the year in which your right to such
amount became vested, and any ambiguities herein shall be interpreted accordingly. It is intended that each installment of any benefit payable under this Retention Agreement be regarded as a separate “payment” for purposes of Treasury
Regulations Section 1.409A-2(b)(2)(i). To the extent that an exemption from Section 409A is not available, the payments provided under this Retention Agreement are intended to comply with the
requirements of Section 409A to the extent necessary to avoid adverse personal tax consequences and any ambiguities herein shall be interpreted accordingly; if and to the extent necessary to avoid adverse tax consequences under
Section 409A, any Retention Bonus payment provided in connection with your Qualifying Termination shall not be payable unless and until you have incurred a “separation from service” as such term is defined in Treasury Regulations Section 1.409A-1(h) and, if the period during which you may consider and sign the Release spans two (2) calendar years, such payment will not be made until the later calendar year. 

 

	IV.	 Miscellaneous 

The Retention Agreement is intended to provide a financial incentive to you and does not confer any rights to continued employment upon you. Nothing in this
Retention Agreement shall alter your at-will employment relationship. Your rights and obligations under this Retention Agreement will be governed by and interpreted, construed and enforced in accordance with
the laws of California without regard to its or any other jurisdiction’s conflicts of laws principles. You and the Company hereby agree and consent to be subject to the exclusive jurisdiction and venue of the state and federal courts located in
Delaware, and hereby waive the right to assert the lack of personal or subject matter jurisdiction or improper venue in connection with any such suit, action or other proceeding. 

Neither this Retention Agreement nor any of your rights and obligations under this Retention Agreement may be assigned, transferred or otherwise disposed of
by you. The Company may assign its rights and obligations hereunder to any person or entity that succeeds to all or substantially all of Company’s business or that aspect of Company’s business in which you are principally involved. 

The benefits that may be provided to you under this Retention Agreement are effective only as of the date of your signature to this Retention Agreement, and
any terms, provisions, definitions, benefits, or any other language contained herein is not retrospective in its effect. 
 This Retention Agreement is the
complete, final and exclusive embodiment of the entire agreement between you and the Company with regard to the Retention Bonus, and it supersedes and replaces any other agreements (whether written or unwritten) you may have with the Company
concerning these matters; provided, however, that, for the avoidance of doubt, this Retention Agreement does not supersede any severance benefits you may be entitled to under your written employment agreement or other written agreement with
the Company, and any payments or benefits you are eligible for under any Company plan. This Retention Agreement is entered into without reliance on any promise or representation (written or unwritten) other than those expressly contained herein. The
terms of this Retention Agreement may not be modified or amended except in a written agreement signed by you and a duly authorized officer of the Company. 

  
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	Sincerely,
	
	Intrinsic Medicine, Inc.
	
	 /s/ Alex Martinez

	Alex Martinez
	 Chief Executive Officer
 500 Yale Avenue
North

	Seattle, WA 98109
	
	Date April 3, 2022

 ACKNOWLEDGMENT AND ACCEPTANCE 

Accepted and Agreed: 
  

			
	/s/ Jason
Ferrone                                        
            	  	Date: April 3, 2022

  
 4EX-10.22

 Exhibit 10.22 

INTRINSIC MEDICINE, INC. 

COMMON STOCK ISSUANCE AGREEMENT 

THIS COMMON STOCK ISSUANCE AGREEMENT (this
“Agreement”) is entered into as of the date signed by the last party to sign it (the “Effective Date”), by and between INTRINSIC MEDICINE, INC., a
Delaware corporation (the “Company”), and SOSV IV LLC, a Delaware limited liability company (“Recipient” and together with the Company, a “party”). 

RECITALS 

WHEREAS, in accordance with the terms of that certain Accelerator Contract for Equity dated
September 30, 2019, by and between the Company and Recipient (the “ACE”), Recipient desires to convert all of the Total Purchase Amount thereunder (constituting $250,000 plus accrued interest) to 2,180,292 shares
of the Company’s Common Stock pursuant to a “Review Conversion”, as defined therein (the “Shares”), and Company desires to issue the Review Shares to the Recipient on the terms set forth in this
Agreement. 
 WHEREAS, Recipient further desires to enter a Common Stock Purchase Warrant entitling it
to subscribe for and purchase from the Company up to 1,090,146 shares of the Company’s Common Stock at an exercise price equal to 81.25% of the offering price in the Company’s initial public offering in the form of that common stock
purchase warrant issued in connection with that certain Securities Purchase Agreement, dated as of August 31, 2021, as amended, by and among the Company and the signatories thereto and attached hereto as Exhibit A (the
“Warrant”) to satisfy in full any and all remaining obligations of the Company pursuant to Section 5(d) of the ACE, including the obligation of the Company to issue a warrant to purchase shares of Common Stock to
Recipient, and the Company desires to issue the Warrant on the terms set forth in this Agreement and in the Warrant. 

NOW, THEREFORE, IT IS HEREBY
AGREED between the parties as follows: 
 AGREEMENT 

1. Issuance of Common Stock. Recipient hereby agrees to acquire from the Company, and the Company hereby agrees to issue to
Recipient, the Shares. The closing of the issuance and acquisition of the Shares (the “Closing”) shall occur immediately following execution of this Agreement, or at such other time and place as the parties may mutually
agree. Promptly following the Closing, the Company will deliver a physical or electronic certificate representing the Shares to Recipient at the applicable address set forth on Recipient’s signature page to this Agreement. 

2. Limitations on Transfer. 

(a) Recipient agrees that it shall not assign, hypothecate, donate, encumber or otherwise dispose of any interest in the Shares except
in compliance with the provisions of this Agreement and applicable securities laws. Furthermore, the Shares shall be subject to any right of first refusal in favor of the Company or its assignees that may be contained in the Company’s Bylaws as
of the Effective Date. Recipient acknowledges that it may be required to hold the Shares acquired hereunder indefinitely. During the period of time during which Recipient holds the Shares, the value of the Common Stock may increase or decrease, and
any risk associated with such Common Stock and such fluctuation in value shall be borne by Recipient. 

  
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 (b) Recipient agrees not to make any disposition of all or any portion of the Shares
unless and until: 
 (i) there is then in effect a registration statement under the Securities Act of 1933, as amended (the
“Act”), covering such proposed disposition and such disposition is made in accordance with such registration statement; or 

(ii) (A) the proposed transferee has agreed in writing to be bound by the transfer restrictions and other obligations and restrictions
on Recipient contained in this Agreement, (B) Recipient has notified the Company of the proposed disposition and has furnished the Company with a statement of the circumstances surrounding the proposed disposition, and (C) if reasonably
requested by the Company, Recipient has furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, that such disposition will not require registration of such Shares under the Act. It is agreed that the Company will
not require opinions of counsel for transactions made pursuant to Rule 144, except in unusual circumstances. 
 3. Termination of
ACE. Recipient hereby acknowledges that the issuance of Shares and the Warrant pursuant to this Agreement satisfies in full any and all obligations of the Company pursuant to the ACE, and that effective upon such issuances, the parties agree
that the ACE is terminated and will be of no further force and effect, and the rights and obligations of each of the Parties thereunder shall terminate. 

4. Restrictive Legends. All certificates representing the Shares (or any portion thereof) shall have endorsed thereon legends in
substantially the following forms (in addition to any other legend which may be required by other agreements between the parties hereto executed after the date hereof): 

(a) “THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AS
AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT
REQUIRED;” 
 (b) Any legend required by applicable blue sky laws. 

The Company shall be obligated to promptly reissue unlegended certificates at the request of Recipient (or a permitted transferee) if the Company has
completed its first firm commitment underwritten public offering of its Common Stock registered under the Act (the “Initial Offering”) and such holder has obtained an opinion of counsel (which counsel may be counsel to the
Company) reasonably acceptable to the Company to the effect that the securities proposed to be disposed of may lawfully be so disposed of without registration, qualification and legend. Any legend endorsed on an instrument pursuant to applicable
state securities laws and the stop-transfer instructions with respect to such securities shall be removed upon receipt by the Company of an order of the appropriate blue sky authority authorizing such removal. 

  
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 5. Investment Representations. In connection with the acquisition of the
Shares, Recipient represents to the Company as follows: 
 (a) Recipient is aware of the Company’s business affairs and financial
condition and is acquiring the Shares for investment for Recipient’s own account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Act. 

(b) Recipient understands that the Shares have not been registered under the Act by reason of a specific exemption therefrom, which
exemption depends upon, among other things, the bona fide nature of Recipient’s investment intent as expressed herein. 
 (c)
Recipient further acknowledges and understands that the Shares must be held indefinitely unless the Shares are subsequently registered under the Act or an exemption from such registration is available. Recipient further acknowledges and understands
that the Company is under no obligation to register the Shares. Recipient understands that the certificate evidencing the Shares will be imprinted with the legend set forth in Section 3(a) which prohibits the transfer of the Shares unless the
Shares are registered or such registration is not required in the opinion of counsel for the Company. 
 (d) Recipient is familiar
with the provisions of Rule 144, under the Act, as in effect from time to time, which, in substance, permit limited public resale of “restricted securities” or “control securities” acquired, directly or indirectly, from the
issuer thereof (or from an affiliate of such issuer), in a non-public offering subject to the satisfaction of certain conditions. The Shares may be resold by Recipient in certain limited circumstances subject
to the provisions of Rule 144, which requires, among other things: (i) the availability of certain public information about the Company and (ii) the resale occurring following the required holding period under Rule 144 after Recipient has
purchased, and made full payment of (within the meaning of Rule 144), the securities to be sold. 
 (e) Recipient further understands
that at the time it wishes to sell the Shares, there may be no public market upon which to make such a sale, and that, even if such a public market then exists, the Company may not be satisfying the current public information requirements of Rule
144, and in such event, Recipient would be precluded from selling the Shares under Rule 144 even if the minimum holding period requirement had been satisfied. 

(f) Recipient represents that Recipient is an “accredited investor” as that term is defined in Rule 501 of Regulation D
promulgated by the Securities and Exchange Commission under the Act. 

  
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 6. Market Stand-Off Agreement.
Recipient agrees that it shall not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale of, any Common Stock or other
securities of the Company held by Recipient (whether now held or subsequently acquired), including the Shares (the “Restricted Securities”), during the 180-day period following the
effective date of a registration statement of the Company filed under the Act in connection with the Company’s Initial Offering (or such longer period, not to exceed 34 days after the expiration of the
180-day period, as the underwriters or the Company shall request in order to facilitate compliance by the underwriters with NASD Rule 2711 or NYSE Member Rule 472 or any successor or similar rule or
regulation). Recipient agrees to execute and deliver such other agreements as may be reasonably requested by the Company and/or the managing underwriters which are consistent with the foregoing or which are necessary to give further effect thereto.
In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to Restricted Securities held by Recipient until the end of such period. The underwriters of the Company’s stock are intended third party
beneficiaries of this Section 6 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. 

7. Independent Counsel; Tax Consequences. Recipient acknowledges and agrees that Recipient has been advised that Cooley LLP
(“Cooley”) has represented only the Company in connection with this Agreement and that Recipient has been advised to consult with its own tax, financial and legal counsel with respect to this Agreement. Recipient understands
that it shall be responsible for its own tax liability that may arise as a result of the transactions contemplated by this Agreement. 

8. Miscellaneous. 

(a) Notices. All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon
personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; if not, then on the next business day and confirmed in writing by one of the other
manners set forth in this section (either (a), (c), or (d)), (c) three days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one day after deposit with a nationally recognized overnight
courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the party to be notified at the address as set forth on the signature pages hereof or at such other address or electronic mail address
as such party may designate by 10 days’ advance written notice to the other parties hereto. 
 (b) Successors and Assigns.
This Agreement shall inure to the benefit of the successors and assigns of the Company and, subject to the restrictions on transfer herein set forth, be binding upon Recipient, and Recipient’s successors and assigns. 

(c) Governing Law; Venue. This Agreement will be governed by and construed in accordance with the laws of the State of New York.
The parties agree that any action brought by either party to interpret or enforce any provision of this Agreement will be brought in, and each party agrees to, and does hereby, submit to the jurisdiction and venue of, the appropriate state or
federal court for the district encompassing the Company’s principal place of business. 
 (d) Further Execution. The
parties agree to take all such further action(s) as may reasonably be necessary to carry out and consummate this Agreement as soon as practicable, and to take whatever steps may be necessary to obtain any governmental approval in connection with or
otherwise qualify the issuance of the securities that are the subject of this Agreement. 

  
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 (e) Entire Agreement; Amendment. This Agreement constitutes the entire
agreement between the parties with respect to the subject matter hereof and supersedes and merges all prior agreements or understandings, whether written or oral. This Agreement may not be amended, modified or revoked, in whole or in part, except by
an agreement in writing signed by each of the parties hereto. 
 (f) Severability. If one or more provisions of this Agreement
are held to be unenforceable under applicable law, the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (i) such
provision shall be excluded from this Agreement, (ii) the balance of this Agreement shall be interpreted as if such provision were so excluded and (iii) the balance of this Agreement shall be enforceable in accordance with its terms. 

(g) Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other
transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

[Remainder of Page Intentionally Left Blank] 

  
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 IN WITNESS WHEREOF, the
parties hereto have executed this Common Stock Issuance Agreement to become effective on the date signed by the last party to sign it (as indicated by the date associated with that party’s signature below). 

 

	
	INTRINSIC MEDICINE, INC.
	
	 /s/ Alex Martinez

	Alexander Martinez
	Chief Executive Officer
	
	Date: Mar 29, 2022

  

	
	SOSVIVLLC
	By: SOSV IV GP LLC
	
	 /s/ Sean O’Sullivan

	Sean O’Sullivan
	Managing Partner
	
	Date: 5 April 2022
	
	174 Nassau Street, Suite #3000,
	Princeton NJ 08542
	Attention: Sean O’Sullivan,
	Managing Partner
	Email: legal@sosv.com, sean.osullivan@sosv.com

 [Common Stock Issuance Agreement Signature Page] 

 EXHIBIT A 

FORM OF COMMON STOCK PURCHASE WARRANT

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