Document:

EX-10.13

 Exhibit 10.13 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT (INDICATED BY ASTERISKS) HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. 
 EXECUTION COPY 

EXCLUSIVE LICENSE AGREEMENT 

by and between 
 FSG
Pulmo, Inc., 
 FSG Bio, Inc., 

and 
 Pulmokine, Inc.

 Dated as of the 2nd day of October, 2017 

 Table of Contents 

							
	 1. DEFINITIONS
	  	 	1	 
	 1.1.
	 	Definitions.	  	 	1	 
	 1.2.
	 	Additional Definitions.	  	 	8	 
	 1.3.
	 	Rules of Construction.	  	 	10	 
		
	 2. GRANT OF LICENSE; OTHER RIGHTS
	  	 	10	 
	 2.1.
	 	Licenses to Licensee Under Licensed Technology; Sublicenses.	  	 	10	 
	 2.2.
	 	Gilead and RCTR Licenses.	  	 	11	 
	 2.3.
	 	Use of Affiliates and Third Party Contractors.	  	 	11	 
	 2.4.
	 	Registration and Recordation of Licenses.	  	 	11	 
	 2.5.
	 	No Implied Licenses; Retained Rights.	  	 	12	 
	 2.6.
	 	Exclusivity.	  	 	12	 
	 2.7.
	 	Field Expansion Option.	  	 	12	 
		
	 3. CONSIDERATION
	  	 	13	 
	 3.1.
	 	Up-front Closing and Field Expansion Payment.	  	 	13	 
	 3.2.
	 	Development Milestones.	  	 	13	 
	 3.3.
	 	Regulatory Milestones.	  	 	14	 
	 3.4.
	 	Sales Milestones.	  	 	15	 
	 3.5.
	 	Royalty.	  	 	15	 
	 3.6.
	 	Sublicensing Income and Purchaser Income.	  	 	16	 
	 3.7.
	 	Royalty Payment Timing; Reports of Net Sales.	  	 	16	 
	 3.8.
	 	Audits.	  	 	17	 
	 3.9.
	 	Currency.	  	 	17	 
	 3.10.
	 	Account.	  	 	17	 
	 3.11.
	 	Taxes.	  	 	18	 
	 3.12.
	 	Interest on Late Payments.	  	 	18	 
	 3.13.
	 	Permitted Reductions.	  	 	18	 
	 3.14.
	 	FSG Guaranty.	  	 	19	 
		
	 4. DEVELOPMENT AND COMMERCIALIZATION OF LICENSED PRODUCTS
	  	 	19	 
	 4.1.
	 	Know-How and Regulatory Filings.	  	 	19	 
	 4.2.
	 	General.	  	 	19	 
	 4.3.
	 	Regulatory.	  	 	20	 
	 4.4.
	 	Reporting.	  	 	20	 
	 4.5.
	 	Supply of Licensed Product.	  	 	20	 
	 4.6.
	 	Technology Transfer.	  	 	20	 
		
	 5. JOINT DEVELOPMENT COMMITTEE
	  	 	21	 
	 5.1.
	 	Formation; Composition.	  	 	21	 
	 5.2.
	 	Responsibilities.	  	 	21	 
	 5.3.
	 	Decision-Making.	  	 	21	 
	 5.4.
	 	Meetings.	  	 	21	 
	 5.5.
	 	Meeting Agenda; Minutes.	  	 	22	 
	 5.6.
	 	Dissolution on Change of Control.	  	 	22	 
		
	 6. INTELLECTUAL PROPERTY
	  	 	22	 
	 6.1.
	 	Patent Prosecution and Maintenance.	  	 	22	 
	 6.2.
	 	Enforcement of Intellectual Property Rights.	  	 	22	 

  

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	 6.3.
	 	Third Party Actions.	  	 	23	 
	 6.4.
	 	Ownership of Inventions.	  	 	23	 
	 6.5.
	 	Patent Cooperation.	  	 	24	 
	 6.6.
	 	Orange Book.	  	 	24	 
	 6.7.
	 	Patent Term Extensions.	  	 	25	 
	 7. REPRESENTATIONS, WARRANTIES AND COVENANTS
	  	 	25	 
	 7.1.
	 	No Litigation.	  	 	25	 
	 7.2.
	 	No Debarment.	  	 	25	 
	 7.3.
	 	Corporate Existence.	  	 	25	 
	 7.4.
	 	Authority to Execute and Perform.	  	 	25	 
	 7.5.
	 	Non-Contravention.	  	 	26	 
	 7.6.
	 	Additional Pulmokine Representations, Warranties and Covenants.	  	 	26	 
	 7.7.
	 	No Implied Warranties.	  	 	27	 
		
	 8. CONFIDENTIALITY OBLIGATIONS OF PULMOKINE
	  	 	27	 
	 8.1.
	 	Confidentiality Obligations.	  	 	27	 
	 8.2.
	 	Exceptions.	  	 	28	 
		
	 9. CONFIDENTIALITY OBLIGATIONS OF LICENSEE
	  	 	29	 
	 9.1.
	 	Confidentiality Obligations.	  	 	29	 
	 9.2.
	 	Exceptions.	  	 	29	 
	 9.3.
	 	Additional Disclosure.	  	 	30	 
		
	 10. SCIENTIFIC PUBLICATIONS
	  	 	30	 
		
	 11. PRESS RELEASES
	  	 	30	 
	 11.1.
	 	Joint Press Release.	  	 	30	 
	 11.2.
	 	No Disclosure of Terms and Conditions.	  	 	31	 
		
	 12. INDEMNIFICATION AND INSURANCE
	  	 	31	 
	 12.1.
	 	By Licensee.	  	 	31	 
	 12.2.
	 	By Pulmokine.	  	 	31	 
	 12.3.
	 	Indemnification Procedure.	  	 	32	 
	 12.4.
	 	Insurance.	  	 	33	 
		
	 13. LIMITATION ON LIABILITY
	  	 	33	 
		
	 14. TERM
	  	 	34	 
		
	 15. TERMINATION; EFFECT OF TERMINATION
	  	 	34	 
	 15.1.
	 	Termination for Convenience	  	 	34	 
	 15.2.
	 	Termination for Safety or Efficacy.	  	 	34	 
	 15.3.
	 	Material Breach.	  	 	34	 
	 15.4.
	 	Patent Challenge.	  	 	34	 
	 15.5.
	 	Force Majeure.	  	 	35	 
	 15.6.
	 	Insolvency.	  	 	35	 
	 15.7.
	 	Rights Upon Certain Termination Events.	  	 	35	 
	 15.8.
	 	Return of Confidential Information.	  	 	36	 
	 15.9.
	 	Survival.	  	 	36	 
	 15.10.
	 	Other Remedies.	  	 	36	 
	 15.11.
	 	Bankruptcy Code.	  	 	36	 

  
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	 16. GENERAL PROVISIONS
	  	 	36	 
	 16.1.
	 	Assignment.	  	 	36	 
	 16.2.
	 	Right to Set-Off.	  	 	37	 
	 16.3.
	 	Force Majeure.	  	 	37	 
	 16.4.
	 	Governing Law.	  	 	37	 
	 16.5.
	 	Dispute Resolution.	  	 	37	 
	 16.6.
	 	Compliance with Laws.	  	 	39	 
	 16.7.
	 	Headings.	  	 	39	 
	 16.8.
	 	Waiver.	  	 	39	 
	 16.9.
	 	Notices.	  	 	39	 
	 16.10.
	 	Severability.	  	 	40	 
	 16.11.
	 	Entire Agreement.	  	 	40	 
	 16.12.
	 	Amendment.	  	 	40	 
	 16.13.
	 	Counterparts.	  	 	40	 
	 16.14.
	 	Agency.	  	 	41	 
	 16.15.
	 	Further Assurances.	  	 	41	 

 EXHIBITS: 

Exhibit A – Backup Compound 

Exhibit B – Compound 

Exhibit C – Gilead Background Patents 

Exhibit D – Phase 1 Clinical Trial Plan 

Exhibit E – Pulmokine-Controlled Patents 

Exhibit F – Pulmokine-Gilead Joint Patents 

Exhibit G – Asthma Compounds 

Exhibit H – Biomarker Patents 

Exhibit I – RCTR License Terms 

  
 iii 

 EXCLUSIVE LICENSE AGREEMENT 

This Exclusive License Agreement is entered into as of the 2nd day of October, 2017, by
and between FSG Pulmo, Inc., a corporation organized under the laws of the State of Delaware having its registered office at 17 Selborne Drive, Piedmont, CA 94611 USA (“Licensee”), Pulmokine, Inc., a corporation organized under the
laws of the State of Delaware having its registered office at 68 Queen Anne Drive, Slingerlands, New York 12159 (“Pulmokine”), and solely with respect to Section 3.14, FSG Bio, Inc., a corporation organized under the laws of
the State of Delaware having its registered office at 17 Selborne Drive, Piedmont, CA 94611 USA (“FSG”). Licensee and Pulmokine are also referred to individually as a “Party” and together as the
“Parties.” 
 BACKGROUND: 

WHEREAS, Pulmokine has in-licensed from Gilead Sciences, Inc. (“Gilead”) and
developed certain intellectual property rights related to numerous compounds, including an inhaled small molecule PDGFR (platelet-derived growth factor receptor) kinase inhibitor known as PK10571 and its active metabolite known as PK10453, which are
included in the Licensed Patents and Licensed Know-How (each as defined herein); 
 WHEREAS,
Pulmokine has in-licensed from The Rensselaer Center for Translational Research, Inc. (“RCTR”) and developed certain intellectual property rights related to certain biomarkers intended to
diagnose pulmonary arterial hypertension, which are included in the Licensed Patents and Licensed Know-How; 

WHEREAS, Licensee is an Affiliate of FSG; and 

WHEREAS, Licensee desires to obtain from Pulmokine an exclusive license under the Licensed Patents and an exclusive license under the
Licensed Know-How to further develop and commercialize products based on such molecules in certain fields in the Territory (as defined below), and Pulmokine desires to grant such licenses to Licensee, together
with certain other rights. 
 AGREEMENT: 

NOW, THEREFORE, in consideration of the mutual promises and covenants set forth below and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 
 1. DEFINITIONS 

1.1. Definitions. 
 The
following terms as used in this Agreement shall have the meanings set forth in this Section: 
 “Affiliate” means, with
respect to each Party, any Person that directly or indirectly is controlled by, controls or is under common control with a Party. For the purposes of this definition only, the term “control” (including, with correlative meanings, the terms
“controlled by” and “under common control with”) as used with respect to a Person means (a) in the case of a corporate entity, direct or indirect ownership of voting securities entitled to cast at least fifty percent (50%)
of the votes in the election of directors or (b) in the case of a non-corporate entity, direct or indirect ownership of at least fifty percent (50%) of the equity interests with the power to direct the
management and policies of such entity; provided that, if local Laws restrict foreign ownership, control shall be established by direct or indirect ownership of 

 Confidential 

 
 the maximum ownership percentage that may, under such local Laws, be owned by foreign
interests, but only if such lower percentage provides such Person with the power to direct the management and policies of such entity. 

“Agreement” means this Exclusive License Agreement, including all of its Exhibits. 

“Asthma Compounds” means (a) the PDGFR kinase inhibitor compounds having the structures identified in Exhibit G;
(b) any compound [***] to the extent not set forth in subsection (a); and (c) any [***] set forth in subsections (a) or (b). 

“Asthma Patents” means (a) those patents and patent applications set forth on Exhibit G; (b) any patents and
patent applications in any country claiming priority to any and all of the patent applications set forth in (a), including any continuations, continuations in part, or divisions; (c) any patents issuing from the applications described in
subsections (a) or (b), including any reissues, substitutions, registrations, confirmations, re-examinations, extensions, renewals, and supplementary protection certificates thereon; and (d) any
corresponding foreign patents issued on any of the foregoing. 
 “Backup Compound” means (a) the [***], having the
structure identified in Exhibit A and (b) [***] set forth in subsection (a). 
 “Biomarkers” means the biomarker and
methods relating thereto that are the subject of the Biomarker Patents. 
 “Biomarker Patents” means (a) the patent
applications listed in Exhibit H, all divisions and continuations of these applications in any country, all patents issuing from these applications, divisions, and continuations, and any reissues, reexaminations, and extensions of these
patents; (b) to the extent that the following contain one or more claims directed to the invention or inventions disclosed in the patent applications identified in subsection (a): (i) continuations-in-part of those patent applications identified in subsection (a), (ii) all divisions and continuations of these
continuations-in-part, (iii) all patents issuing from these continuations-in-part,
divisions, and continuations, (iv) priority patent application(s) of such patent applications identified in subsection (a), and (v) any reissues, reexaminations, and extensions of such patents; and (c) to the extent that the following
contain one or more claims directed to the invention or inventions disclosed in the patent applications identified in subsection (a): all counterpart foreign and U.S. patent applications and patents to those patent applications and patents
identified in subsections (a) and (b), including those listed in Exhibit H. The Biomarker Patents shall not include those patent applications or patents identified in subsection (b) or (c) hereof, to the extent that they contain one
or more claims directed to new matter which is not the subject matter disclosed in the patent applications identified in subsection (a). 

“Business Day” means a day other than Saturday, Sunday or any day on which commercial banks located in New York City, New
York are authorized or obligated by Law to close. 
 “Calendar Quarter” means any consecutive three (3)-month period
beginning on January 1, April 1, July 1 or October 1. 
 “Calendar Year” means any year beginning on
January 1 and ending on December 31 of such year. 
  

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 “Change of Control” shall mean with respect to a Party,
the merger, consolidation, reorganization, business combination, sale of all (or substantially all) of the capital stock (or other equity interests) or assets, the change in voting control, liquidation or dissolution, the license, sale, assignment
or other transfer of all or substantially all of such Party’s business or assets to which this Agreement relates, or any other form of acquisition or liquidity event. For clarity, a Change of Control of any parent of Licensee shall not be a
Change of Control of Licensee for purposes of this Agreement. 
 “Commercially Reasonable Efforts” means, with respect to
the efforts and resources to be expended, or considerations to be undertaken by a Party with respect to any objective, activity, or decision to be undertaken hereunder, the use of reasonable, good faith efforts and resources in an active and ongoing
program to accomplish such task or obligation [***]. 
 “Complete” or “Completion” means, with respect to
the Phase 1 Clinical Trial for the initial Licensed Product, finalization of the study report. 
 “Compound” means
(a) the small molecule PDGFR kinase inhibitor known as of the Effective Date as [***], having the structure identified in Exhibit B, and (b) [***]of the small molecule PDGFR kinase inhibitor set forth in subsection (a), [***]. 

“Confidential Information” means Licensee Confidential Information or Pulmokine Confidential Information. 

“Confidentiality Agreement” means the Confidentiality Agreement between the Parties dated May 21, 2017. 

“Control” or “Controlled” means, with respect to any Data, Information or Scientific Information, materials,
patent, trademark or other intellectual property right, possession of the ability to grant a license, sublicense or access as provided for under this Agreement without violating the terms of any agreement or other arrangement with any Third Party.

 “Cover”, “Covered” or “Covering” means, with respect to a particular product and a particular
patent (or patent application), that, but for rights granted to a Person hereunder, the making, using or selling of such product would infringe a Valid Claim in such patent (or patent application, as if such claim has issued). 

“Data” means any and all research, pharmacology, medicinal chemistry, chemistry, manufacturing and controls, nonclinical,
clinical and other data (including investigator reports and clinical study reports (both preliminary and final), statistical analyses, key expert reports, safety and other electronic databases), all to the extent Controlled by a Party, in each case,
relating to the Compound, Backup Compound, Asthma Compound, Biomarkers or Licensed Products. 
 “Effective Date” means the
later of: (a) the date set forth above in the first line of this Agreement; and (b) the date of Licensee’s receipt of the Up-front Closing Payment. 

“EMA” means the European Medicines Agency or any successor entity thereto. 

 

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 “European Union” or “EU” means the
association of European nations based on the Maastrict Treaty of 1992. 
 “FDA” means the United States Food and Drug
Administration or any successor entity thereto. 
 “FDCA Act” means the U.S. Federal Food, Drug, and Cosmetic Act, as
amended from time to time, and the regulations promulgated thereunder. 
 “First Commercial Sale” means, with respect to
any particular Licensed Product, the first arm’s length commercial sale of such Licensed Product by Licensee or an Affiliate or Sublicensee of Licensee to a Third Party in the Licensed Product Field in the Territory following Regulatory
Approval of such Licensed Product. 
 “GAAP” means Generally Accepted Accounting Principles, consistently applied. 

“GCP” means then current good clinical practices and other standards, practices and procedures related to the conduct of
clinical trials set forth by ICH and similar regulatory requirements imposed by FDA, EMA or any other Regulatory Authorities in the Territory that are applicable to the Licensed Product. 

“Gilead Background Patents” means (a) those patents and patent applications set forth on Exhibit C; (b) any
patents and patent applications in any country claiming priority to any and all of the patent applications set forth in (a), including any continuations, continuations in part, or divisions; (c) any patents issuing from the applications
described in (a) or (b), including any reissues, substitutions, registrations, confirmations, re-examinations, extensions, renewals, and supplementary protection certificates thereon; and (d) any
corresponding foreign patents issued on any of the foregoing. 
 “Gilead License” means that certain Amended and Restated
License Agreement between Gilead and Pulmokine dated May 15, 2017. 
 “ICH” means the International Conference on
Harmonisation. 
 “IND” means an Investigational New Drug filing with FDA, as defined in the FDCA Act, including all
supplements and amendments thereto. 
 “Improvement” means any patentable or unpatentable improvements, changes, inventions
or discoveries, inclusive of all intellectual property rights therein, in which one or more employees, officers, directors, contractors or agents of Licensee, its Affiliates or Sublicensees (or as applicable together with one or more employees,
officers, directors, contractors or agents of Pulmokine) have contributed to the making, development, conception and/or reduction to practice of such improvement, change, invention or discovery, and that (a) is described in the Licensed
Patents, or (b) if not for the license granted pursuant to Section 2.1 of this Agreement, would infringe one or more claims of the Licensed Patents. 

“Information” means all information, Data, techniques, technology, practices, trade secrets, inventions (whether patentable
or not), methods, knowledge, know-how, skill, experience, test data and results (including pharmacological, toxicological and clinical test data and results), analytical and quality control data, results or
descriptions, software and algorithms, all to the extent Controlled by a Party. 
 “Joint Development Committee” or
“JDC” means the committee formed by the Parties pursuant to Section 5.1. 

  
 4 

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 “Law” means all applicable laws, statutes, rules,
regulations, ordinances and other pronouncements having the effect of law of any federal, national, multinational, state, provincial, county, city or other political subdivision, agency or other body, domestic or foreign, and including without
limitation the FDCA Act and GCP, as applicable. 
 “Licensed Know-How” means
Information, Data and Scientific Information owned or Controlled by Pulmokine as of the Effective Date [***] of the Licensed Products.  

“Licensed Patents” means, collectively, [***]. 

“Licensed Product” means (a) any pharmaceutical composition, formulation or product [***], in any presentation for any
method of administration; (b) any pharmaceutical composition, formulation or product [***], whether or not as the sole active ingredient, in any presentation for any method of administration; (c) any pharmaceutical composition, formulation
or product [***], whether or not as the sole active ingredient, in any presentation for any method of administration; (d) [***]; and/or (e) any pharmaceutical composition, formulation or product [***], whether or not as the sole active
ingredient, in any presentation for any method of administration. 
 “Licensed Product Field” means (a) with respect
to any Licensed Product that incorporates [***], the treatment, prevention, and diagnosis of pulmonary hypertension characterized as [***]; (b) with respect to any Licensed Product that [***], the treatment, prevention, and diagnosis of any and all
diseases or conditions; and (c) with respect to any License Product that [***], for the treatment, prevention, and diagnosis of any and all diseases or conditions. 

“Licensed Technology” means, collectively, the Licensed Patents and the Licensed
Know-How. 
 “Marketing Exclusivity” means any exclusive marketing, data protection
or other exclusivity rights conferred by FDA, EMA or any other Regulatory Authority with respect to the Licensed Product, including orphan drug exclusivity, pediatric exclusivity and rights conferred under the Drug Price Competition and Patent Term
Restoration Act of 1984, as amended from time to time. 
 “NDA” means a New Drug Application, as defined in the FDCA Act,
including all supplements and amendments thereto. 
 “Net Sales” means the gross invoiced sales price for each Licensed
Product sold by or on behalf of Licensee, its Affiliates or Sublicensees to Third Parties, less the following deductions calculated in accordance with GAAP to the extent allocated to such Licensed Product and actually taken, paid, accrued, allowed,
included, or allocated, with respect to such sales: 
 (a) [***] 

(b) [***] 
 (c) [***] 

(d) [***] 
 (e) [***] 

(f) [***]; and 
 (g) [***] 

Notwithstanding anything in this Agreement to the contrary, the transfer of a Licensed Product between or among Licensee, its Affiliates and
Sublicensees will not be considered a sale, [***]. 
 Disposition of Licensed Product for, or use of the Licensed Product in, human clinical
trials or other scientific testing, as free samples, or under named patient use, compassionate use, patient assistance, 
  

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 or test marketing programs or other similar programs or studies shall not result in any
Net Sales when such sales are not booked as Net Sales in accordance with GAAP. 
 [***] 

(x) [***]; or 
 (y) [***]. 

“Person” means any individual, firm, corporation, partnership, limited liability company, trust, business trust, joint
venture, governmental authority, association or other entity. 
 “Phase 1 Clinical Trial” means a human clinical trial of a
Licensed Product that would satisfy the requirements of 21 C.F.R. § 312.21(a) and consists of the Phase 1A clinical trial to be performed by Pulmokine and its subcontractors as described in Pulmokine’s IND 122593 and consists of the
first in human exposure in healthy subjects. 
 “Phase 1 Clinical Trial Plan” means the clinical trial plan and protocol
for the Phase 1 Clinical Trial of the initial Licensed Product attached as described in Pulmokine’s IND 122593 and attached hereto as Exhibit D which satisfies the requirements of 21 CFR § 312.21 (a), and which may be amended
from time to time during the performance thereof, as agreed by the principal investigator of the applicable contract research organization and the JDC. 

“Phase 1B Clinical Trial” means the first safety trial in patients with pulmonary arterial hypertension (PAH) of the initial
License Product that would also satisfy the requirements of 21 CFR § 312.21(a). 
 “Phase 2 Clinical Trial” means
a human clinical trial of a Licensed Product that would satisfy the requirements of 21 C.F.R. § 312.21(b), and which may be combined with a Phase 1B Clinical Trial, such that the primary endpoint can be safety and secondary endpoints can
be efficacy endpoints. 
 “Phase 3 Clinical Trial” means a human clinical trial of a Licensed Product that would satisfy
the requirements of 21 C.F.R. § 312.21(c). For purposes of this Agreement, if acceptable to the FDA, performance of a second Phase 2 Clinical Trial, the results of which would satisfy the requirements for Regulatory Approval, will meet the
requirements of a Phase 3 Clinical Trial. 
 “Pulmokine-Controlled Patents” means (a) any patent or patent application
owned (whether solely or jointly) or Controlled by Pulmokine that Covers the Compound, the Backup Compound, or the Asthma Compound, including those patents and patent applications set forth on Exhibit E and Exhibit G; (b) any
patents and patent applications in any country claiming priority to any and all of the patent applications set forth in (a), including any continuations, continuations in part, or divisions; (c) any patents issuing from the applications
described in (a) or (b), including any reissues, substitutions, registrations, confirmations, re-examinations, extensions, renewals, and supplementary protection certificates thereon; and (d) any
corresponding foreign patents issued on any of the foregoing. For purposes of this Agreement, Pulmokine-Controlled Patents do not include Gilead Background Patents or Pulmokine-Gilead Joint Patents. 

 

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 “Pulmokine-Gilead Joint Patents” means (a) any
patent or patent application owned jointly by Pulmokine and Gilead that Covers the Compound or the Backup Compound, including those patents and patent applications set forth on Exhibit F; (b) any patents and patent applications in any
country claiming priority to any and all of the patent applications set forth in (a), including any continuations, continuations in part, or divisions; (c) any patents issuing from the applications described in (a) or (b), including any
reissues, substitutions, registrations, confirmations, re-examinations, extensions, renewals, and supplementary protection certificates thereon; and (d) any corresponding foreign patents issued on any of
the foregoing. 
 “RCTR License” means that certain Patent License Agreement between RCTR and Pulmokine dated
September 8, 2017. 
 “Regulatory Approval” means, with respect to a country or region in the Territory, any and all
approvals, licenses, registrations or authorizations of any Regulatory Authority which are necessary to commercially distribute, sell or market a product in such country or region, including, where applicable, (a) pricing or reimbursement
approval in such country or region, (b) pre- and post-approval marketing authorizations (including without limitation any prerequisite manufacturing approval or authorization related thereto),
(c) labeling approval and (d) technical, medical and scientific licenses, necessary for commercial distribution, sale or marketing of such product in such country or region. 

“Regulatory Approval Application” means an application for Regulatory Approval required before commercial sale or use of a
pharmaceutical product, including an NDA. 
 “Regulatory Authority” means any federal, national, supranational, state,
provincial or local regulatory authority, agency, department, bureau or other governmental authority, including the FDA and EMA, that has authority over the manufacture, development, commercialization or other use or exploitation (including the
granting of Regulatory Approval) of the Licensed Product in an applicable jurisdiction. 
 “Regulatory Filing” means all
submissions, applications, filings and approvals by, with or from any Regulatory Authority, including Regulatory Approval Applications. 

“Royalty Term” means, on a Licensed
Product-by-Licensed Product and country-by-country basis, that time period beginning on
the First Commercial Sale of such Licensed Product and ending on the last to occur of: (a) expiration of the last-to-expire Valid Claim of any Licensed Patent in a
particular country that, absent the licenses granted in this Agreement, would be infringed by the making, using, selling, offering for sale, importing or exporting of the applicable Licensed Product in such country, (b) expiration of the
Marketing Exclusivity, if any, of the applicable Licensed Product in a country of the Territory; or (c) ten (10) years after the First Commercial Sale of such Licensed Product. 

“Scientific Information” means all Information relating to the Compound, Backup Compound, Asthma Compounds, Biomarkers or
Licensed Products and comprising medical, toxicological, pharmacological, pre-clinical, clinical or chemical data; specifications; medical uses; adverse reactions; formulations; bioanalytical metrics;
analytical and quality control data and methods; and all proprietary information intended for submission or submitted to relevant Regulatory Authorities to support a Regulatory Approval Application for and Regulatory Approval of the Licensed
Products in the Licensed Product Field in any country in the world, all to the extent Controlled by a Party. 
 “Second
Indication” means, with respect to a Licensed Product, an indication that is distinct from all indications covered by the Regulatory Approvals of such Licensed Product from the applicable Regulatory Authority (e.g., for the treatment
of a disease that is distinct from any disease(s) for which Regulatory Approval has been previously granted) and distinct from all variants or sub-divisions or
sub-

  
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 classifications of such indications. For clarity, the following uses shall not be
considered a Second Indication: (a) the use of a Licensed Product in a line of therapy for an indication where the initially-approved indication is the use of such Licensed Product in another line of therapy for such indication (e.g., moving
from second-line therapy to first-line therapy for the treatment of pulmonary hypertension) or (b) the use of a Licensed Product in a subset of patients (e.g., elderly, pediatric, or genetically defined patient subgroups, etc.) for an
indication where the initially-approved indication is the use of such Licensed Product within another subset of patients for such indication. 

“Sublicensee” means a Third Party to whom Licensee has granted a license or sublicense under the Licensed Technology, in
accordance with the terms of this Agreement, to make, have made, use, sell, offer for sale, have sold, import or export a Licensed Product. 

“Territory” means all countries of the world, or worldwide. 

“Third Party” means any Person other than Licensee and Pulmokine and their respective Affiliates. 

“United States” or “U.S.” means the United States of America and its territories and possessions. 

“USD” means a United States Dollar. 

“Valid Claim” means (a) a claim of an issued and unexpired patent, which claim has not been held invalid or
unenforceable by a court or other government agency of competent jurisdiction from which no appeal can be or has been taken and has not been held or admitted to be invalid or unenforceable through
re-examination or disclaimer, opposition procedure, nullity suit or otherwise and (b) a claim of any patent application that has been pending for [***]
after the earliest priority date of such patent application. 
 1.2. Additional Definitions. 

The following table identifies the location of definitions set forth in various Sections of the Agreement: 

 

			
	DEFINED TERM	  	SECTION
		
	Additional Third Party Licenses	  	Section 3.13(a)
		
	Asthma Field Expansion	  	Section 2.7(b)
		
	Background Patent Field	  	Section 1.15 of Gilead License
		
	Background Product	  	Section 1.15 of Gilead License
		
	Broad Field	  	Section 1.15 of Gilead License
		
	Combination Product	  	Definition of Net Sales

  

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	Controlled Entity	  	Section 3.6
		
	Damages	  	Section 12.1
		
	Development Milestone	  	Section 3.2
		
	Dispute	  	Section 16.5(a)
		
	Equity Interest	  	Section 3.6
		
	Excluded Claim	  	Section 16.4(g)
		
	Field	  	Section 1.15 of Gilead License
		
	Field Expansion	  	Section 2.7(a)
		
	Force Majeure	  	Section 16.2
		
	FSG	  	Preamble
		
	Fully Diluted Basis	  	Section 3.6
		
	Future New Inventions	  	Section 1.16 of Gilead License
		
	Generic Product Competition	  	Section 3.13(b)
		
	Gilead	  	Background
		
	ICC Rules	  	Section 16.4(c)
		
	Indemnification Claim Notice	  	Section 12.3(a)
		
	Indemnified Party	  	Section 12.3(a)
		
	Indemnifying Party	  	Section 12.3(a)
		
	Joint Inventions	  	Section 6.4(b)
		
	Licensee	  	Preamble
		
	Licensee Confidential Information	  	Section 8.1(a)
		
	Licensee Indemnitees	  	Section 12.2
		
	Licensee Inventions	  	Section 6.4(a)
		
	Licenses	  	Section 2.1(a)
		
	Orange Book	  	Section 6.6

  
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	Party or Parties	  	Preamble
		
	Patent Challenge	  	Section 15.4
		
	Practical Application	  	Section 4.2
		
	Pulmokine	  	Preamble
		
	Pulmokine Confidential Information	  	Section 9.1(a)
		
	Pulmokine Indemnitees	  	Section 12.1
		
	Regulatory Milestone	  	Section 3.3
		
	Sales Milestone	  	Section 3.4
		
	Senior Executives	  	Section 16.4(a)
		
	Term	  	Article 14
		
	Up-front Closing Payment	  	Section 3.1

 1.3. Rules of Construction. 

The definitions set forth in Section 1.1 and elsewhere in this Agreement shall apply equally to both the singular and plural forms of the
terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the
phrase “but not limited to.” The use of the words “or” and “any” shall not be exclusive except where the context indicates otherwise. All references herein to Articles, Sections and Exhibits shall be deemed references
to Articles and Sections of, and Exhibits to, this Agreement unless the context shall otherwise require. All Exhibits attached to this Agreement shall be deemed incorporated herein by reference as if fully set forth herein. Words such as
“herein,” “hereof,” “hereto,” “hereby” and “hereunder” refer to this Agreement and to the Exhibits, taken as a whole. Except as otherwise expressly provided herein: (a) any reference in this
Agreement to any agreement shall mean such agreement as amended, restated, supplemented or otherwise modified from time to time; and (b) any reference in this Agreement to any Law shall include corresponding provisions of any successor Law and
any regulations and rules promulgated pursuant to such Law or such successor Law. 
 2. GRANT OF LICENSE; OTHER RIGHTS 

2.1. Licenses to Licensee Under Licensed Technology; Sublicenses. 

(a) Subject to the terms and conditions set forth in this Agreement, Pulmokine hereby grants to Licensee: (i) an exclusive right and
license (and sub-license under the Gilead License and RCTR License), with the right to grant sublicenses through multiple tiers in accordance with this Section 2.1, under the Licensed Patents; and
(ii) an exclusive right and license, with the right to grant sublicenses in accordance with this Section 2.1, under the Licensed Know-How, in each of (i) and (ii) to research, develop,
commercialize, manufacture, make, have made, use, sell, offer for sale, have sold, import, export and 

  
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 otherwise commercially exploit Licensed Products in the Licensed Product Field in the
Territory (the “Licenses”). 
 (b) Licensee may grant sublicenses to its Affiliates and/or Third Parties under the Licensed
Patents and Licensed Know-How without Pulmokine’s consent. Each sublicense shall be consistent with the applicable terms and conditions under this Agreement and any sublicenses granted to Third Parties
shall be negotiated at arms-length and shall be for such consideration and on such terms as Licensee believes in good faith are commercially reasonable. Licensee shall, within [***] after entering into any sublicense agreement, provide Pulmokine
with a copy of such sublicense agreement, which may be redacted to remove any sensitive information not necessary for Pulmokine to verify its compliance with the terms of this Agreement and which sensitive information, for the purposes of this
Section 2.1(b), shall [***]. Notwithstanding the foregoing, within [***] after entering into any sublicense agreement pursuant to which Licensee grants sublicenses [***], Licensee shall provide Pulmokine with a true and complete copy of such
sublicense agreement, [***] such breach or terminating such sublicense agreement. 
 2.2. Gilead and RCTR Licenses. 

(a) Licensee acknowledges and agrees that the licenses and rights are granted by Pulmokine to Licensee under: (i) the Gilead Background
Patents and the Pulmokine-Gilead Joint Patents which are licensed from Gilead pursuant to the Gilead License; and (ii) the Biomarker Patents, which are licensed from RCTR pursuant to the RCTR License and remain subject to the terms of such RCTR
License, including the terms set forth in Sections 5.1-5.4, 8.1, 10.1, 10.2, 12.5 and 13.8-13.10 of the RCTR License, which have been reproduced in Exhibit I and
shall be binding upon Licensee as if it were a party to such RCTR License. 
 (b) In the event that the Gilead License is terminated, this
Agreement shall survive in accordance with the terms of Section 9.4 of the Gilead License. 
 (c) In the event that the RCTR License is
terminated, at FSG’s option and in accordance with Section 4.3 of the RCTR License, the rights in and to the Biomarker Patents that are sublicensed to FSG in Section 2.1(a) shall be terminated or, subject to RCTR’s approval and
contingent upon FSG’s acceptance of the provisions of the RCTR License, converted to a license directly between FSG and RCTR. 

2.3. Use of Affiliates and Third Party Contractors. 

Subject at all times to Licensee’s compliance with Section 2.1(b) hereof, the Licenses granted under this Agreement include the right
of Licensee to freely engage its Affiliates and Third Party contractors in exercising such rights and in carrying out its activities and obligations under this Agreement. 

2.4. Registration and Recordation of Licenses. 

Notwithstanding anything to the contrary in Article 9, Licensee may register and/or record the Licenses granted under this Agreement in any
country in the Territory. Upon request by Licensee, Pulmokine agrees promptly to execute any “short form” licenses consistent with the terms and conditions of this Agreement submitted to it by Licensee reasonably necessary to effect the
foregoing registration in such country. 
  

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 2.5. No Implied Licenses; Retained Rights. 

Except as expressly set forth herein, neither Party shall acquire any license or other right or interest, by implication or otherwise, under
any Information, patents, trademarks, copyrights or any other intellectual property of the other Party or its Affiliates. Solely with respect to any Licensed Patents supported by federal funding, if any, the rights and licenses granted to Licensee
by Pulmokine hereunder are subject to the rights, conditions and limitations imposed by United States Law (see 35 U.S.C. § 202 et seq. and regulations pertaining thereto), including without limitation: (i) the royalty-free, non-exclusive license granted to the U.S. government; and (ii) the requirement that any Licensed Product used or sold in the United States shall normally be manufactured substantially in the United States. 

All rights not expressly granted by Pulmokine under this Agreement are reserved by Pulmokine and may be used or otherwise exploited by
Pulmokine for any purpose. [***]. In the event of an assignment of this Agreement by Pulmokine in accordance with Section 16.1, no rights or licenses to the intellectual property rights Controlled by Pulmokine’s successor shall be granted
to Licensee by virtue of such an assignment, beyond the rights and licenses that are expressly granted to Licensee by Pulmokine herein. 

2.6. Exclusivity. 
 After
the Effective Date and during the Term, neither Pulmokine nor any of its Affiliates shall research, develop or commercialize, directly or indirectly, or grant any Third Party any rights to any molecule that is an inhibitor of PDGFR kinase, including
the Compound, Backup Compound, Asthma Compounds and Licensed Product; provided, however, that the foregoing shall in no way preclude or otherwise limit Pulmokine’s performance and completion of the ongoing Phase 1A clinical trial, as described
in Pulmokine’s IND 122593 until such time as IND 122593 has been transferred to Licensee or its designee, and Pulmokine’s NIH SBIR Grants (R44HL102946 for PK10571 and 1R43HL132709-01 for asthma) have
been transferred to Licensee or its designee. 
 2.7. Field Expansion Option. 

(a) If Licensee, its Affiliates or Sublicensees identifies a potential application of a Background Product (as defined in the Gilead License)
outside of the Background Patent Field (as defined in the Gilead License), then Licensee may provide Pulmokine notice of such application and request that Pulmokine engage Gilead to request that the field of use be expanded to include the potential
application. Upon receipt of such notice Pulmokine shall engage Gilead to request an amendment to the Gilead License to expand the Background Patent Field (as defined in the Gilead License) up to and including the Broad Field (as defined in the
Gilead License) for the Background Product(s) and, following completion of the same, if successful, Pulmokine shall provide Licensee with written notice thereof accompanied by a copy of such Gilead License amendment (the “Field
Expansion”). Representatives of Licensee may elect to participate with Pulmokine, and Pulmokine shall use good faith efforts to facilitate Licensee’s participation, in any discussions or negotiations with Gilead concerning such
proposed field of use expansion, [***]. To the extent that any additional amounts are required to be paid to Gilead as consideration for the expansion of the field of use, then, prior to amending the Gilead License to expand such field of use,
Pulmokine and Licensee shall discuss in good faith the commercial reasonableness of the consideration required by Gilead for the proposed expansion of the field of use. If such consideration is commercially reasonable Pulmokine shall execute the
amendment and [***]. Licensee shall be permitted to [***] in connection with such 
  

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 expansion of the field of use [***] that are covered by the Field Expansion but would
not have been covered by the Field (as defined in the Gilead License). 
 (b) In the event that the Field Expansion includes at least all
indication(s) related to [***] and all Future New Inventions (as defined in the Gilead License) (the [***]), then Licensee [***]. 
 (c)
Licensee hereby acknowledges and agrees that Pulmokine’s ability to successfully amend the Gilead License, as contemplated by this Section 2.7, remains subject to certain factors that are outside of Pulmokine’s reasonable control
[***] the Licensee’s requested amendment(s) of such Gilead License to expand the field. 
 3. CONSIDERATION 

In consideration of the Licenses and other rights granted to Licensee under this Agreement, Licensee shall pay to Pulmokine the payments as
described in this Article 3. 
 3.1. Up-front Closing and Field Expansion Payment. 

(a) Upon execution of this Agreement, Licensee shall pay to Pulmokine an initial one-time, non-refundable payment (the “Up-front Closing Payment”) equal to five million, and five hundred thousand USD ($5,500,000). 

[***] Licensee shall pay Pulmokine an additional one-time,
non-refundable milestone payment of [***] dollars ($[***]) within [***]. 
 3.2. Development
Milestones. 
 Within [***] of Licensee or its Affiliates or Sublicensees first achieving the following development-related milestone
events with respect to first Licensed Product to achieve such milestone (each, a “Development Milestone”), Licensee will notify Pulmokine in writing thereof and, upon receipt of an invoice from Pulmokine, will pay the
below-specified non-refundable amounts to Pulmokine: 
  

					
	Development Milestone	  	Milestone
Payment (USD)	 
	 [***]
	  	$	[	***] 
	 [***]
	  	$	[	***] 
	 [***]
	  	$	[	***] 
	 [***]
	  	$	[	***] 
	 [***]
	  	$	[	***] 

 For the purposes of this Section 3.2, the term “Licensed Product” shall expressly exclude any
process or tangible material, which, in the course of being practiced, manufactured, used, sold or 
  

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 imported, would contain or otherwise incorporate one or more of the Biomarkers or other
similar subject matter that is the subject of the Biomarker Patents. For clarity, Licensee shall be required to pay any Development Milestone payment if a subsequent Development Milestone is achieved before a preceding Development Milestone. [***]

 For clarity, each Development Milestone payment is due only once regardless of the number of Licensed Products developed by Licensee.

 3.3. Regulatory Milestones. 

Within [***] of Licensee or its Affiliates or Sublicensees first achieving the following
regulatory milestone events with respect to the First and Second Licensed Products (each, a “Regulatory Milestone”), Licensee will notify Pulmokine in writing thereof and, upon receipt of an invoice from Pulmokine, will pay the
below-specified non-refundable amounts to Pulmokine: 
  

									
	 Regulatory Milestone
	  	Milestone
Payment For First
Licensed Product (USD)	 	 	Milestone
Payment For
Second Licensed
Product (USD)	 
	 [***]
	  				 			
	 1. [***]
	  	$	[	***] 	 	 	N/A	 
	 2. [***]
	  	$	[	***] 	 			
	 3. [***]
	  	$	[	***] 	 	$	[	***] 
	 4. [***]
	  	$	[	***] 	 	$	[	***] 
	 5. [***]
	  	$	[	***] 	 	 	[	***] 
	 6. [***]
	  	$	[	***] 	 			
	 7. [***]
	  	$	[	***] 	 	$	[	***] 
	 8. [***]
	  	$	[	***] 	 	$	[	***] 

 For clarity, the milestone payments under this Section 3.3 shall not [***] for the first Licensed
Product, $[***] for the second Licensed Product, or a total of $[***] for all Licensed Products. 
  

 

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 For the purposes of this Section 3.3, the term “First
Licensed Product” shall mean a Licensed Product [***] and the term “Second Licensed Product” shall mean a Licensed Product [***], provided that, for clarity, each of the First Licensed Product and Second Licensed Product
shall [***]. 
 3.4. Sales Milestones. 

Within [***] of Licensee or its Affiliates or Sublicensees first achieving the following sales-related milestone events during the Royalty
Term with respect to aggregate annual Net Sales of the Licensed Products (each, a “Sales Milestone”), Licensee will notify Pulmokine in writing thereof and, upon receipt of an invoice from Pulmokine, pay the below-specified amounts
to Pulmokine: 
  

					
	 Sales Milestone
	  	Milestone
Payment (USD)	 
	 [***]
	  	$	[	***] 
	 [***]
	  	$	[	***] 
	 [***]
	  	$	[	***] 
	 [***]
	  	$	[	***] 

 For clarity, each Sales Milestone payment is due only once regardless of the number of Licensed Products commercialized by
Licensee or the number of times the Sales Milestone is met. 
 3.5. Royalty. 

During the Royalty Term, on a License Product-by-Licensed
Product basis, Licensee shall pay to Pulmokine royalty payments at the following royalty rates on the applicable portion of the cumulative Territory-wide Calendar Year Net Sales of all Licensed Products: 

 

			
	 Cumulative Calendar Year Net Sales of the Licensed Products
	  	Royalty Rate
		
	 Portion of cumulative Calendar Year Net Sales of Licensed Products in the Territory up to and including
USD $[***]
	  	[***]%
	 Portion of cumulative Calendar Year Net Sales of Licensed Products in the Territory between USD $[***]and
USD $[***]
	  	[***]%
	 Portion of cumulative Calendar Year Net Sales of Licensed Products in the Territory exceeding
USD $[***]
	  	[***]%

  
  

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 3.6. Sublicensing Income and Purchaser Income. 

(a) Licensee shall pay to Pulmokine a percentage of all Sublicense Income and Purchaser Income received by Licensee or its Affiliates at the
following rates: 
 (i) [***] percent ([***]%) [***] Sublicensee or a Third Party purchaser (“Purchaser”) pursuant to a
sublicense or purchase agreement entered into with such a Sublicensee or Purchaser prior to [***]; 
 (ii) [***] percent ([***]%) of
Sublicense Income or Purchaser Income paid to, or earned or accrued by, Licensee or its Affiliates from a Sublicensee or Purchaser pursuant to a sublicense or purchase agreement entered into with such a Sublicensee or Purchaser after the milestone
in subparagraph (a) and [***]; and 
 (iii) [***] percent ([***]%) of Sublicense Income or Purchaser Income paid to, or earned or
accrued by, Licensee or its Affiliates from a Sublicensee or Purchaser pursuant to a sublicense or purchase agreement entered into with such a Sublicensee or Purchaser [***]. 

(b) For any Purchaser Income due to Pulmokine pursuant to Section 3.6(a) [***]. 

(c) For payments for Sublicense Income that is earned or accrued in the relevant time period under this Section 3.6, such payments shall
be due Pulmokine on Licensee’s or its Affiliates’ actual receipt of such Sublicense Income [***]. For clarity, no payments for Sublicensing Income or Purchaser Income shall be due to Pulmokine unless actually received by Licensee or its
Affiliates. 
 (d) For purposes of this Section 3.6, “Sublicense Income” means [***], received by Licensee or its
Affiliates from a Sublicensee pursuant to a sublicense of one or more of the Licensed Patents granted pursuant to this Agreement; and “Purchaser Income” means any payment received by Licensee or its Affiliates from a Third Party
[***], or a Change of Control of Licensee. Not included in Sublicensing Income or Purchaser Income is any other consideration received by Licensee or its Affiliates from a Sublicensee or Purchaser, including income received by Licensee (i) [***];
(ii) [***]; (iii) [***]; (v) [***], (vi) [***], and/or (vii) [***]. 
 3.7. Royalty Payment Timing; Reports of Net Sales. 

Within forty five (45) days following the end of each Calendar Quarter during which royalties accrue, Licensee shall provide to Pulmokine
a quarterly report on Net Sales of Licensed Products during such Calendar Quarter. Such report shall include a written report in reasonable detail of: (a) the Net Sales of Licensed Products for the previous Calendar Quarter, broken down by
country and product, (b) the royalty payment that is due and payable, and (c) the basis for calculating such royalty payment including the gross sales of Licensed Products by country and product, the rate of currency conversion and date
such conversion was calculated. [***]. 
  
  

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 3.8. Audits. 

During the Royalty Term, Licensee shall keep records pertaining to the sale or other disposition of Licensed Products by Licensee, its
Affiliates and Sublicensees in sufficient detail to permit Pulmokine to confirm the accuracy of the royalties and Sales Milestone payments due hereunder. All such records shall be kept at Licensee’s principal place of business for a period of
not less than [***] following the end of the Calendar Year to which they pertain. Pulmokine shall have the right to cause an independent accounting firm reasonably acceptable to Licensee to audit
such records for the purpose of confirming Net Sales and royalties. Such audits may be exercised during normal business hours upon reasonable prior written notice (not to be less than thirty (30) days) to Licensee. Upon request, such accounting
firm shall execute a confidentiality agreement with Licensee prior to commencing the audit. Adjustments (including remittances of underpayments or overpayments disclosed by such audit) shall be made by the Parties to reflect the results of such
audit, which adjustments shall be paid promptly following receipt of an invoice therefor. Pulmokine shall bear the full cost and expense of such audit unless such audit discloses an underpayment by Licensee of [***] percent ([***]%) or more of the
amount of royalties due under this Agreement for the audited period, in which case Licensee shall bear the cost and expense of such audit. 

If Licensee in good faith disputes the conclusion of the accounting firm under the first paragraph of this Section 3.8 that Licensee owes
additional royalties or other payments, or any specific aspect of the conclusion, then Licensee will inform Pulmokine by written notice within sixty (60) days of receiving a copy of the audit containing such conclusion, specifying in detail the
reasons for Licensee’s disputing such conclusion. The Parties will promptly thereafter meet and negotiate in good faith a resolution to such dispute. 

3.9. Currency. 
 All
payments under this Article 3 will be made in USD. With respect to sales of Licensed Products invoiced in a currency other than USD, all amounts reported and payable under this Agreement shall be calculated based on the domestic currency where such
sale is made and converted (as applicable) into the USD equivalent. The USD equivalent shall be calculated in accordance with U.S. GAAP. 

3.10. Account. 
 All
payments to be made to Pulmokine under this Agreement will be made by wire transfer to the following account: 
 [***] 

or such other account as may be specified by Pulmokine in writing to Licensee. 

 
  

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 3.11. Taxes. 

Each Party shall be responsible for any and all taxes required by Law that are levied on the payments it receives under this Agreement. If
applicable Law requires that taxes be withheld from a payment made by FSG to Pulmokine under this Agreement, FSG shall (a) deduct those taxes from the remittable payment, (b) pay the taxes to the proper taxing authority, and (c) send
evidence of the obligation together with proof of payment to Pulmokine within thirty (30) days following that payment. Each Party agrees to cooperate with the other Party in claiming exemption from such deductions or withholdings under any
relevant agreement or treaty which is in effect and, to the extent permitted by applicable Law, minimizing the amount of tax payable with respect to payments made and received under this Agreement. In addition, the Parties shall cooperate in
accordance with applicable Law to minimize indirect taxes (such as value added tax, sales tax, consumption tax and other similar taxes) in connection with this Agreement. 

3.12. Interest on Late Payments. 

Interest shall be payable on any payments that are not paid on or before the date [***]
after the date such payments are due under this Agreement at the per-annum rate of prime (as reported in The Wall Street Journal (U.S., Eastern Edition)) plus [***] percentage points or the maximum rate
allowable by Law, whichever is less. 
 3.13. Permitted Reductions. 

Notwithstanding the provisions of Section 3.5, 

(a) in the event that Licensee reasonably determines that it is necessary for Licensee to obtain a license from a Third Party to research,
develop, make, have made, use, offer to sell, sell, have sold or import any Licensed Product (“Additional Third Party Licenses”) and Licensee obtains such an Additional Third Party License, then Licensee may deduct from the royalty
payment that would otherwise have been due to Pulmokine, an amount equal to [***] percent ([***]%) of the royalties actually paid to such Third Party under such Additional Third Party Licenses by Licensee to research, develop, make, have made, use,
offer to sell, sell, have sold or import, as applicable, such Licensed Product; provided, that in the case of [***], this Section 3.13(a) applies [***] provided, further, that in no event shall the royalties owed by Licensee to Pulmokine be
reduced by more than [***] percent ([***]%) pursuant to this paragraph 3.13(a); 
 (b) in the event that, on a Licensed Product-by-Licensed Product and country-by-country basis, Generic Product Competition is
present with respect to such Licensed Product in such country, then [***] Net Sales of such Licensed Products in such countries, and for purposes of this paragraph, “Generic Product Competition” shall mean with respect to a Licensed
Product on a country-by-country basis[***]; 
 (c) in
countries in the Territory where a Licensed Product is not Covered by a Valid Claim of a Licensed Patent in the country of sale and there is no Marketing Exclusivity in such countries for the Licensed Product, [***] in such countries with respect to
the Royalty Term [***]; and 
 (d) Except as otherwise set forth in Section 3.13(b), in no event shall the royalties owed by Licensee to
Pulmokine for a particular Licensed Product be reduced to less than the amount owed by Pulmokine under the Gilead License and the RCTR License for such Licensed Product. 
  

 

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 3.14. FSG Guaranty. 

FSG irrevocably and unconditionally guarantees the payment of each and every payment obligation of Licensee to Pulmokine under this Article 3,
whether now existing or hereafter arising. FSG shall promptly pay to Pulmokine any amount properly due to Pulmokine upon demand following any failure on the part of Licensee to cure a payment default in accordance with Section 15.3, provided
that Pulmokine is not then in breach of this Agreement, Pulmokine waives the Licensee’s corresponding payment default (subject to FSG’s cure thereof), and any and all then exiting breaches (or alleged breaches) of the Agreement by Licensee
that are known to Pulmokine shall be made known to Licensee and FSG at the time of Pulmokine’s demand following such a failure on the part of Licensee. Notwithstanding anything to the contrary herein, FSG’s obligations under this
Section 3.14 shall exists only as long as Licensee is an Affiliate of FSG and Licensee has not assigned this Agreement to a third party. 
 4.
DEVELOPMENT AND COMMERCIALIZATION OF LICENSED PRODUCTS 
 4.1. Know-How and Regulatory
Filings. 
 Pulmokine shall disclose to Licensee, at Pulmokine’s cost and expense, the Licensed
Know-How as Controlled by Pulmokine as of the Effective Date, including all Scientific Information, Data and other Information related to the Compound, the Backup Compound, the Asthma Compounds, Biomarkers and
Licensed Products. Subject at all times to Section 15.7, Pulmokine shall transfer all Regulatory Filings existing as of the Effective Date for the Compound, Backup Compound, Asthma Compounds, Biomarkers and Licensed Products in the Licensed
Product Field in the Territory to Licensee. All Licensed Know-How required to be disclosed and all Regulatory Filings required to be transferred under this Section 4.1 shall be the Confidential
Information of Licensee. 
 4.2. General. 

Except as expressly set forth herein, Licensee (either by itself or through its Affiliates or Sublicensees) shall be solely responsible for and
shall use Commercially Reasonable Efforts to develop and commercialize at least one (1) Licensed Product that contains or otherwise incorporates one or more of the [***] in the Licensed Product Field in the United States and at least two
(2) countries in the European Union, at its own cost and expense. 
 The Licensee shall report to Pulmokine the dates of the First
Commercial Sale of each Licensed Product in each country in the Territory within fourteen (14) days of such occurrences. Additionally, with respect to any Licensed Product that contains or otherwise incorporates [***], Licensee agrees to:
(a) use its Commercially Reasonable Efforts to [***]; (b) upon the First Commercial Sale thereof and continuing until the expiration or termination of this Agreement, [***]; (c) after the First Commercial Sale thereof, to [***]; (d) after the
First Commercial Sale and as part of its [***]; and (e) to [***]. For the purposes of this Section 4.2, the term “Practical Application” means to manufacture in the case of a composition or product, to practice in
the case of a process or method, or to operate in the case of a machine or system; and in each case, under these conditions as to establish that the invention that is the subject of [***] and that its benefits are to the extent permitted by law or
regulations of the United States Government available to the public on reasonable terms. 
  

 

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 4.3. Regulatory. 

Except as expressly set forth herein, Licensee shall have the sole right to apply for and maintain, at Licensee’s cost and expense, all
Regulatory Approvals of Licensed Products in the Licensed Product Field in the Territory. [***]. Licensee shall have the sole right to prepare, file and otherwise handle all regulatory materials and all communications and interactions with
Regulatory Authorities with respect to Licensed Products in the Licensed Product Field in the Territory, both prior to and subsequent to Regulatory Approval. Unless otherwise prohibited by Applicable Law[***] concerning a Licensed Product. Licensee
shall have the sole right to file and maintain all required regulatory dossiers to obtain (and maintain) Regulatory Approvals of Licensed Products in the Licensed Product Field in the Territory and shall be the holder of any such Regulatory
Approvals. Pulmokine shall reasonably cooperate with Licensee in obtaining Regulatory Approvals of Licensed Products. Licensee shall have sole responsibility and control with respect to all safety and pharmacovigilance activities with respect to the
Licensed Products under Law, and Pulmokine agrees to provide Licensee with any safety or pharmacovigilance-related Information in Pulmokine’s possession, as Licensee may reasonably request from time to time. 

4.4. Reporting. 
 Licensee
shall keep Pulmokine reasonably informed on the development and commercialization of the Licensed Products, including with respect to receipt of any Regulatory Approvals. During the period beginning with the commencement of the Phase 2 Clinical
Trial for the initial Licensed Product, and ending on the date of receipt of Regulatory Approval for such Licensed Product, Licensee shall provide Pulmokine with reasonably detailed written reports [***] summarizing Licensee’s activities with
respect to the development of the Licensed Product since the last such report. In addition, Licensee shall provide Pulmokine with reports under Section 3.7. 

4.5. Supply of Licensed Product. 

Except as otherwise agreed upon by the Parties, Licensee shall be solely responsible for manufacturing or having manufactured, at its cost and
expense and in accordance with applicable Law, sufficient clinical and commercial quantities of the Licensed Product to fulfill Licensee’s development and commercial obligations hereunder. Notwithstanding the foregoing, upon request by
Licensee, Pulmokine shall sell to Licensee at Pulmokine’s cost of goods plus delivery costs some or all quantities of the Backup Compound or Asthma Compounds active pharmaceutical ingredient (API) and/or Licensed Product containing same and/or
Biomarkers in Pulmokine’s possession and some or all quantities of the Compound active pharmaceutical ingredient (API) and/or Licensed Product containing same in Pulmokine’s possession following its completion of the Phase 1A clinical
trial. 
 4.6. Technology Transfer. 

As soon as reasonably practicable after the Effective Date, Pulmokine shall disclose and deliver to Licensee (or its designee) all tangible
embodiments of all Licensed Know-How in its possession and Control that is useful or necessary to research, develop, make ,use, sell, offer for sale or import the Licensed Products. Pulmokine shall make such
Licensed Know-How available in a mutually agreed upon format and where feasible in electronic form. Without limiting the foregoing, Pulmokine will provide reasonable assistance to Licensee or its designee in
connection with understanding and using the Licensed Know-How related to the Licensed Products, including assistance from its professional staff for meetings, telephone calls, and other reasonable assistance
as requested by Licensee to enable it to understand and use such Licensed Know-How. In addition, upon the reasonable request of Licensee, Pulmokine shall reasonably cooperate with Licensee to transition the
manufacture of the applicable Licensed Products to a contract 
  

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 manufacturing organization designated by Licensee. Licensee agrees to reimburse
Pulmokine for its reasonable costs and expenses incurred in connection with Pulmokine’s delivery of the Licensed Know-How and the provision of related support under this Section 4.6, provided that
Pulmokine provides documentation of such costs and expenses reasonably acceptable to Licensee. All information and material required to be disclosed and delivered under this Section 4.6 shall be the Confidential Information of Licensee. 

5. JOINT DEVELOPMENT COMMITTEE 
 5.1.
Formation; Composition. 
 Within thirty (30) days after the Effective Date, the Parties shall establish a Joint Development
Committee composed of no more than three (3) representatives of each Party. Each Party may change its representatives to the JDC from time to time in its sole discretion, effective upon notice to the other Party of such change. These
representatives shall have appropriate technical credentials, experience and knowledge. A reasonable number of additional representatives of a Party may attend meetings of the JDC in a non-voting capacity.
After its establishment, the JDC shall remain in place until the initial Regulatory Approval of the initial Licensed Product, unless otherwise agreed by the Parties in writing. A JDC member appointed by Licensee shall serve as chairperson of the
JDC. 
 5.2. Responsibilities. 

The JDC’s overall responsibility shall be to encourage and facilitate ongoing cooperation between the Parties with respect to the
development activities contemplated by this Agreement and to perform the other obligations specifically delegated to it by this Agreement, subject to the limitations set forth in this Article 5. The JDC shall also serve as the principal means by
which Licensee keeps Pulmokine informed regarding Licensee’s development plans, efforts and results with respect to Licensed Products in the Licensed Product Field in the Territory, including without limitation: (a) providing a forum for
the Parties to discuss regulatory, scientific and/or clinical matters and objectives relating to the development of such Licensed Products; (b) discussing and reviewing the progress and Data relating to the development of such Licensed Products
and the Parties’ performance relative to any established objectives; and (c) performing such other functions as appropriate to further the purposes of this Agreement, as mutually agreed upon by the Parties in writing. 

5.3. Decision-Making. 

The JDC shall operate by unanimous consent of its members. In the event of an unresolved dispute regarding any development activities related
to the Licensed Product in the Licensed Product Field in the Territory, the position of the members of the JDC appointed by Licensee shall control; [***]. The JDC shall not have the power to amend or waive compliance with this Agreement, or to
resolve any disputes relating to intellectual property rights, including disputes relating to the inventorship, enforceability, validity or scope of patent or other intellectual property rights. 

5.4. Meetings. 
 Unless
otherwise agreed upon by the Parties the JDC shall meet at least once [***] every Calendar Quarter, in each case at times mutually agreed upon by the Parties. At least one (1) of such 

 
  

 

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 meetings per Calendar Year shall be held in person, and all other such meetings may be
held by teleconference or videoconference. The location of the meetings of the JDC to be held in person shall be agreed upon by the Parties. Each Party shall bear all expenses of its representatives on the JDC. 

5.5. Meeting Agenda; Minutes. 

The JDC chairperson shall be responsible for preparing and circulating an agenda in advance of each meeting of the JDC and for preparing and
issuing minutes of each meeting within thirty (30) days thereafter. Such minutes will not be finalized until both Parties’ representatives on the JDC review and confirm the accuracy of such minutes in writing. Each Party will disclose to
the other Party any other proposed agenda items along with appropriate information at [***] Business Days in advance of each meeting of the JDC; provided that, under exigent circumstances requiring the JDC’s input, a Party may provide its
agenda items to the other Party within a lesser period of time in advance of the meeting so long as such other Party consents to such later addition of such agenda items for such JDC meeting. 

5.6. Dissolution on Change of Control. 

At any time following the completion of the ongoing Phase IA clinical trial, Licensee may, in its sole discretion, dissolve the JDC in the
event of a Change of Control of Pulmokine. 
 6. INTELLECTUAL PROPERTY 

6.1. Patent Prosecution and Maintenance. 

As between the Parties, Licensed Patents shall be diligently prepared, filed, prosecuted and maintained by Pulmokine and in accordance with
this Section 6.1. [***], and Licensee shall reimburse Pulmokine for [***] of receipt of invoice therefor. [***] Pulmokine shall: (a) keep Licensee reasonably informed of the preparation, filing, prosecution and maintenance of Licensed
Patents, (b) provide Licensee with the opportunity to review and comment on any and all such prosecution efforts, and in no event less than thirty (30) days prior to any filing deadlines, provide Licensee copies of all documents relevant
to any such prosecution efforts, including any drafts of any material filings or responses to communications with Regulatory Authorities, (c) take into consideration in good faith any comments from Licensee on such prosecution efforts, and
(d) provide Licensee with a copy of all material communications from Regulatory Authorities in the Territory regarding the Licensed Patents. If Pulmokine desires to [***] allow any Licensed Patents to lapse or to abandon any Licensed Patents,
Pulmokine shall notify Licensee in writing not less than [***] prior to taking such action [***] and [***] Licensee shall have the right (but not the obligation) to assume the responsibility for and control of the prosecution and maintenance of such
Licensed Patents, as applicable, [***]. 
 6.2. Enforcement of Intellectual Property Rights. 

(a) General. Each Party will promptly notify the other Party of any infringement or misappropriation or suspected infringement or
misappropriation that may come to its attention relating to the Licensed Technology and will provide the other Party with reasonable information with respect thereto. 

(b) Licensee First Right in the Territory. If a Third Party infringes or misappropriates any Licensed Patents or Licensed Know-How and such infringement or misappropriation relates to Licensed Products in the Licensed Product Field in the Territory, then, [***], as applicable, [***] will have the first 

 
  

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 right (but not the obligation), at its own expense, to pursue any and all remedies
against such Third Party, and [***] will have the right to participate in such action at its own expense. [***], as applicable, should [***] determine not to pursue remedies with respect to any such infringement or misappropriation of Licensed
Patents or Licensed Know-How within (a) [***] following the notice of alleged infringement or (b) [***] before the time limit, if any, set forth in the applicable Laws for the filing of such actions,
whichever comes first, then [***] will have the right (but not the obligation), at its own expense, to pursue remedies against such Third Party with respect to the Licensed Patents and Licensed Know-How, and
[***] shall have the right to participate in such action at its own expense. 
 (c) Assistance and Cooperation; Recoveries. If a Party
pursues remedies hereunder with respect to infringement or misappropriation of Licensed Patents or Licensed Know-How, the other Party shall assist and cooperate fully with the Party pursuing such remedies,
including, if required to bring such action, joining in any action as set forth in this Section 6.2 or providing a power of attorney. [***], as applicable, [***], any damages or other amounts collected will be distributed, first, to the Party
that pursued remedies to cover its costs and expenses and, second, to the other Party to cover its costs and expenses, if any, relating to the pursuit of such remedies; and any remaining amount will be distributed to the Parties in equal amounts;
[***]. 
 (d) Settlement of Litigation. No settlement, consent judgment or other final disposition of an action for infringement or
validity or misappropriation may be entered into as to any Licensed Patents or Licensed Know-How in the Licensed Product Field without the prior written consent of Licensee, which consent shall not be
unreasonably withheld. 
 6.3. Third Party Actions. 

If a Third Party institutes (a) a patent, trade secret or other infringement or misappropriation suit against Licensee during the Term,
alleging that the manufacture, marketing, sale, use, importation, exportation or other exploitation of the Licensed Products infringes or misappropriates one (1) or more patent or other intellectual property rights held by such Third Party or
(b) an opposition, re-examination request, action for declaratory judgment, nullity action, interference, inter partes review, challenge related to a certification filed pursuant to 21 U.S.C. §
355(b)(2)(A) or §355(j)(2)(A)(vii)(IV) or its successor provisions or a similar action under foreign Laws, or other attack upon the validity, title or enforceability of the Licensed Patents, then Licensee will have the sole right (but not the
obligation) to assume direction and control of the defense of such claims. At Licensee’s request, Pulmokine will provide reasonable assistance in connection with the defense of such claims, including, at either Party’s request, the entry
into a “common interest agreement” as may be appropriate. Each Party shall bear its own expenses incurred in connection with the defense of such claims. 

6.4. Ownership of Inventions. 

(a) Inventorship. Inventorship of inventions and discoveries conceived and reduced to practice during the Term shall be
determined in accordance with the rules of inventorship under United States patent laws. Pulmokine shall solely own all patent applications and patents that encompass all such inventions and discoveries that are solely invented by Pulmokine, which,
if necessary or useful to the research, development, manufacture, commercialization, sale, use or other exploitation of the Compound, Backup Compound, Asthma Compounds, Biomarkers or Licensed Products, shall constitute Licensed Patents and be
subject to the terms and conditions of this Agreement. Licensee shall solely own and shall bear all expenses incurred in preparing, filing, prosecuting and maintaining all patent applications and patents that encompass all such inventions and
discoveries that are solely invented by Licensee, its 

  
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 Affiliates or Sublicensees, and which for the purposes hereof shall include any
Improvements made solely by Licensee (the “Licensee Inventions”). 
 (b) Joint Inventions. The Parties do not intend
to conduct any activities which could result in inventions or discoveries in which one (1) or more employees, officers, directors, contractors or agents of Licensee, its Affiliates or Sublicensees and one (1) or more employees, officers,
directors, contractors or agents of Pulmokine have contributed to the conception of such invention or discovery, and which for the purposes hereof shall include any Improvements (whether such Improvements were solely or jointly made, developed,
conceived or reduced to practice by Pulmokine, but excluding Improvements made solely by Licensee) (collectively, “Joint Inventions”). In the unlikely event that Joint Inventions are conceived and reduced to practice during the
Term, Pulmokine and Licensee shall jointly own all right, title and interest in and to such Joint Inventions, and Pulmokine’s rights in such Joint Inventions shall be automatically included in the Licensed Technology licensed to Licensee under
Section 2.1 without additional consideration, except as provided in Section 6.1. Each Party will promptly, but in no event later than thirty (30) days from invention, creation or conception, inform the other Party of all Joint
Inventions. Information provided with respect to such Joint Inventions will be in reasonable detail but in no circumstance less than would be sufficient to permit an understanding of the nature of such Joint Inventions by a practitioner reasonably
skilled in the relevant technical or scientific area. Notwithstanding anything set forth in Section 8.1 to the contrary, to the extent that any such Joint Inventions constitute a Future New Invention (as defined in the Gilead License), then
Pulmokine shall provide Gilead with notice thereof in accordance with the terms of such Gilead License 
 (c) Trademarks. In its sole
discretion, Licensee will own and shall have sole responsibility and control with respect to all trademarks related to its commercialization and other exploitation of Licensed Products and with respect to registering, defending and maintaining such
trademarks. 
 6.5. Patent Cooperation. 

Pulmokine shall make its employees, agents and consultants reasonably available to Licensee (or Licensee’s authorized attorneys, agents or
representatives) at Licensee’s expense, to the extent reasonably necessary to enable Licensee to undertake preparation, filing, prosecution and maintenance of the Licensee Inventions. 

6.6. Orange Book. 
 In the
event that one (1) or more Licensed Patents contains a claim or claims that must be submitted for a Licensed Product covered by such patent pursuant to 21 C.F.R. § 314.53 or its successor and subsequently be listed in the Approved Drug
Products with Therapeutic Equivalence Evaluations published by the FDA Center for Drug Evaluation and Research or any successor publication (the “Orange Book”), Licensee shall promptly confer with Pulmokine regarding the same
and, following which Licensee shall have the right in its sole discretion to file with the FDA the required listing documents and certifications, and Pulmokine will sign any power of attorney, and do such other lawful acts, in each case as are
required by FDA to effect such submission as required under 21 C.F.R. § 314.53(c)(2)(ii) or its successor. 

  
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 6.7. Patent Term Extensions.

Licensee shall have the right to prepare and file, or to cause Pulmokine [***] to prepare and file, a patent term extension or supplementary
protection certificate application with respect to any applicable Licensed Patent upon Regulatory Approval of a Licensed Product (which is Covered by such Licensed Patent), and the Parties will cooperate with each other and use reasonable efforts to
obtain all available extensions and supplementary protection certificates for any such Licensed Patent applicable to such Licensed Product. Each Party shall be permitted to assist and provide comments to the other Party, and to provide the
regulatory timeline, diligence and regulatory period calculations required as part of the application, to complete the application(s) for such extensions or supplementary protection certificates and to assist in any other matters related to
preparation of the application(s) for such extensions or supplementary protection certificates, and each Party will fully cooperate, in preparing and filing such a patent term extension or supplementary protection certificate application with
respect to any such Licensed Patent within the limited time set for filing such application. [***]. 
 7. REPRESENTATIONS, WARRANTIES AND COVENANTS

 7.1. No Litigation. 

Each Party represents and warrants to the other Party that, to its knowledge as of the Effective Date, there is no litigation, proceeding or
investigation pending or threatened against or involving such Party in any court or before any agency or regulatory body which could adversely affect such Party’s ability or right to carry out the transactions contemplated by this Agreement.

 7.2. No Debarment. 

Neither Party, nor any of such Party’s employees, independent contractors, consultants, agents or officers: (a) has ever been
debarred or is subject to debarment or, to such Party’s knowledge, convicted of a crime for which a Person could be debarred before a Regulatory Authority under applicable Laws, or (b) to such Party’s knowledge, has ever been under
indictment for a crime for which a Person could be debarred under such Laws. 
 7.3. Corporate Existence. 

As of the Effective Date, each Party represents and warrants to the other Party that it is a company duly organized, validly existing and in
good standing under the Laws of the jurisdiction in which it is formed. 
 7.4. Authority to Execute and Perform. 

As of the Effective Date, each Party represents, warrants and covenants to the other that it: 

(a) has the power and authority and the legal right to enter into this Agreement and to perform its obligations hereunder; 

(b) has taken all necessary company action on its part required to authorize the execution and delivery of this Agreement; 

 
  

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 (c) has duly executed and delivered this Agreement, which constitutes a
legal, valid and binding obligation of it and which is enforceable against it in accordance with this Agreement’s terms; and 
 (d)
shall perform its obligations hereunder in compliance with applicable Laws. 
 7.5.
Non-Contravention. 
 As of the Effective Date, Pulmokine represents and warrants to Licensee
that the execution, delivery and performance of this Agreement by it, and the transactions contemplated hereby, do not and will not: 
 (a)
conflict with or result in a breach of any provision of the corporate charter, certificate of incorporation, by-laws or organizational documents of Pulmokine or any of its Affiliates; 

(b) conflict with, result in a breach or default or give rise to any right of termination, cancellation, modification or acceleration under any
contract, agreement or instrument related to the Licensed Patents, Licensed Know-How or Licensed Products to which Pulmokine or any of its Affiliates is a party (including the Gilead License and the RCTR
License) or to which Pulmokine or any of its Affiliates may be subject although not a party; 
 (c) violate any applicable Laws; or 

(d) result in the imposition of any lien or encumbrance upon any Licensed Patent, Licensed Know-How or
Licensed Product. 
 7.6. Additional Pulmokine Representations, Warranties and Covenants. 

Pulmokine represents, warrants and covenants to Licensee that: 

(a) Pulmokine is the sole and exclusive owner of the entire right, title and interest in and to the Pulmokine-Controlled Patents on Exhibit
E and the Asthma Patent on Exhibit G free and clear of all liens and other encumbrances, security interests, options and licenses; 

(b) Pulmokine is the joint owner (together with Gilead) of a joint and undivided right, title and interest in and to the Pulmokine-Gilead Joint
Patents on Exhibit F free and clear of all liens and other encumbrances, security interests, options and licenses and is the exclusive licensee in the Licensed Product Field of all of Gilead’s joint and undivided right, title and
interest in and to such Pulmokine-Gilead Joint Patents, and holds such license free and clear of all liens and other encumbrances, security interests, options and licenses; 

(c) Pulmokine is the exclusive licensee in the Licensed Product Field of the Gilead Background Patents on Exhibit C, the exclusive
licensee of the Biomarker Patents on Exhibit H, and holds each license for such patent rights free and clear of all liens and other encumbrances, security interests, options and licenses; 

(d) [***] the Licensed Patents set forth on Exhibit G, Exhibit H, Exhibit C, Exhibit E, and Exhibit F
constitute all the patents and patent applications owned or Controlled by Pulmokine that Cover the Biomarkers, Compound, the Backup Compound and the Asthma Compounds; 

 

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 (e) Pulmokine has the right to grant the licenses and rights in the
Licensed Patents it purports to grant to Licensee hereunder; 
 (f) During the Term, Pulmokine shall maintain the Gilead License and the RCTR
License in good standing and shall not take any action, or omit to take any action (including making necessary payments), which would result in a breach or early termination of the Gilead License, the RCTR License or any rights thereunder. Pulmokine
covenants that it shall not amend, modify or supplement the terms of, or waive any rights under, the Gilead License or RCTR License that would adversely impact Licensee’s rights hereunder without the prior written consent of Licensee, such
consent not to be unreasonably withheld, delayed or conditioned. Pulmokine shall promptly notify Licensee upon receipt by Pulmokine of any notice from Gilead or RCTR of any actual or alleged breach under the Gilead License or RCTR License, as
applicable, and Pulmokine shall promptly cure any such breach within the allotted cure period and if it is unwilling or unable to do so, Pulmokine shall timely notify Licensee and Licensee shall have the right to cure such breach on Pulmokine’s
behalf; 
 (g) There are no adverse actions, suits or claims pending or, [***], threatened against Pulmokine in any court or by or before any
governmental entity with respect to the Compound, the Backup Compound, Biomarkers or Asthma Compounds or the Licensed Technology and, to the actual knowledge of Pulmokine, with the exception of certain of the Gilead Background Patents, there are no
Third Party patents that would reasonably be expected to give rise to such actions, suits or claims. No Third Party has challenged the ownership, scope, duration, validity, enforceability, priority or right to use the Licensed Technology; 

(h) Pulmokine has not initiated or been involved in any proceedings or claims in which it alleges that any Third Party is or was infringing or
misappropriating the Licensed Technology, nor have any proceedings been threatened by Pulmokine, nor to the knowledge of Pulmokine is there any basis for any such proceeding; and 

(i) With the exception of certain of the Gilead Background Patents, [***] and notwithstanding 35 U.S.C. § 271(e) or any comparable Laws,
the research, development, manufacture, use or sale of the Compound, the Backup Compound, the Asthma Compounds or the Biomarkers does not infringe or misappropriate any patent rights, know-how rights, or other
intellectual property rights of any Third Party. 
 7.7. No Implied Warranties. 

Except as expressly set forth in this Agreement, Pulmokine makes no other representation or warranty, express or implied, with respect to the
subject matter hereof or the transactions contemplated hereby. 
 8. CONFIDENTIALITY OBLIGATIONS OF PULMOKINE 

8.1. Confidentiality Obligations. 

Subject to Article 10, during the Term and for a period of (x) seven (7) years thereafter with respect to
non-disclosure obligations and (y) three (3) years thereafter with respect to non-use obligations, Pulmokine: 

(a) shall hold in strict confidence any and all information disclosed to it or its Affiliates by or on behalf of Licensee or its Affiliates or
Sublicensees, whether pursuant to this Agreement or the Confidentiality Agreement, all Licensed Know-How required to be disclosed and all Regulatory Filings required to be transferred under Section 4.1,
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 delivered under Section 4.6 (collectively “Licensee Confidential
Information”) and, subject to Section 15.7(a), shall not use, nor disclose or supply to any Third Party, nor permit any Third Party to have access to Licensee Confidential Information, without first obtaining the written consent of
Licensee, except in connection with the performance of its obligations and exercise of its rights under this Agreement; 
 (b) shall take all
reasonable precautions necessary or prudent to prevent material in its possession or control that contains or refers to Licensee Confidential Information from being destroyed or lost, or discovered, received, used, intercepted or copied by any Third
Party; and 
 (c) may disclose Licensee Confidential Information only to its employees, consultants, independent contractors, agents,
Affiliates and actual or potential acquirers, in each case solely to the extent reasonably necessary for the purposes of, and for those matters undertaken pursuant to, the performance of Pulmokine’s obligations and exercise of Pulmokine’s
rights under this Agreement; provided, in each case, that such employees, consultants, independent contractors, agents, Affiliates and actual or potential sources of funding and/or acquirers are bound by terms and conditions of confidentiality of a
scope no less protective than the terms and conditions that bind Pulmokine hereunder. 
 For the avoidance of doubt, it is understood that
Pulmokine shall be liable for any breach of the confidentiality obligation under this Section 8.1 by any person or corporation to whom Licensee Confidential Information is disclosed by Pulmokine. 

8.2. Exceptions. 

Pulmokine’s obligations of confidentiality and non-use under Section 8.1 shall not apply to,
and Pulmokine shall have no further obligations with respect to, any of the Licensee Confidential Information, to the extent Pulmokine can establish by competent proof that such Licensee Confidential Information: 

(a) is or becomes part of the public domain without breach by Pulmokine of this Agreement; 

(b) was in Pulmokine’s possession before disclosure by Licensee and was not acquired directly or indirectly from Licensee, as documented
by Pulmokine’s written records; 
 (c) is obtained from a Third Party with no obligation of confidentiality to Licensee, who has a right
to disclose it to Pulmokine; 
 (d) is developed independently by Pulmokine without use of or reference to the Licensee Confidential
Information, as evidenced by Pulmokine’s written records; or 
 (e) is required to be revealed in response to a court decision or
administrative order, or to comply with applicable Laws or applicable rules of any Regulatory Authority; provided that, in each such case, Pulmokine shall inform Licensee immediately by written notice and cooperate with Licensee using Commercially
Reasonable Efforts either to enable Licensee to seek protective measures for such Licensee Confidential Information, or to seek confidential treatment of such Licensee Confidential Information, and in such case Pulmokine shall disclose only such
portion of the Licensee Confidential Information which is so required to be disclosed. 
 Any combination of features or disclosures shall
not be deemed to fall within the foregoing exclusions merely because individual features are published or available to the general public or in the rightful possession of Pulmokine unless the combination itself and principle of operation are
published or available to the general public or in the right possession of Pulmokine. 

  
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 9. CONFIDENTIALITY OBLIGATIONS OF LICENSEE 

9.1. Confidentiality Obligations. 

Subject to Article 10, during the Term and for a period of seven (7) years thereafter, Licensee: 

(a) shall hold in strict confidence any and all information disclosed to it or its Affiliates by or on behalf of Pulmokine or its Affiliates or
licensors, whether pursuant to this Agreement or the Confidentiality Agreement (collectively “Pulmokine Confidential Information”) and shall not use, nor disclose or supply to any Third Party, nor permit any Third Party to
have access to Pulmokine Confidential Information, without first obtaining the written consent of Pulmokine, except in connection with the performance of its obligations and exercise of its rights under this Agreement; 

(b) shall take all reasonable precautions necessary or prudent to prevent material in its possession or control that contains or refers to
Pulmokine Confidential Information from being destroyed or lost, or discovered, received, used, intercepted or copied by any Third Party; and 

(c) may disclose Pulmokine Confidential Information only to its employees, consultants, independent contractors, agents, Affiliates, actual or
potential Sublicensees and actual or potential acquirers, in each case solely to the extent reasonably necessary for the purposes of, and for those matters undertaken pursuant to, the performance of Licensee’s obligations and exercise of
Licensee’s rights under this Agreement; provided, in each case, that such employees, consultants, independent contractors, agents, Affiliates, Sublicensees and actual or potential acquirers are bound by terms and conditions of confidentiality
of a scope no less protective than the terms and conditions that bind Licensee hereunder. 
 For the avoidance of doubt, it is understood
that Licensee shall be liable for any breach of the confidentiality obligation under this Section 9.1 by any person or corporation to whom Pulmokine Confidential Information is disclosed by Licensee. 

9.2. Exceptions. 

Licensee’s obligations of confidentiality and non-use under Section 9.1 shall not apply to,
and Licensee shall have no further obligations with respect to, any of the Pulmokine Confidential Information, to the extent that Licensee can establish by competent proof that such Pulmokine Confidential Information: 

(a) is or becomes part of the public domain without breach by Licensee of this Agreement; 

(b) was in Licensee’s possession before disclosure by Pulmokine to Licensee and was not acquired directly or indirectly from Pulmokine, as
documented by Licensee’s written records; 
 (c) is obtained from a Third Party with no obligation of confidentiality to Pulmokine, who
has a right to disclose it to Licensee; 
 (d) is developed independently by Licensee without use of or reference to the Pulmokine
Confidential Information, as evidenced by Licensee’s written records; or 
 (e) is required to be revealed in response to a court
decision or administrative order, or to comply with applicable Laws or applicable rules of any Regulatory Authority; provided that, in each such case, Licensee shall inform Pulmokine immediately by written notice and cooperate with Pulmokine using
Commercially Reasonable Efforts either to enable Pulmokine to seek protective measures for such Pulmokine Confidential Information, or to seek confidential treatment of such Pulmokine Confidential 

  
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 Information, and in such case Licensee shall disclose only such portion of the Pulmokine
Confidential Information which is so required to be disclosed. 
 Any combination of features or disclosures shall not be deemed to fall
within the foregoing exclusions merely because individual features are published or available to the general public or in the rightful possession of Licensee unless the combination itself and principle of operation are published or available to the
general public or in the right possession of Licensee. 
 9.3. Additional Disclosure. 

Nothing herein shall prevent Licensee from disclosing any Pulmokine Confidential Information to the extent that such Pulmokine Confidential
Information is required by Law to be used or disclosed for the purposes of seeking or obtaining Regulatory Approvals of Licensed Products or is necessary or useful for seeking patent protection for Licensed Patents or Licensee Inventions. 

10. SCIENTIFIC PUBLICATIONS 
 Licensee may
not [***] without the opportunity for prior review by Pulmokine, except to the extent required by Law. In the event Licensee seeks to [***], it shall provide Pulmokine the opportunity to review and comment on any such proposed publication [***]
prior to its intended [***] Pulmokine shall provide Licensee with its comments in writing, if any, within [***] after receipt of such [***]. Licensee shall consider in good faith any comments thereto provided by Pulmokine and [***] In addition,
Licensee shall delay the submission for a period up to [***] if Pulmokine can demonstrate [***]. If Pulmokine fails to provide its comments to Licensee within such [***] period, Pulmokine shall be deemed to not have any comments, and Licensee may
publish in accordance with this Section 10 after the [***] period has elapsed. [***]. 
 Pulmokine shall not publish peer reviewed
manuscripts, or give other forms of public disclosure such as abstracts and presentation, of non-public information contained in the Licensed Technology or otherwise concerning the Compound, the Backup
Compound, the Asthma Compounds, the Biomarkers, or Licensed Products without the prior written consent of Licensee, [***], and except to the extent required by Law, provided that the foregoing shall in no way preclude or otherwise limit
Pulmokine’s correspondence with FDA or reports to NIH concerning the ongoing Phase 1A clinical trial, as described in Pulmokine’s IND 122593, until such time as IND 122593 has been transferred to Licensee or its designee, nor shall the
foregoing preclude or otherwise limit Pulmokine’s reporting to or correspondence with NIH concerning Pulmokine’s NIH SBIR Grants (R44HL102946 for PK10571, 1R43HL135910-01A1 for biomarker and
1R43HL132709-01 for asthma) until such time that such SBIR Grants have been transferred to Licensee or its designee. 

11. PRESS RELEASES 
 11.1. Joint Press
Release. 
 Within five (5) Business Days of the Effective Date, Licensee and Pulmokine shall issue a joint press release or public
announcement concerning any aspect of the development or commercialization of the Licensed Products in the Licensed Product Field in the Territory. Notwithstanding the foregoing, subject to Section 8.2(e) or 9.2(e), as applicable, either Party
may issue any public announcement that such 
  
  

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 Party is advised by legal counsel is required under applicable Laws, provided that such
Party provides to the other Party a copy of such press release or public announcement promptly after its release thereof. 
 11.2. No
Disclosure of Terms and Conditions. 
 Except as set forth in Section 11.1, no press release or public announcement shall be made by
either Party concerning the execution of this Agreement or the terms and conditions hereof, without the prior written consent of the other Party which shall not be unreasonably withheld. Notwithstanding the foregoing, either Party may disclose the
existence of this Agreement and the terms and conditions hereof without the prior written consent of the other in connection with a due diligence process associated with any future financing by either Party or the negotiation or exploration of a
possible strategic transaction involving such Party, provided that such disclosure is made in the course of such diligence, negotiation or exploration pursuant to confidentiality obligations consistent in scope with those set forth in this
Agreement. Notwithstanding anything to the contrary in Article 8, if Pulmokine seeks to file with the U.S. Securities and Exchange Commission or the securities regulators of any state or other jurisdiction any disclosure document that describes or
refers to the terms and conditions of this Agreement or any related agreements between the Parties, then Pulmokine shall: (a) notify Licensee of such efforts, (b) provide Licensee with a copy of the relevant portions of the proposed filing
at least five (5) Business Days prior to such filing, and (c) cooperate in good faith with Licensee to obtain confidential treatment of the terms and conditions of this Agreement or such related agreements that Licensee requests to be kept
confidential. No such notice shall be required under this Section 11.2 if the substance of the description of or reference to this Agreement contained in the proposed filing has been included in any previous filing made by such Party hereunder
or otherwise approved by the other Party. 
 12. INDEMNIFICATION AND INSURANCE 

12.1. By Licensee. 

Licensee shall defend, indemnify and hold harmless Pulmokine, Gilead and their Affiliates, respective directors, officers, agents, successors,
assignees and employees (the “Pulmokine Indemnitees”) from and against any and all claims, liabilities, losses, costs, actions, suits, damages and expenses, including reasonable attorneys’ fees (collectively,
“Damages”) to the extent arising from any claim, action or proceeding made or brought against Pulmokine Indemnitees by a Third Party in connection with (a) the gross negligence, recklessness or intentional wrongful acts or
omissions of Licensee or its Affiliates or Sublicensees and its and their respective employees, officers, independent contractors, consultants or agents, in connection with the performance by or on behalf of Licensee of Licensee’s obligations
or exercise of its rights under this Agreement; (b) any breach by Licensee of any representation, warranty, covenant or obligation of Licensee set forth in this Agreement; (c) the development, commercialization manufacturing, marketing,
distribution, handling, possession, promotion, sale or use of the Licensed Products or any other use of the Licensed Technology by Licensee or its Affiliates or Sublicensees; or (d) any actual or alleged death, personal bodily injury or damages
to real or tangible personal property claimed to result, directly or indirectly, from the possession, use or consumption or treatment with the Licensed Products made or sold by or on behalf of Licensee, its Affiliates or Sublicensees; except in any
such case to the extent such Damages are reasonably attributable to any negligence, gross negligence, recklessness or intentional wrongful acts or omissions, willful misconduct or breach of this Agreement by Pulmokine or a Pulmokine Indemnitee. 

12.2. By Pulmokine. 

Pulmokine shall defend, indemnify and hold harmless Licensee and its Affiliates and Sublicensees and its and their respective directors,
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 (the “Licensee Indemnitees”) from and against any and all Damages to
the extent arising from any claim, action or proceeding made or brought against Licensee Indemnitees by a Third Party in connection with (a) the gross negligence, recklessness or intentional wrongful acts or omissions of Pulmokine, its
Affiliates or its other licensees or sublicensees and its or their respective employees, officers, independent contractors, consultants or agents, in connection with the performance by or on behalf of Pulmokine of Pulmokine’s obligations or
exercise of its rights under this Agreement; or (b) any breach by Pulmokine of any representation, warranty, covenant or obligation of Pulmokine set forth in this Agreement; except in any such case to the extent such Damages are reasonably
attributable to any negligence, willful misconduct or breach of this Agreement by Licensee or a Licensee Indemnitee. 
 12.3.
Indemnification Procedure. 
 (a) Each Party shall promptly notify the other in the event it becomes aware of a claim for which
indemnification may be sought pursuant to this Article 12, it being understood and agreed, however, that the failure by an Indemnified Party to give prompt notice of such a claim as provided in this Section 12.3 shall not relieve the
Indemnifying Party of its indemnification obligation under this Agreement except and only to the extent that such Indemnifying Party is actually damaged as a result of such failure to give prompt notice. In case any proceeding (including any
governmental investigation) shall be instituted involving any Party in respect of which indemnity may be sought pursuant to this Article 12, such Party (the “Indemnified Party”) shall promptly notify the other Party (the
“Indemnifying Party”) in writing (an “Indemnification Claim Notice”). The Indemnifying Party and Indemnified Party shall promptly meet to discuss how to respond to any claims that are the subject matter of such
Indemnification Claim Notice. The Indemnifying Party shall assume direction and control of the defense of the claim that is the subject of the Indemnification Claim Notice (including the right to settle the Claim solely for monetary consideration)
using counsel reasonably satisfactory to the Indemnified Party, and shall cooperate as requested (at the expense of the Indemnifying Party) in the defense of such claim. 

(b) Upon assuming the defense of a Third Party claim in accordance with this Section 12.3, the Indemnifying Party shall be entitled to
appoint counsel in the defense of the Third Party claim. Should the Indemnifying Party assume and continue the defense of a Third Party claim, except as otherwise set forth in this Section 12.3, the Indemnifying Party will not be liable to the
Indemnified Party for any legal expenses subsequently incurred by such Indemnified Party after the date of assumption of defense in connection with the analysis, defense, countersuit or settlement of the Third Party claim. Without limiting this
Section 12.3, any Indemnified Party will be entitled to participate in, but not control, the defense of a Third Party claim for which it has sought indemnification hereunder and to engage counsel of its choice for such purpose; provided,
however, that such engagement will be at the Indemnified Party’s own expense unless (i) the engagement thereof has been specifically requested by the Indemnifying Party in writing, or (ii) the Indemnifying Party has failed to assume
and actively further the defense and engage counsel in accordance with this Section 12.3 (in which case the Indemnified Party will control the defense). 

(c) The Indemnifying Party will have the sole right to consent to the entry of any judgment, enter into any settlement or otherwise dispose of
such Damages, on such terms as the Indemnifying Party, in its reasonable discretion, will deem appropriate (provided, however, that the Indemnifying Party shall not agree to any settlement of such action, suit, proceeding or claim or consent to any
judgment in respect thereof that does not include a complete and unconditional release of the Indemnified Party from all liability with respect thereto, that imposes any liability or obligation on the Indemnified Party or that acknowledges fault by
the Indemnified Party or that limits the Indemnified Party’s rights under this Agreement without the prior written consent of the Indemnified Party) and will transfer to the Indemnified Party all amounts which such Indemnified Party will be
liable to pay pursuant to such settlement or disposal of such claim prior to the time such payments become due by the Indemnified Party. With respect to all other Damages in connection with Third Party claims, where the Indemnifying Party has
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 Party claim in accordance with this Section 12.3, the Indemnifying Party will have
authority to consent to the entry of any judgment, enter into any settlement or otherwise dispose of such Damages, provided that it obtains the prior written consent of the Indemnified Party, not to be unreasonably withheld or delayed. 

(d) The Indemnifying Party that has assumed the defense of the Third Party claim in accordance with this Section 12.3 will not be liable
for any settlement or other disposition of any Damages by an Indemnified Party that is reached without the written consent of such Indemnifying Party. The Indemnified Party will not admit any liability with respect to, or settle, compromise or
discharge, any Third Party claim without first offering to the Indemnifying Party the opportunity to assume the defense of the Third Party claim in accordance with this Section 12.3. If the Indemnifying Party chooses to defend or prosecute any
Third Party claim, the Indemnified Party will cooperate in the defense or prosecution thereof and will furnish such records, information and testimony, provide such witnesses including to the extent possible, former employees and attend such
conferences, discovery proceedings, hearings, trials and appeals as may be reasonably requested in connection with such Third Party claim. Such cooperation will include access during normal business hours afforded to the Indemnifying Party to, and
reasonable retention by the Indemnified Party of, records and information that are reasonably relevant to such Third Party claim, and making employees and agents available on a mutually convenient basis to provide additional information and
explanation of any material provided hereunder. The Indemnifying Party will reimburse the Indemnified Party for its reasonable out-of-pocket expenses incurred in
connection with such cooperation. 
 (e) The Indemnified Party shall take and shall procure that its Affiliates, Sublicensees, agents,
directors, offices and employees take all such reasonable steps and action as are reasonably necessary or as the Indemnifying Party may reasonably require to mitigate any Third Party claim subject to indemnification in accordance with this
Section 12.3. Nothing in this Agreement shall or shall be deemed to relieve the Indemnified Party of any common law or other duty to mitigate any losses incurred by it. 

12.4. Insurance. 
 Each
Party shall maintain in full force and effect during the Term and for a period of three (3) years after expiration or termination of this Agreement, worker’s compensation and general liability insurance coverage and, in addition Licensee
shall maintain clinical trial liability and product liability insurance coverage, all in such amounts and with such scope of coverages as are adequate to cover such Party’s obligations under this Agreement and as are customary in the industry
for companies of like size and activities. Upon written request, each Party shall provide evidence of such insurance to the other Party and ensure that the other Party will receive no less than thirty (30) days’ notice of any cancelation, non-renewal or material change in such coverage. 
 13. LIMITATION ON LIABILITY 

EXCEPT IN THE CASE OF A BREACH OF ARTICLE 8 OR 9 OR A PARTY’S (A) WILLFUL MISCONDUCT OR INTENTIONAL BREACH OR (B) GROSS
NEGLIGENCE, AND WITHOUT LIMITING EITHER PARTY’S OBLIGATIONS UNDER ARTICLE 12 OR LIABILITY OF A PARTY FOR INFRINGEMENT OR MISAPPROPRIATION OF THE INTELLECTUAL PROPERTY RIGHTS OF THE OTHER PARTY, NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY
FOR SPECIAL, INDIRECT, PUNITIVE OR CONSEQUENTIAL DAMAGES (INCLUDING DAMAGES RESULTING FROM LOSS OF USE, LOSS OF PROFITS, INTERRUPTION OR LOSS OF BUSINESS OR OTHER ECONOMIC LOSS) ARISING OUT OF THIS AGREEMENT OR WITH RESPECT TO A PARTY’S
PERFORMANCE OR NON-PERFORMANCE HEREUNDER. 

  
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 14. TERM 

This Agreement shall become effective on the Effective Date and, unless terminated earlier pursuant to Article 15, shall continue in effect
until the expiration of the last-to-expire Royalty Term (the “Term”). Upon the expiration of the last Royalty Term, the license set forth in
Section 2.1 shall become perpetual, irrevocable and fully paid-up. 
 15. TERMINATION; EFFECT OF TERMINATION

 15.1. Termination for Convenience 

Notwithstanding anything contained herein to the contrary, Licensee shall have the right to terminate this Agreement with respect to [***] on a
country-by-country basis. Any termination under this Section 15.1 shall be accomplished by Licensee giving [***] advance written notice to Pulmokine. 

15.2. Termination for Safety or Efficacy. 

Notwithstanding anything contained herein to the contrary, Licensee shall have the right to terminate this Agreement at any time in its sole
discretion either in its entirety or on a Licensed Product-by-Licensed Product or a country-by-country basis in the event of
potential safety or efficacy concerns affecting such Licensed Product. Any termination under this Section 15.2 shall be accomplished by Licensee giving [***] advance written notice to Pulmokine. 

15.3. Material Breach. 

Each Party may terminate this Agreement in its entirety immediately upon written notice to the other Party if the other Party materially
breaches its obligations under this Agreement and, after receiving written notice identifying such material breach in reasonable detail, fails to cure such material breach within ninety (90) days from the date of such notice; provided, however,
that, in the event of any dispute of whether such breach has occurred or has been cured, such termination shall not become effective unless and until such dispute has been finally resolved in favor of the Party seeking such termination. [***] in
accordance with this Section 15.1. 
 15.4. Patent Challenge. 

Pulmokine may, on thirty (30) days written notice to Licensee, terminate this Agreement if Licensee or its Affiliates or Sublicensees,
individually or in association with any other person or entity, commences a legal action (except to the extent required by Law) challenging the validity or enforceability of any Licensed Patents in any court or before any governmental authority with
authority to determine the validity or enforceability of a Licensed Patent (“Patent Challenge”). Such termination shall be effective thirty (30) days after written notice by Licensee to Pulmokine referencing this
Section 15.2, unless Licensee, within such thirty (30) days, withdraws from such Patent Challenge. Notwithstanding anything to the contrary herein, Patent Challenge does not include, and termination by Pulmokine under this
Section 15.4 is not permitted for any counterclaim made, filed or maintained by Licensee or its Affiliates or 
  

 

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 Sublicensees as defendants in any patent infringement claim, demand, lawsuit, cause of
action or other action made, filed or maintained by Pulmokine or Gilead or their Affiliates and/or licensors, including where such counterclaim challenges the scope of any Licensed Patents, including without limitation any counterclaim by Licensee
that the making, using, selling, offering for sale and importation of any Licensed Product is not within the scope of the Licensed Patents. 

15.5. Force Majeure. 

This Agreement may be terminated by the Party not affected by the event of a Force Majeure pursuant to Section 16.2. 

15.6. Insolvency. 
 Either
Party may terminate this Agreement upon written notice if the other Party is dissolved or liquidated, files or has filed against it a petition under any bankruptcy or insolvency law that is not dismissed within sixty (60) calendar days, makes
an assignment for the benefit of its creditors or has a receiver or trustee appointed for all or substantially all of its property. 

15.7. Rights Upon Certain Termination Events. 

(a) If this Agreement terminates for any reason (other than by expiration), then all rights and Licenses under the [***] granted by Pulmokine
to Licensee pursuant to [***] will terminate and all rights granted therein will immediately revert to Pulmokine, and Licensee shall promptly return to Pulmokine or its designee all [***], previously delivered to Licensee in accordance with
Section 4.6. Notwithstanding the foregoing, Licensee shall have the right to sell off any Licensed Products that have been manufactured or are in the process of being manufactured at the time of termination, provided that Licensee complies with
all of its payment, reporting and audit obligations hereunder. 
 (b) If this Agreement is terminated (whether in whole or in part) [***],
then, solely with respect to that portion of the Agreement so terminated, (i) Licensee shall, and does hereby grant to Pulmokine an exclusive, fully transferrable and sublicensable, worldwide license in and to any applicable [***] and
Licensee’s entire interests in and to any applicable [***], in each case to [***]; and (ii) Licensee shall promptly transfer and assign to Pulmokine any applicable [***]. 

(c) If this Agreement is terminated (whether in whole or in part) [***], then, solely with respect to that portion of the Agreement so
terminated, Pulmokine and Licensee shall promptly negotiate in good faith the terms and conditions of an agreement for the foregoing licenses, transfers and assignments made in favor of Pulmokine. 

 
  

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 15.8. Return of Confidential Information. 

Within thirty (30) days following the expiration or termination of this Agreement, each Party shall, at the request of the other Party,
(a) subject to Sections 15.7(b) or (c), deliver to the other Party, or certify the destruction of, any and all tangible Confidential Information of the other Party in such Party’s possession, and (b) to the extent practicable, remove
Confidential Information of the other Party from all databases and systems and, in those instances where removal is not practicable, segregate or otherwise indicate that such Confidential Information is restricted. 

15.9. Survival. 
 The
rights and obligations of the Parties set forth in Articles 1, 8, 9, 12, 13, 16 and Sections 3.8, 3.9, 3.12, 3.13, 6.4, 6.5, 11.2, 15.7, 15.8, 15.9, 15.10 and 16.4 shall survive termination or expiration of this Agreement. 

15.10. Other Remedies. 

15.11. 
 Termination or
expiration of this Agreement for any reason shall not release any Party from any liability or obligation that has accrued prior to such expiration or termination, nor affect the survival of any provision hereof to the extent it is expressly stated
to survive termination. Termination or expiration of this Agreement for any reason shall not constitute a waiver or release of, or otherwise be deemed to prejudice or adversely affect, any rights, remedies or claims, whether for damages or
otherwise, that a Party may have hereunder or that may arise out of or in connection with such termination or expiration. 
 15.12.
Bankruptcy Code. 
 All licenses granted under this Agreement will be deemed licenses of rights to intellectual property for purposes of
Section 365(n) of the U.S. Bankruptcy Code and Licensee as licensee under this Agreement will retain and may fully exercise all of its rights and elections under the U.S. Bankruptcy Code. 

16. GENERAL PROVISIONS 
 16.1.
Assignment. 
 Neither Party may assign this Agreement without the consent of the other Party, except as otherwise provided in this
Section 16.1. Either Party may assign this Agreement in whole or in part to any Affiliate of such Party without the consent of the other Party; provided that, such assigning Party provides the other Party with written notice of such assignment
and the assignee agrees in writing to assume performance of all assigned obligations. Further, each Party may assign this Agreement, and all of its rights and obligations, without the consent of the other Party to its successor in interest by way of
Change of Control; provided that, such assigning Party provides the other Party with written notice of such assignment within five (5) business days after such Change of Control. Notwithstanding anything to the contrary herein, Pulmokine shall
not assign this Agreement unless such assignee also assumes Pulmokine’s rights and obligations under the Gilead License and RCTR License and is assigned all of Pulmokine’s rights under the Licensed Technology that is licensed to Licensee
hereunder. Similarly, Pulmokine shall not assign its rights under the Licensed Technology that is licensed to Licensee hereunder to an Affiliate or Third Party without also assigning all its rights under this Agreement to such Affiliate or Third
Party. The terms of this Agreement shall be binding upon and shall inure to the benefit of the successors, heirs, administrators and 

  
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 permitted assigns of the Parties. Any purported assignment in violation of this
Section 16.1 shall be null and void. 
 16.2. Right to Set-Off. 

Without limiting Licensee’s rights under law or in equity, Licensee may exercise a right of
set-off of any and all amounts paid by Licensee pursuant to Section 2.7 as set forth therein, or paid by Licensee pursuant to Section 7.6(f) to cure a breach of the payment obligations set forth in
the Gilead License and/or RCTR License by Pulmokine against any amounts payable to Pulmokine under this Agreement. 
 16.3. Force
Majeure. 
 With the exception of Licensee’s payment obligations hereunder, no failure or delay by either Party in the performance
of any obligation hereunder shall be deemed a breach of this Agreement nor create any liability for any damages, increased costs or losses which the other Party may sustain by reason of such failure or delay of performance, if the same shall arise
from any cause or causes beyond the control of that Party, such as earthquakes, storms, floods, fires, other acts of nature, epidemic, war, riot, hostility, public disturbance, cessation of transport, act of public enemies, prohibition or act by a
government or public agency, strike or other labor dispute or work stoppage (collectively “Force Majeure”); provided, however, that the Party so prevented shall continue to take all commercially reasonable actions within its power
to comply with its obligations hereunder as fully as possible and to mitigate possible damages. The Party so prevented shall without undue delay notify the other Party in writing thereof. Should the event of Force Majeure continue for more than one
hundred twenty (120) consecutive calendar days, the Parties shall promptly discuss their further performance under this Agreement and whether to modify or terminate this Agreement in view of the effect of the event of Force Majeure. If no
agreement can be reached within thirty (30) calendar days after expiration of such one hundred twenty (120) days, the Party not affected by the event of Force Majeure may terminate this Agreement effective immediately upon written notice
to the other Party. 
 16.4. Governing Law. 

The construction, validity and performance of this Agreement shall be governed in all respects by the laws of the State of New York, excluding
its provisions regarding conflicts of law. The United Nations Convention on the International Sale of Goods shall not apply. 
 16.5.
Dispute Resolution. 
  

			
	(a)	  	        Resolution by Senior Executives. In the event of any dispute, claim, question or disagreement arising from or relating to this Agreement or the breach thereof
(“Dispute”), senior executives of each Party (“Senior Executives”) shall attempt to reach a solution satisfactory to both Parties. If the Senior Executives do not reach such solution within a period of thirty
(30) days or such longer period as the Parties may mutually agree upon, then, upon notice by either Party to the other, either Party shall be free to exercise the remedies as provided in Section 16.4(b).
		
	(b)	  	        Arbitration. Any Disputes between the Parties arising under or in connection with this Agreement not resolved through the procedures set out in Section 16.4(a), shall be
finally settled by arbitration, in New York, New York, before a panel of three (3) arbitrators having relevant experience in the biotech or pharmaceutical industries under the Rules of Arbitration of the International Chamber of Commerce
(“ICC Rules”), and the ICC Rules are deemed to be

  
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		  	incorporated by reference to this clause. Each Party shall nominate an arbitrator, and the Party-nominated arbitrators shall agree upon the third arbitrator who will be the chair of the arbitration tribunal. If the two
(2) Party-nominated arbitrators are unable to agree upon the chair within sixty (60) days, the chair shall be selected as provided in the ICC Rules. The arbitrators shall be required to: (i) follow the substantive rules of the
applicable Law, (ii) require all testimony to be transcribed, and (iii) accompany their award with findings of fact and a statement of reasons for the decision. The arbitrator shall have the authority to permit discovery for no more than
sixty (60) days, to the extent deemed appropriate by the arbitrator, upon reasonable request of a Party. The arbitrators shall have no power or authority to (iv) add to or detract from the written agreement of the Parties set forth herein,
(v) modify or disregard any provision of this Agreement or any of the other related documents, or (vi) address or resolve any issue not submitted by the Parties. The arbitrators shall hold proceedings during a period of not longer than
forty-five (45) calendar days promptly following conclusion of discovery. The arbitration award shall be binding upon the Parties and enforceable by any court of competent jurisdiction. The arbitration award may include an award as to costs
including attorney fees.
		
	(c)	  	        Award. The award shall be made within four (4) months of the filing of the notice of arbitration, and the arbitrator(s) shall agree to comply with this schedule before
accepting appointment. However, this time limit may be extended by agreement of the Parties or by the arbitrator(s) if necessary. Judgment on the award rendered by the arbitrator(s) may be enforced in any court having competent jurisdiction
thereof.
		
	(d)	  	        Attorneys’ Fees and Costs. The arbitrator(s) shall award to the prevailing Party, if any, as determined by the arbitrators, all of its attorneys’ fees and
costs.
		
	(e)	  	        Confidentiality. The Parties undertake to keep confidential all awards in their arbitration, together with all materials in the proceedings created for the purpose of the
arbitration and all other documents produced by another party in the proceedings not otherwise in the public domain, save and to the extent that disclosure may be required of a Party by legal duty, to protect or pursue a legal right or to enforce or
challenge an award in legal proceedings before a court or other judicial authority.
		
	(f)	  	        Certain Disputes. Notwithstanding the provisions of this Section 16.4, Disputes relating to intellectual property rights, including Disputes relating to the ownership,
inventorship, enforceability, validity or scope of patent or other intellectual property rights, or other Disputes for which a Party wishes to seek injunctive or other equitable relief shall not be subject to the terms of this Section 16.4 and
may be submitted for resolution to a court of competent jurisdiction, and without the necessity of posting a bond for such Disputes seeking injunctive or other equitable relief (each, an “Excluded Claim”). The Parties agree that any
Dispute concerning an Excluded Claim that cannot be resolved by the Parties will be subject to the exclusive jurisdiction of the U.S. federal or New York state courts within the New York counties of New York, and the Parties hereby submit to, and
waive any objection to, personal jurisdiction and venue in such courts for such purpose.

  
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 16.6. Compliance with Laws. 

(a) Each Party will comply in all material respects with all Laws in performing its obligations and exercising its rights hereunder. 

(b) Each Party shall perform its obligations under this Agreement in strict compliance with applicable provisions of the International Federal
of Pharmaceutical Manufacturers & Associations Code of Practice. 
 (c) Each Party shall (i) comply with anti-bribery Laws, and
(ii) adopt, implement and keep for the Term, adequate measures aimed at preventing the commission, even attempted, of conduct in violation of anti-bribery Laws by its Affiliates, directors, representatives, employees, collaborators and/or
consultants. 
 16.7. Headings. 

Headings are inserted for convenience and shall not affect the meaning or interpretation of this Agreement. 

16.8. Waiver. 
 No waiver
of any default hereunder by either Party or any failure to enforce any rights hereunder shall be deemed to constitute a waiver of any subsequent default with respect to the same or any other provision hereof. 

16.9. Notices. 
 Any and
all notices given by one Party to the other Party under this Agreement must be in writing and shall be deemed effectively given (a) upon personal delivery to the Party to be notified, (b) when sent by confirmed facsimile or electronic
transmission if sent during normal business hours of the recipient, if not, then on the next Business Day, (c) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of
receipt, or (d) on the second (2nd) Business Day after the date deposited if mailed by first class mail, return receipt requested, postage prepaid. All notices shall be sent to the other
Party’s address as set out at the beginning of this Agreement or to the latest address of such Party as shall have been communicated to the other Party in accordance with this Section 16.8. 

Notices sent to Licensee shall be directed to the attention of : 

FSG Pulmo, Inc. 
 17 Selborne
Drive 
 Piedmont, CA 94611 

Attn: General Counsel 
 With copy
(which shall not constitute notice) to: 
 Latham & Watkins, LLP 

12670 High Bluff Drive 
 San
Diego, CA 92130 
 Attn: Steven T. Chinowsky, Esq. 

  
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 Confidential 

 
 Telephone: 858-523-5400 
 Facsimile:
858-523-5450 
 Notices sent to Pulmokine shall be directed
to the attention of 
 Pulmokine, Inc. 

7 University Place, B127B 

Rensselaer NY, 12144 

Attention: Larry Zisman 

Telephone: [***] 
 With copy
(which shall not constitute notice) to: 
 Morse, Barnes-Brown & Pendleton, P.C. 

230 Third Avenue, Fourth Floor 

Waltham, MA 02451 
 Telephone: 781-622-5930 
 Facsimile: 781-622-5933. 
 16.10. Severability. 

Whenever possible, each term and provision of this Agreement shall be interpreted in such manner as to be valid and effective under applicable
Laws, but, if any term or provision of this Agreement is held to be invalid or unenforceable under applicable Laws, such term or provision shall be invalid and ineffective only to the extent of such invalidity or unenforceability, without
invalidating or making unenforceable the remainder of this Agreement. In the event of such invalidity or unenforceability, the Parties shall use reasonable efforts to seek and agree on an alternative valid and enforceable provision that preserves
the original purpose and intent of this Agreement. 
 16.11. Entire Agreement. 

This Agreement, together with all Exhibits attached hereto, constitutes the entire agreement between the Parties and shall cancel and supersede
any and all prior and contemporaneous negotiations, correspondence, understandings and agreements, whether oral or written, between the Parties respecting the subject matter hereof. 

16.12. Amendment. 
 Any
amendment or modification to this Agreement shall only be made in writing and shall only be valid when signed by the duly authorized representatives of the Parties. 

16.13. Counterparts. 

This Agreement may be executed in more than one (1) counterpart, each of which shall be deemed an original, but all of such counterparts
taken together shall constitute one and the same agreement. The exchange of copies of this Agreement or amendments thereto and of executed signature pages by facsimile transmission or by email transmission in portable document format (.pdf), or
similar format, shall constitute effective execution and delivery of such instrument(s) as to the Parties and may be used in lieu 
  

 

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 40 

 Confidential 

 
 of the original Agreement or amendment for all purposes. Signatures of the Parties
transmitted by facsimile or by email in portable document format (.pdf), or similar format, shall be deemed to be their original signatures for all purposes. 

16.14. Agency. 
 Neither
Party is, nor shall be deemed to be, an employee, agent, co-venturer or legal representative of the other Party for any purpose. Neither Party shall be entitled to enter into any contracts in the name of, or on behalf of the other Party, nor shall
either Party be entitled to pledge the credit of the other Party in any way or hold itself out as having the authority to do so. 

16.15. Further Assurances. 

During the Term, Pulmokine and Licensee each will, at the request of the other Party, use reasonable efforts to (a) deliver to the other
Party such records, data or other documents, consistent with the provisions of this Agreement, (b) execute, deliver or cause to be delivered, all such assignments, consents, documents or further instruments of transfer or license, and
(c) take or cause to be taken all such other actions, as a Party reasonably may deem necessary or desirable in order for such Party to obtain the full benefits of this Agreement and the transactions contemplated hereby. 

[Signature page follows] 
  

  
 41 

 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed in
duplicate by their respective duly authorized officers or representatives as of the Effective Date. 
  

					
	FSG Pulmo, Inc.	 		 	Pulmokine, Inc.
	 /s/ Faheem Hasnain
	 		 	 /s/ Lawrence S. Zisman

	By: Faheem Hasnain, CEO	 		 	By: Lawrence S. Zisman, CEO

 Solely with respect
to FSG’s obligations expressly set forth in Section 3.14: 
  

			
	FSG Bio, Inc.	 	
	 /s/ Faheem Hasnain

	By: Faheem Hasnain, CEO

  
 42 

 EXHIBIT A 

Backup Compound 
 [***] 

 
  

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treatment has been requested with respect to the omitted portions. 

  
 43 

 EXHIBIT B 

Compound 
 [***] 

 
  

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treatment has been requested with respect to the omitted portions. 

  
 44 

 EXHIBIT C 

Gilead Background Patents 
  

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

  
  

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treatment has been requested with respect to the omitted portions. 

  
 45 

 EXHIBIT D 

Phase 1 Clinical Trial Plan 

[***] 
  

 

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 46 

 EXHIBIT E 

Pulmokine-Controlled Patents 
  

													
	 Case Type
	  	Country	 	Application
Number	 	Filing
Date	 	Publication
No. /
Patent No.	 	Pub. Date /
Issue Date	 	Title
	 [***]
	  	[***]	 	[***]	 	[***]	 	[***]	 	[***]	 	[***]

  
  

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 47 

 EXHIBIT F 

Pulmokine-Gilead Joint Patents 
  

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

  
  

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treatment has been requested with respect to the omitted portions. 

  
 48 

 EXHIBIT G 

Asthma Patents 
 [***] 

[***] 
  

	
	 [***]

	 [***]

	 [***]

	 [***]

	 [***]

	 [***]

  
  

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 49 

	
	 [***]

	 [***]

	 [***]

	 [***]

  
  

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treatment has been requested with respect to the omitted portions. 

  
 50 

 EXHIBIT H 

Biomarker Patents 
 [***] 

 

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treatment has been requested with respect to the omitted portions. 

  
 51 

 EXHIBIT I 

RCTR License Terms 
 [***] 

 
  

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treatment has been requested with respect to the omitted portions. 

  
 52EX-10.14

 Exhibit 10.14 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT (INDICATED BY ASTERISKS) HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. 
 CONFIDENTIAL 

LICENSE AGREEMENT 
 This
License Agreement (this “Agreement”), dated as of June __, 2018 (the “Effective Date”), is made by and between Aerpio Pharmaceuticals, Inc., a Delaware corporation having business offices at 9987
Carver Road, Suite 420, Cincinnati, OH 45254 (“Aerpio”), and GB004, Inc., a Delaware corporation having business offices at 3013 Science Park Road, Suite 200, San Diego, CA 92121 (“Licensee”). Aerpio and Licensee
are sometimes hereinafter referred to each as a “Party” and collectively as the “Parties.” 
 WHEREAS,
Aerpio has been engaged in the development of AKB-4924, a compound that binds to HIF prolyl hydroxylase resulting in HIF stabilization, and controls certain patent rights and
know-how with respect thereto; 
 WHEREAS, Licensee desires to obtain exclusive rights under the
Aerpio Patent Rights and Aerpio Know-How in order to continue the development thereof and products containing same; and 

WHEREAS, the Parties desire to enter into an agreement pursuant to which Aerpio will grant an exclusive license to Licensee under the Aerpio
Patent Rights and Aerpio Know-How for Licensee to develop, manufacture and commercialize the Licensed Compound and Licensed Products for initially the indications of induction and maintenance in ulcerative
colitis and the induction and maintenance in Crohn’s Disease, all on the terms set forth below. 
 NOW, THEREFORE, the Parties hereby
agree as follows: 
 Section 1. Definitions. 

For the purpose of this Agreement, the following terms and phrases (and cognates) will have the meanings set forth below: 

1.1 “Accounting Standards” means generally accepted accounting principles as practiced in the United States or IFRS
(International Financial Reporting Standards), in each case, consistently applied. 
 1.2 “Aerpio
In-License” means the Non-Exclusive License Agreement by and between Aerpio and The Regents of the University of Colorado (the “UC
Regents”), dated November 1, 2016, as amended or restated from time to time. A copy of the Aerpio In-License is attached hereto as Exhibit F. 

1.3 “Aerpio Know-How” means all Know-How,
existing as of the Effective Date or disclosed by Aerpio to the Licensee during Term, Controlled by Aerpio or any of its Affiliates, that is necessary or useful for the research, manufacture, use, sale, offer for sale, importation, development or
commercialization of the Licensed Compound or any Licensed Products for use in the Territory in the Field. 
 1.4 “Aerpio Patent
Rights” means (a) the patents and patent applications listed in Exhibit A attached hereto and any other patents, patent applications and other patent rights, Controlled by Aerpio or any of its Affiliates, that Cover any Aerpio Know-How, plus (i) all divisionals, continuations, continuations-in-part thereof or any other patent rights claiming priority
directly or indirectly to any of the patents or patent applications identified on Exhibit A, and (ii) all patents issuing on any of the foregoing, together with all registrations, re-issues, re-examinations, renewals, supplemental protection certificates and extensions of any of the foregoing, and all foreign counterparts thereof (under this clause (a), collectively, the “Aerpio Core
Patent Rights”), (b) any other patents, patent applications and other patent rights, existing as of the Effective Date, Controlled by Aerpio or any of its Affiliates, that are necessary for the manufacture, use, sale, offer for sale or
importation of the Licensed Compound or Licensed Products for use in the Territory in the Field. 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT (INDICATED BY ASTERISKS) HAS BEEN OMITTED AND
FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. 
 1.5
“Affiliate” of a person or entity means any other person or entity which (directly or indirectly) is controlled by, controls or is under common control with such first person or entity. For the purposes of this definition, the
term “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”) as used with respect to any entity means (a) in the case of a corporate entity, direct
or indirect ownership of voting securities entitled to cast at least fifty percent (50%) of the votes in the election of directors or (b) in the case of a non-corporate entity, direct or indirect
ownership of at least fifty percent (50%), including ownership by trusts with substantially the same beneficial interest, of the equity interests with the power to direct the management and policies of such entity, provided that if local law
restricts foreign ownership, control will be established by direct or indirect ownership of the maximum ownership percentage that may, under such local law, be owned by foreign interests. 

1.6 “Change of Control” means with respect to a Party, in one transaction or a series of related transactions, the merger,
consolidation, reorganization, business combination, sale of all (or substantially all) of the capital stock (or other equity interests) or assets, the change in voting control (that is, when the equity or other security holders of such Party or
Affiliate immediately preceding such transaction(s) hold less than fifty percent (50%) of the outstanding equity or other securities, or less than fifty percent (50%) of the outstanding voting power, respectively, of the ultimate company or entity
resulting from such transaction(s) immediately after consummation thereof), liquidation or dissolution, the license, sublicense, sale, assignment or other transfer of all or substantially all of such Party’s business or assets to which this
Agreement relates, or any other form of acquisition or liquidity event for such Party. 
 1.7 “Commercially Reasonable
Efforts” means, with respect to the Licensed Compound or any Licensed Product, that level of efforts and resources commonly dedicated in the pharmaceutical industry by [***]. 

1.8 “Commercialization Budget” means the budget for conducting commercialization of any Licensed Product for use in the
Territory and in the Field pursuant to the Commercialization Plan during a given calendar year and [***]. 
 1.9 “Commercialization
Plan” means the plan setting forth the activities and timelines relating to the commercialization (and related manufacturing) of any Licensed Product for use in the Territory and in the Field during a given calendar year and the [***],
including the Commercialization Budget and annual Net Sales forecasts for the Territory. 
 1.10 “Competitive Infringement”
means any allegedly infringing activity with respect to an Aerpio Core Patent Right, which activity (i) falls within the scope then in effect of the license granted by Aerpio to Licensee in Section 5.1(a) and (ii) is reasonably
expected to reduce the Net Sales of any Licensed Product then being commercialized. 
 1.11 “Confidential Information” means
all non-public Know-How, marketing plans, strategies and customer lists, and other non-public information or material that are
disclosed or provided by a Party or its Affiliates to the other Party or its Affiliates, regardless of whether any of the foregoing are marked “confidential” or “proprietary” or communicated to the other by the
disclosing Party or its Affiliates in oral, written, graphic, or electronic form. 
  

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 2 

 1.12 “Confidentiality Agreement” means that certain Bilateral Confidential
and Non-Disclosure Agreement, dated August 4, 2017, by and between Aerpio and Licensee d/b/a FSG Bio Inc. 

1.13 “Control” or “Controlled” means, with respect to any patent right,
Know-How, or other intellectual property right, the possession (whether by ownership or license, other than by a license or sublicense granted pursuant to this Agreement) by a Party or its Affiliates of the
ability to grant to the other Party a license or access as provided herein to such item, without violating the terms of any agreement or other arrangement with any Third Party or, except for the Aerpio
In-License or any patents or patent applications or other intellectual property Covering Aerpio Know-How, being obligated to pay any royalties or other consideration
therefor, in existence as of the time such Party or its Affiliates would first be required hereunder to grant the other Party such license or access. 

1.14 “Cover”, “Covered” or “Covering” means, with respect to a particular compound, product
or service and a particular issued patent or patent application, that, but for rights granted hereunder, the making, using, importing, offering for sale or selling of such product or service would infringe a Valid Claim in such patent (or patent
application, as if such claim has issued). 
 1.15 “Development Budget” means a budget for conducting development pursuant
to each Development Plan (a) during a given calendar year and [***] and (b) an overall estimate of the budget required for obtaining a first Regulatory Approval of a first Licensed
Product for the Indication of such Development Plan. 
 1.16 “Development Plan(s)” means, on an Indication-by-Indication basis, the plan setting forth the activities and timelines relating to the development (and related manufacturing) of the Licensed Compound and
Licensed Products in all countries of the Territory for such Indication. An initial draft of each Development Plan for the each of the Initial Indications, as well as any other Indications contemplated for use in the Territory as of the Effective
Date, is set forth on Exhibit B-1. 
 1.17 “EMA” means the European Medicines
Agency and any successor agency thereto. 
 1.18 “European Union” or “EU” means the countries of the
European Economic Area, as it is constituted on the Effective Date, and as it may be expanded from time to time after the Effective Date. 

1.19 “Executive Officers” means (a) for Aerpio, the Chief Executive Officer (or a senior executive officer of Aerpio
designated by the Chief Executive Officer), and (b) for Licensee, the Chief Executive Officer of Licensee. In the event that the position of any of the Executive Officers identified in this Section 1.19 no longer exists due to a corporate
reorganization, corporate restructuring or the like that results in the elimination of the identified position, the applicable Executive Officer will be replaced with another executive officer with responsibilities and seniority comparable to the
eliminated Executive Officer. 
 1.20 “FD&C Act” means the United States Federal Food, Drug and Cosmetic Act, as
amended. 
 1.21 “FDA” means the United States Food and Drug Administration or any successor agency thereto. 

1.22 “Field” means all applications. 

1.23 “First Commercial Sale” means, with respect to any Licensed Product in a given country or region in the Territory, the
first sale of such Licensed Product in such country or region (whether or not any pricing or reimbursement approvals or decisions have occurred); provided that sales for clinical studies purposes or compassionate or similar use will not be
considered to constitute a First Commercial Sale. For clarity, First Commercial Sale will be determined on a Licensed Product-by-Licensed Product and country-by-country (or region-by-region) basis, as applicable. 

 
  

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 3 

 1.24 “Generic Product” means, with respect to a particular Licensed Product
in a country, a generic pharmaceutical product that: (a) contains the same active ingredient as the Licensed Compound in the same chemical form as in such Licensed Product; and (b) is approved for use in such country by a Regulatory
Authority through an Abbreviated New Drug Application as defined in the FD&C Act, pursuant to Article 10.1 of Directive 2001/83/EC of the European Parliament and Council of 6 November 2001, or any enabling legislation thereof, or pursuant
to any similar abbreviated route of approval in any other countries in the Territory; or (c) (i) contains the same active ingredient as the Licensed Compound in such Licensed Product; and (ii) is approved for use in such country by a
Regulatory Authority through a regulatory pathway referencing clinical data first submitted by Licensee or its Affiliates or Sublicensees for obtaining Regulatory Approval for such Licensed Product. 

1.25 “Governmental Authority” means any United States federal, state or local or any foreign government, or political
subdivision thereof, or any multinational organization or authority or any authority, agency or commission entitled to exercise any administrative, executive, judicial, legislative, police, regulatory or taxing authority or power, any court or
tribunal (or any department, bureau or division thereof), or any governmental arbitrator or arbitral body. 
 1.26 “IND”
means an Investigational New Drug application, clinical study application, clinical trial exemption, or similar application or submission for approval to conduct human clinical investigations filed with or submitted to a Regulatory Authority in
conformance with the requirements of such Regulatory Authority. 
 1.27 “Indication” means an application for a label or
label expansion indicating the applicable drug for an initial, expanded or additional patient population, or indicating the drug for use in combination with another treatment or drug, in each case that requires a new Pivotal Clinical Trial for
Regulatory Approval for such label or label expansion. It is understood and agreed that, notwithstanding anything herein to the contrary, each of the Initial Indications will be treated as separate Indications hereunder for all purposes. 

1.28 “Initial Indications” means each of the following Indications: (i) induction and maintenance in ulcerative colitis
(or similar Indication solely related to inflammatory bowel disease (“IBD”)), (ii) induction and maintenance in Crohn’s Disease (or similar Indication solely related to IBD), and (iii) any other Indication for which a
Development Plan is attached to this Agreement as of the Effective Date. 
 1.29
“Know-How” means know-how, trade secrets, chemical and biological materials, formulations, information, documents, studies, results, data and regulatory
approvals, data (including from clinical studies), filings and correspondence, including biological, chemical, pharmacological, toxicological, pre-clinical, clinical and assay data, manufacturing processes and
data, specifications, sourcing information, assays, and quality control and testing procedures, whether or not patented or patentable. 

1.30 “Law” means any federal, state, provincial, local, international or multinational law, statute, standard, ordinance,
code, rule, regulation, resolution or promulgation, or any order, writ, judgment, injunction, decree, stipulation, ruling, determination or award entered by or with any Governmental Authority, or any license, franchise, permit or similar right
granted under any of the foregoing, or any similar provision having the force or effect of law. 
 1.31 “Licensed Compound”
means the compound known as AKB-4924, as further described on Exhibit C, and any solvates (including hydrates), salts, prodrugs, metabolites, acid forms, base forms, polymorphs and crystalline forms
thereof. 
 1.32 “Licensed Product” means any pharmaceutical product containing either (a) the Licensed Compound or
(b) any other compound that is an active pharmaceutical ingredient whose composition of 

  
 4 

 
matter is Covered by the Aerpio Core Patent Rights in each case ((a) and (b)), alone or with other active ingredients, and in all forms, presentations, formulations and dosage forms. 

1.33 “Licensee Patent Rights” means all patents, patent applications and other patent rights, existing as of the Effective
Date or arising during the Term, owned or in-licensed by Licensee or any of its Affiliates as of the Effective Date or during the Term, that have a Valid Claim directed to and Covering [***]. 

1.34 “MAA” means (a) a marketing authorization application filed with (i) the EMA under the centralized EMA filing
procedure or (ii) a Regulatory Authority in any country of the EU if the centralized EMA filing procedure is not used or (b) any other equivalent or related regulatory submission, in either case to gain approval to market a Licensed
Product in any country in the European Union, in each case including, for clarity, amendments thereto and supplemental applications. 
 1.35
“Major European Country” means any of the United Kingdom, France, Germany, Italy or Spain. 
 1.36 “NDA”
means a New Drug Application filed with the FDA (including amendments and supplements thereto) to obtain Regulatory Approval in the United States, or any corresponding applications or submissions filed with the relevant Regulatory Authorities to
obtain Regulatory Approvals in any other country or region in the Territory (including any MAA). 
 1.37 “Net Sales” means,
with respect to any Licensed Product, the gross amounts invoiced on sales of such Licensed Product by Licensee or any of its Affiliates or Sublicensees to a Third Party, less the following customary deductions, determined in accordance with the
Accounting Standards, to the extent specifically and solely allocated to the sale of such Licensed Product and actually taken, paid, accrued, allowed, or included in the gross sales prices with respect to such sales: 

(a) [***] 
 (b) [***] 

(c) [***] 
 (d) [***] 

(e) [***]; and 
 (f) [***]. 

1.38 “Patent Challenge” means any challenge to the patentability, validity or enforceability of any of the Aerpio Patent
Rights (or any claim thereof), including by: (a) filing or pursuing a declaratory judgment action in which any of the Aerpio Patent Rights is alleged to be invalid or unenforceable; (b) citing prior art against any of the Aerpio Patent
Rights, filing a request for or pursuing a re-examination of any of the Aerpio Patent Rights, or becoming a party to or pursuing an interference; or (c) filing or pursuing any re-examination, opposition, cancellation, nullity or other like proceedings against any of the Aerpio Patent Rights. Notwithstanding the foregoing, any of the following situations shall not be deemed to be a Patent
Challenge: (i) any proceeding involving any Aerpio Patent Rights where Licensee, an Affiliate or Sublicensee has been compelled to participate in, or has been involuntarily drawn into, the proceeding by a court, patent office or third party,
(ii) routine patent office prosecution where Licensee, an Affiliate or Sublicensee is prosecuting its own patent rights, and (iii) any situation where Aerpio or its Affiliates assert or file a patent infringement action against Licensee,
an Affiliate or Sublicensee under any Aerpio Patent Right outside of the scope of the license grant set forth in Section 5.1(a). 
 1.39
“Phase 1 Clinical Trial” means a human clinical trial of a Licensed Product that would satisfy the requirements of 21 C.F.R. § 312.21(a), or a comparable clinical study prescribed by the relevant Regulatory Authority
in a country other than the United States. 
 1.40 “Phase 2 Clinical Trial” means a human clinical trial of a Licensed
Product that would satisfy the requirements of 21 C.F.R. § 312.21(b), or a comparable clinical study prescribed by the relevant Regulatory Authority in a country other than the United States. 

[***] 
  

 

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 5 

 1.41 “Phase 3 Clinical Trial” means a human clinical trial of a Licensed
Product that would satisfy the requirements of 21 C.F.R. § 312.21(c), or a comparable clinical study prescribed by the relevant Regulatory Authority in a country other than the United States. 

1.42 “Pivotal Clinical Trial” means a human clinical trial of a Licensed Product (a) intended to establish that such
Licensed Product is safe and effective for its intended use and (b) intended to be sufficient for filing for a Regulatory Approval for such Licensed Product in patients having the disease or condition being studied, solely as evidenced by the
acceptance for filing for a Regulatory Approval for such Licensed Product after completion of such clinical trial. For clarity, a Pivotal Clinical Trial is often referred to as a “label enabling” trial. 

1.43 “Program Transaction” means a (a) Change of Control of Licensee or (b) Subsidiary/Parent Sale, excluding in
each case an initial public offering of Licensee or its Affiliate, as applicable. 
 1.44 “Prosecute”,
“Prosecution” or “Prosecuting” means with respect to any patent rights, (a) to prepare and file patent applications, including re-examinations or re-issues thereof, and represent applicants or assignees before relevant patent offices or other relevant Governmental Authorities during examination, re-examination and re-issue thereof, in appeal processes and interferences, or any equivalent proceedings or any other prosecution activities, (b) to defend all such applications against Third Party oppositions or other
challenges (other than any challenges in response to an enforcement against any Competitive Infringement pursuant to Section 7.2 that are not administered by any patent office or like Governmental Authority), (c) to secure the grant of any
patents arising from such patent application, (d) to maintain in force any issued patent (including through payment of any relevant maintenance fees), (e) obtain and maintain patent term extension or supplemental protection certificates or
their equivalents, and (f) to make all decisions with regard to any of the foregoing activities. 
 1.45 “Regulatory
Approval” means, with respect to a country or region in the Territory, approvals, licenses, registrations or authorizations from the relevant Regulatory Authority necessary in order to import, distribute, market or sell a pharmaceutical
product (including any Licensed Product) in such country or region, but not including any pricing or reimbursement approvals or decisions. 

1.46 “Regulatory Authority” means the FDA, the EMA, and any other analogous government regulatory authority or agency involved
in granting approvals (including any required pricing or reimbursement approvals) for the development, manufacture or commercialization of any pharmaceutical product (including any Licensed Product) in the Territory. 

1.47 “Regulatory Filing” means any documentation comprising or relating to or supporting any filing or application with any
Regulatory Authority with respect to any compound or product (including the Licensed Compound or any Licensed Product), or its use or potential use in humans, including any documents submitted to any Regulatory Authority and all supporting data,
including INDs and NDAs, and all correspondence with any Regulatory Authority with respect to such compound or product (including minutes of any meetings, telephone conferences or discussions with any Regulatory Authority). 

1.48 “Royalty Patent Rights” means the Aerpio Patent Rights and the Licensee Patent Rights. 

1.49 “Sublicensee” means any Affiliate of Licensee or any Third Party in each case that has been granted a sublicense (or an
option or right of negotiation or refusal for a sublicense) by Licensee under Section 5.1(a) and in accordance with Section 5.2. 

1.50 “Subsidiary/Parent Sale” means, with regard to [***] any direct or indirect parent Affiliate of Licensee, any
transaction, [***], that would constitute a Change of Control [***]. 
  

 

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 1.51 “Transaction Payments” means all consideration in any form,
including merger consideration, equity or other securities purchase price, exercise price, option purchase price, option fee, upfront, marketing, distribution, franchise, milestone, royalties or license payments, profit shares, fees, bonuses or
other payments, paid (directly or indirectly) to, or for the benefit of, Licensee, its Affiliates, or equity or other security holders (or former equity or other security holders) of Licensee or any of its Affiliates from any Sublicensees or other
Third Parties solely with respect to any (a) grant of license or other rights by Licensee or any of its Affiliates to the Licensed Compound or any Licensed Product, including any distribution rights or any sublicense under any of the Aerpio
Patent Rights or Aerpio Know-How (other than by any Program Transaction) or (b) Program Transaction, in each case provided that to the extent that the consideration from any such transaction includes
contingent payments related to future events or release of escrowed amounts, such payments and amounts shall be included as Transaction Payments only as and when such payments and amounts are received (directly or indirectly) by or on behalf of
Licensee or its Affiliates or such equity or other security holders (or former equity or other security holders). Not included in Transaction Payments shall be any consideration attributable to the sale or transfer of physical assets, leases or
inventory, and with respect to clause (a) (but not clause (b)) above, the following will not be treated as Transaction Payments: (i) payments to reimburse Licensee for research or development activities or for patent prosecution costs specific
to any Licensed Product, and (ii) payments made for debt or securities of Licensee up to fair market value (with any premium on debt or securities included as “Transaction Payments” hereunder). 

1.52 “Territory” means worldwide. 

1.53 “Third Party” means any person or entity other than Licensee or Aerpio or any of their respective Affiliates. 

1.54 “Valid Claim” means (a) a claim of an issued and unexpired patent, which claim has not been held invalid or
unenforceable by a court or other government agency of competent jurisdiction from which no appeal can be or has been taken and has not been held or admitted to be invalid or unenforceable through
re-examination or disclaimer, opposition procedure, nullity suit or otherwise and (b) a claim of any patent application that has been pending for fewer than seven (7) years after the earliest
priority date of such patent application. 
 The following additional defined terms have the meanings set forth in the section indicated: 

 

			
	 Defined Term
	  	Section
	AAA	  	Section 11.8(b)
	Additional Third Party Licenses	  	Section 6.3(d)
	Aerpio	  	Introductory Paragraph
	Aerpio Core Patent Rights	  	Section 1.4
	Aerpio Indemnitees	  	Section 9.5(a)
	Affected Party	  	Section 10.4
	Agreement	  	Introductory Paragraph
	Alliance Manager	  	Section 2.2(f)
	Bankruptcy Event	  	Section 10.4
	Claim	  	Section 9.5(c)
	CREATE Act	  	Section 7.1(e)
	Disclosing Party	  	Section 8.1(a)
	Effective Date	  	Introductory Paragraph
	Hatch-Waxman Time Period	  	Section 7.2(b)
	Indemnitee	  	Section 9.5(c)
	Indemnitor	  	Section 9.5(c)
	Issuing Party	  	Section 8.2(c)

  
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	Defined Term	  	Section
	JDC	  	Section 2.2(a)
	Licensee	  	Introductory Paragraph
	Licensee Indemnitees	  	Section 9.5(b)
	Losses	  	Section 9.5(a)
	Milestone Events	  	Section 6.2
	Milestone Payments	  	Section 6.2
	Party	  	Introductory Paragraph
	Receiving Party	  	Section 8.1(a)
	Release	  	Section 8.2(c)
	Reversion IP	  	Section 10.6(d)
	Reviewing Party	  	Section 8.2(c)
	Royalty Term	  	Section 6.3(b)
	SEC	  	Section 1.6
	Sublicense	  	Section 5.2(b)
	Term	  	Section 10.1
	20% Amount	  	Section 6.4(a)
	Working Group	  	Section 2.2(a)

 Section 2. Development. 

2.1 General. The JDC’s overall responsibility shall be to encourage and facilitate ongoing cooperation between the Parties with
respect to the development activities contemplated by this Agreement and to coordinate the development of the Licensed Products for the Indications covered by each Development Plan. 

2.2 Joint Development Committee. 

(a) Formation; Purposes. Within thirty (30) days after the Effective Date, Aerpio and Licensee will establish a
joint development committee (the “JDC”) composed of no more than three (3) representatives of each Party. The JDC will have responsibility for (i) reviewing and overseeing the overall progress of development and
manufacturing activities under this Agreement with respect to Licensed Products for use in the Territory and in the Field, including oversight of the various budgets and activities, (ii) overseeing the implementation of all development
operational aspects of the arrangements established by this Agreement, and (iii) forming various working group(s) (each, a “Working Group”) to oversee particular projects or activities from time to time and delegating to such
Working Group(s) such operational responsibilities as the JDC may determine necessary or desirable. In conducting its activities, including in the allocation of activities to the Parties under each Development Plan, the JDC will operate and make its
decisions consistent with the terms of this Agreement. 
 (b) Membership. The JDC will be composed of an equal number
of representatives appointed by each of Aerpio and Licensee. Each Party will have the right, but not be obligated, to appoint the same number of representatives to the various Working Groups as are appointed by the other Party; however, each Party
will have collectively one vote, as set forth in Section 2.2(e)(i), regardless of the number or representatives from each Party. The Parties may from time to time change the size of the JDC. Each Party may replace JDC and any Working Group
representatives at any time upon written notice to the other Party. The JDC and the various Working Groups will be co-chaired by one designated representative of each Party. The
co-chairpersons of each committee and Working Group will not have any greater authority than any other representative on the committee or Working Group. The
co-chairperson of Licensee will be responsible for: (a) calling meetings; (b) preparing and circulating an agenda in advance of each meeting, provided that the
co-chairperson will include any agenda items proposed by either Party on such agenda; (c) ensuring that all decision-making is carried out in 

  
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accordance with the voting and dispute resolution mechanisms set forth in this Agreement; and (d) preparing and issuing minutes of each meeting within thirty (30) days thereafter. Each
Party may designate the same individual as a representative on more than one committee or Working Group, and such individual may be an employee or consultant of such Party or any of its Affiliates. Each Party will be responsible for all costs and
expenses incurred by it in participating in the JDC and any Working Groups. 
 (c) Meetings of the JDC and Working
Groups. The JDC will hold meetings at such times as the JDC will determine, but in no event will such meetings of the JDC be held less frequently than once every six (6) months during the Term for so long as the JDC exists. Each Working
Group will hold meetings at such times as the Working Group agrees, or as the JDC directs. Each of the JDC and the Working Groups may meet in person or by audio or video conference as the Parties may mutually agree. Other representatives of the
Parties, their Affiliates and Third Parties involved in the development, manufacture or commercialization of the Licensed Compound and Licensed Products may attend such meetings of the JDC or Working Groups as nonvoting observers. The JDC and
Working Groups may upon agreement meet on an ad hoc basis between regularly scheduled meetings in order to address and resolve time-sensitive issues within their purview that may arise from time to time. No action taken at a meeting of the JDC or
any Working Group will be effective unless a representative of each Party is present or participating. Neither Party will unreasonably withhold attendance of at least one representative of such Party at any meeting of a committee or Working Group
for which reasonable advance notice was provided. 
 (d) JDC Specific Responsibilities. The JDC will: 

(i) review and discuss the research and development activities for the Licensed Compound and Licensed Products; 

(ii) review and discuss the implementation of each Development Plan and the corresponding Development Budget; 

(iii) review and discuss each Development Plan, including the corresponding Development Budget set forth therein, on an annual basis,
including new Development Plans and corresponding Development Budgets, and review and discuss amendments and updates to each Development Plan and corresponding Development Budget; 

(iv) review and discuss non-clinical research or development of the Licensed Compound and Licensed
Products; 
 (v) review and discuss clinical development of the Licensed Compound and Licensed Product in all Indications subject of a
Development Plan, including clinical study design, clinical study endpoints, clinical methodology and monitoring requirements; and 
 (vi)
perform such other functions as are assigned to it in this Agreement or as are appropriate to further the purposes of this Agreement as agreed in writing by the Parties. 

(e) JDC Decision-Making. 

(i) Other than as set forth herein, in order to make any decision required of it hereunder with respect to any approval, the JDC must have
present (in person, by videoconference or telephonically) at least one member of each Party. The Parties will endeavor to make decisions of the JDC by consensus. 

(ii) The JDC will attempt in good faith to resolve any disputes or failure to agree by unanimous consent (with each Party having one vote). If
the JDC cannot resolve such dispute or failure to agree within thirty (30) days of the matter being referred to it, such matter will be resolved pursuant to Section 11.8(a) by referral directly to a senior executive of each Party
designated by such Party’s Executive Officer (but not Section 11.8(b)). If such matter is not resolved pursuant to the dispute resolution process 

  
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set forth in Section 11.8(a), then Licensee will have the tie-breaking vote, provided that no decision by Licensee may be in conflict with any of the
terms of this Agreement (including by amending or increasing any obligations on Aerpio or any of its Affiliates or by granting any licenses or other rights to Licensee or any of its Affiliates that, in each case, are not expressly set forth in this
Agreement). 
 (iii) Notwithstanding anything herein to the contrary, with respect to any decision to be made by any of the JDC or the
various Working Groups, each Party will exercise its voting right (including Licensee’s tie-breaking vote of Section 2.2(e)(ii)) in good faith and in a manner consistent with its obligations under
this Agreement, including Sections 2.4(a) and 3.1(a). 
 (iv) Neither the JDC nor any Working Group will have the authority to
amend or modify this Agreement. 
 (f) Alliance Managers. Each Party will designate a single alliance manager for all
of the activities contemplated under this Agreement (“Alliance Manager”). Such Alliance Managers will be responsible for the day-to-day worldwide
coordination of the arrangements contemplated by this Agreement and will serve to facilitate communication between the Parties. Such Alliance Managers will have experience and knowledge appropriate for managers with such project management
responsibilities. Each Party may change its designated Alliance Manager from time to time upon notice to the other Party. 

(g) Term. The JDC, and any Alliance Manager relationship described in Section 2.2(f), will continue until the
initial Regulatory Approval of the initial Licensed Product in the United States or a Major European Country, unless otherwise agreed by the Parties in writing, provided that Aerpio may, at its sole discretion, elect to dissolve the JDC or the
Alliance Manager at any time. 
 (h) Notwithstanding anything to the contrary herein, Licensee may, in its sole discretion,
dissolve the JDC or any Working Groups or Alliance Manager in the event of a Change of Control of Aerpio. 
 2.3 Development Plan;
Amendments; Development Responsibilities. 
 (a) Development Plan. The global development of the Licensed
Products, including pre-clinical development activities, will be governed on an Indication-by-Indication basis by a Development
Plan, and Licensee agrees to conduct (and to cause its Affiliates and Sublicensees to conduct) all of Licensee’s development activities relating to the Licensed Products in accordance with each Development Plan at Licensee’s sole cost and
expense. The terms of and activities set forth in each Development Plan will at all times be designed to be in compliance with all applicable Law and to be conducted in accordance with professional and ethical standards customary in the
pharmaceutical industry. 
 (b) Development Budget. A Development Budget will be included in each Development Plan.

 (c) Updating and Amending Each Development Plan. 

(i) The JDC will review each Development Plan and develop updates as necessary. Upon the JDC’s preliminary approval, such updates will be
submitted to Licensee for its internal budgeting process with a target for final approval by the JDC. No amendments to updates to any Development Plan (including the corresponding Development Budget), nor any new Development Plan (with corresponding
Development Budget), will be effective without the approval of the JDC. 
 (ii) Exhibit B-2 sets for
the Development Budgets for the initial Development Plans set forth in Exhibit B-1, and those Development Budgets include a high-level forecast of anticipated budget amounts and associated timelines for the
applicable development. 

  
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 2.4 Development Efforts; Manner of Performance; Reports. 

(a) Development Efforts. Licensee will use Commercially Reasonable Efforts to develop, and seek Regulatory Approval for,
Licensed Products containing the Licensed Compound [***]. All other development and commercialization efforts with respect to the Licensed Compound and Licensed Products shall be at the discretion of Licensee. Without limiting the generality of the
foregoing, Licensee will use Commercially Reasonable Efforts to perform, or cause others to perform, each Development Plan as set forth therein (including in accordance with the applicable Development Budget and timelines set forth therein).
Licensee will conduct, and will cause its Affiliates and Sublicensees to conduct (as applicable), all research and development activities in good scientific manner and in compliance with applicable Law, including Laws regarding environmental, safety
and industrial hygiene, and GLP, GCP, current standards for pharmacovigilance practice, and all applicable requirements relating to the protection of human subjects. 

(b) Responsibility; Cost and Expense. As between the Parties, Licensee will be solely responsible, at its sole cost and
expense, for all research and development activities under this Agreement (including the performance of each Development Plan), and all associated manufacturing. 

(c) Development Reports. In the event that Licensee has not received Regulatory Approval for a Licensed Product in
[***], Licensee will prepare and maintain, and will cause each of its Affiliates and Sublicensees to prepare and maintain (as applicable), reasonably complete and accurate records regarding the development activities on the Licensed Compound or
Licensed Products that have been performed. Each calendar year, Licensee will provide to Aerpio a written progress report that includes information of Licensee and its Affiliates and Sublicensees regarding accrual, site initiation, progress on
protocol writing, meeting requests and briefing documents, in the case of clinical or regulatory activities, and in other cases such information as is reasonably necessary to convey a reasonably comprehensive understanding of the status of the
applicable research or development activity. In addition to the foregoing, Licensee will immediately provide notice to Aerpio in the event that the development of the Licensed Compound or any of the Licensed Products, or any Indications in
development, is suspended or terminated, or if any significant adverse events have occurred, as defined by the applicable Regulatory Authority. 

(d) Aerpio Know-How Transfer and Technical Assistance. 

(i) Know-How Transfer. During the [***] period following the Effective Date, Aerpio will
endeavor to provide to Licensee all tangible embodiments of all Aerpio Know-How in its possession and Control, including one (1) electronic copy of all documents, data or other information in
Aerpio’s Control to the extent that such documents, data or other information describe or contain Aerpio Know-How (including any clinical studies on the Licensed Compound). 

(ii) Technical Assistance. During the six (6) month period following the Effective Date, Aerpio will reasonably cooperate with
Licensee to provide (i) up to two hundred fifty (250) hours of technical assistance without charge to Licensee (with travel and accommodation expenses to be borne by Licensee) and (ii) any additional hours of technical assistance as
Licensee may reasonably request, for which Licensee will pay Aerpio a rate of [***] dollars (also “USD”) ($[***]) for C-level executives, [***] U.S. dollars ($[***]) for VP-level employees and [***] U.S. dollars ($[***]) for other employees, in each case per hour of such technical assistance and reimburse Aerpio for all
out-of-pocket expenses incurred in providing such technical assistance under this clause (ii), in each case to facilitate the transfer of development efforts
related to the Licensed Compound and Licensed Products. Such cooperation will 
  
  

 

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include providing Licensee with reasonable access by teleconference or in-person at Aerpio’s facilities to Aerpio personnel involved in the
development of the Licensed Compound and Licensed Products to provide Licensee with a reasonable level of technical assistance and consultation in connection with the transfer of Aerpio Know-How. 

(iii) Aerpio agrees that, during the Term and subject to Section 8.4, any Aerpio Know-How
disclosed to or required to be disclosed to Licensee shall be treated as Licensee Confidential Information hereunder (in addition to being treated as Aerpio Confidential Information), but only to the extent any such Aerpio Know-How relates solely to the Licensed Compound and is not excepted from the confidentiality obligations pursuant to Section 8.1(b). Notwithstanding the foregoing or anything else contained herein, Licensee
may publish or otherwise disclose Aerpio Know-How to the extent reasonably related to any Licensed Compound or Licensed Products. 

2.5 Regulatory Filings and Regulatory Approvals. 

(a) Responsibility; Cost and Expense. As between the Parties, Licensee will solely be responsible, at its sole cost and
expense, for seeking and attempting to obtain all Regulatory Approvals for the Licensed Products for use in the Territory and in the Field, including in accordance with each Development Plan. 

(b) Ownership of Regulatory Approvals. As between the Parties, Licensee will own all Regulatory Filings and Regulatory
Approval for the Licensed Products for use in the Territory and in the Field filed by Licensee or any of its Affiliates or Sublicensees. 

(c) Regulatory Cooperation. Licensee will provide, and will cause its Affiliates and Sublicensees to provide (as
applicable), Aerpio with advance drafts of any material documents or other material correspondence pertaining to Regulatory Approvals, including any proposed labeling, that is planned to be submitted to any Regulatory Authority. Aerpio may provide
comments regarding such documents and other correspondence prior to their submission, which comments Licensee and its Affiliates and Sublicensees will consider in good faith. Licensee will provide, and will cause its Affiliates and Sublicensees to
provide (as applicable), Aerpio with copies of all material submissions it makes to, and all material correspondence it receives from, a Regulatory Authority pertaining to a Regulatory Approval. Notices, copies of submissions and correspondence, and
other materials to be given in advance as provided in this Section 2.5(c) will be provided at least [***] in advance unless circumstances necessitate a shorter time period, and in any event not less than a reasonable time in advance under the
circumstances. For clarity, during the Term, Aerpio shall have no right to, and shall not, make any regulatory filings related to the Licensed Compound or Licensed Products or otherwise interact with any Regulatory Authorities with respect to the
Licensed Compound or Licensed Product, unless compelled or involuntarily required by Law. 
 Section 3. Commercialization. 

3.1 Commercialization Efforts; Manner of Performance; Reports; Pricing; Markings. 

(a) Commercialization Efforts. Licensee will use Commercially Reasonable Efforts to commercialize Licensed Products for
use in the Territory and in the Field in those countries and for those Indications for which Regulatory Approval (and, if applicable, pricing or reimbursement approval or decision) has been obtained. Without limiting the generality of the foregoing,
Licensee will use Commercially Reasonable Efforts to execute and to perform, or cause to be performed, the Commercialization Plan. 
  

 

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 (b) Responsibility; Cost and Expense. As between the Parties,
Licensee will be solely responsible, at its sole cost and expense, for all commercialization activities under this Agreement (including under the Commercialization Plan), and all associated manufacturing. 

(c) Commercialization Reports. Licensee will prepare and maintain and will cause its Affiliates and Sublicensees to
prepare and maintain (as applicable), reasonably complete and accurate records regarding the commercialization activities for Licensed Products. Each calendar quarter, Licensee will provide to Aerpio a written progress report that describes
commercialization activities that Licensee and its Affiliates and Sublicensees has performed or caused to be performed since the last progress report submitted. 

(d) Pricing and Reimbursement. As between the Parties, Licensee will be responsible for and have the exclusive right to
seek and obtain pricing and reimbursement approvals for the Licensed Products for use in the Territory and in the Field. 

(e) Commercialization Markings. All promotional materials, packaging and product labeling for Licensed Products will
contain to the extent not prohibited by applicable Law, the corporate name of Aerpio (in a form and manner to be provided by Aerpio), and further will indicate that the Licensed Product was in-licensed from
Aerpio. 
 3.2 Commercialization Plan and Budget. 

(a) Commercialization Plan. Licensee will develop a Commercialization Plan that sets forth the commercialization
activities to be undertaken with respect to Licensed Products for use in the Territory and in the Field (which may set forth commercialization activities for use in the Territory and in the Field on a regional basis, rather than a country-by-country basis, defining the regions in a manner consistent with Licensee’s internal procedures). Licensee will use Commercially Reasonable Efforts to
commercialize the Licensed Compound and Licensed Products in accordance with the Commercialization Plan and this Agreement. The Commercialization Plan (including the Commercialization Budget) will be provided to Aerpio and will be updated at least
annually by Licensee. The terms of and activities set forth in the Commercialization Plan will at all times be designed to be in compliance with all applicable Law and to be conducted in accordance with professional and ethical standards customary
in the pharmaceutical industry. 
 (b) Commercialization Budget. The Commercialization Budget will be included in the
Commercialization Plan and will be a written budget setting forth the budgeted amounts for costs with respect to activities set forth in the Commercialization Plan during the then-current calendar year and [***], broken down by calendar quarter for the then current calendar year. The Commercialization Budget also will include a breakout of costs by functional area or category (and may set forth budgets
for commercialization activities in the Territory on a regional basis, rather than a country-by-country basis, defining the regions in a manner consistent with
Licensee’s internal procedures). 
 Section 4. Manufacturing. 

Licensee will be solely responsible, at its sole cost and expense, for manufacturing and supplying the worldwide requirements for the research, development and
commercialization of the Licensed Compound and Licensed Products for use in the Territory and in the Field. The manufacturing contracts of Aerpio for the Licensed Compound or Licensed Products listed on Exhibit G hereto will be assigned to Licensee
within [***] of the Effective Date. Notwithstanding the foregoing, upon request by Licensee within [***] of the Effective Date, Aerpio shall sell to Licensee at Aerpio’s cost of goods plus delivery costs some or substantially all quantities (as
requested by Licensee) of the Licensed Compound or Licensed Product in its possession. 
  

 

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 Section 5. Licenses and Other Rights. 

5.1 Exclusive License Grants. 

(a) Aerpio Patents and Aerpio Know-How. Subject to the terms and conditions of
this Agreement, Aerpio hereby grants to Licensee a non-transferable (except in accordance with Section 11.1), exclusive (even as to Aerpio), royalty- and milestone-bearing license, with the right to
sublicense in accordance with Section 5.2 only, under the Aerpio Patent Rights and Aerpio Know-How, to make, have made, use, sell, offer to sell, import, develop, and commercialize the Licensed Compound
and the Licensed Products, for use in the Territory and in the Field. 
 (b) INDs. Subject to the terms and conditions
of this Agreement, Aerpio hereby grants to Licensee a non-transferable (except in accordance with Section 11.1), exclusive (even as to Aerpio), royalty- and milestone-bearing right of reference, with the
right to grant further rights of reference only to those person or entities that have been granted a sublicense by Licensee under the license grant in Section 5.1(a) in compliance with Section 5.2, to the INDs listed on Exhibit D,
solely for the Licensed Compound and Licensed Products, for use in the Territory and in the Field. 
 (c) Aerpio In-License. Subject to the terms and conditions of this Agreement and the Aerpio In-License, Aerpio hereby grants to Licensee and its Affiliates a non-transferable (except in accordance with Section 11.1), royalty- and milestone-bearing (solely as set forth in Section 6 of this Agreement) sublicense, with no right to sublicense further, under the
Licensed Patents (as defined in the Aerpio In-License), of the non-exclusive rights under those Licensed Patents granted to Aerpio under the Aerpio In-License, up to but not more than the scope and term of the license granted by Aerpio to Licensee under Section 5.1(a) (and in any event not more than what was granted to Aerpio under the Aerpio In-License). At Licensee’s reasonable request, Aerpio will grant to Licensee’s Sublicensees a sublicense under the Aerpio In-License equivalent to the grant above,
subject to this Section 5.1(c) and the remainder of this Agreement and pursuant to a mutually agreeable written agreement, without any requirements for further consideration or additional obligations. Subject to the terms and conditions of this
Agreement, the foregoing sublicense by Aerpio to Licensee will be exclusive as to Aerpio but, for clarity, not the UC Regents per the Aerpio In-License, and save for the continuing right to grant sublicenses
in accordance with the immediately preceding sentence. Any sublicense under the Aerpio In-License is subject to the terms of this Agreement and the Aerpio In-License
(including Article 4 thereof), and further and without limitation, Section 4.3 thereof (and the provisions of the Aerpio In-License identified therein) are hereby incorporated by reference and made
applicable to Licensee as a sublicensee for the benefit of the UC Regents. It is understood and agreed that Licensee and no other sublicensee of Aerpio under the Aerpio In-License will be a third party
beneficiary of the Aerpio In-License. For clarity, any sub-license under Section 5.1(a) under the Aerpio In-License will be
subject to the terms and conditions of the Aerpio In-License and this Section 5.1(c). Aerpio represents and warrants that Licensee will not be obligated to make any payments to UC Regents under the Aerpio
In-License. Aerpio shall be liable for any and all payments that may become due to UC Regents under the Aerpio In-License with respect to Licensee’s activities
under this Agreement, including any activities related to the development or commercialization of Licensed Products. 
 (d)
Scope Clarification. The licenses and other rights granted in this Section 5.1 and the remainder of this Agreement will not grant or create (by implication, estoppel or otherwise) any license or right under any Aerpio Patent Rights,
Aerpio Know-How, INDs listed on Exhibit D, or under the Aerpio In-License, to research, develop, manufacture or commercialize, make, use, sell, offer to sell or
import any molecule that is not a Licensed Compound or any other molecule Covered by the Aerpio Patent Rights (including any other therapeutically active molecule in any Licensed Product). 

  
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 5.2 Sublicenses. 

(a) Licensee may grant sublicenses (or any option or right of negotiation or refusal for a sublicense) of the license granted
under Section 5.1(a) and the rights granted under Section 5.1(b) only as follows: 
 (i) to any Affiliate of Licensee as a
Sublicensee hereunder, provided such sublicense (or any option or right of negotiation or refusal for a sublicense) only remains in effect for as long as such Sublicensee remains an Affiliate of Licensee; 

(ii) to non-Affiliated Third Parties that are clinical research organizations, contract manufacturers,
contract laboratory organizations, and other similar organizations that support the development and commercialization of the Licensed Compound and Licensed Products on a
fee-for-service basis as Sublicensees hereunder, provided that such sublicenses (or options or rights of negotiation or refusal for a sublicense) include obligations of
confidentiality and non-use of Aerpio Patent Rights, Aerpio Know-How and Confidential Information of Aerpio substantially in accordance with the terms of this Agreement;
and 
 (iii) to other non-Affiliated Third Parties as a Sublicensee hereunder, provided that only
one (1) such non-Affiliated Third Party may be a Sublicensee at any given time in any given geographic area in the Territory. 

(b) Each sublicense (or any option or right of negotiation or refusal for a sublicense) granted by a Licensee to a non-Affiliated Third Party pursuant to this Section 5.2 is required to (i) be in writing; and (ii) be subject and subordinate to, and consistent with, the terms and conditions of this Agreement.
Licensee will provide Aerpio with a copy of each agreement containing any such sublicense (or any option or right of negotiation or refusal for a sublicense) within thirty (30) days of execution. No sublicense (or any option or right of
negotiation or refusal for a sublicense) will diminish, reduce or eliminate any obligation of Licensee under this Agreement, and Licensee will remain responsible for its obligations under this Agreement and will be responsible for the performance of
the relevant Sublicensee as if such Sublicensee were “Licensee” hereunder. Each sublicense (or any option or right of negotiation or refusal for a sublicense) granted by Licensee to any rights licensed to it hereunder will, at the option
of Aerpio, either be (i) assigned to Aerpio or (ii) terminate immediately upon the termination of the license under Section 5.1(a) from Aerpio to Licensee. 

5.3 License Limitations. Except as expressly set forth in this Agreement, no licenses or other rights are granted or created hereunder
to use any patent right, Know-How or other intellectual property rights owned or in-licensed by Aerpio or any of its Affiliates or licensors. All licenses and other
rights are or will be granted only as expressly provided in this Agreement, and no other licenses or other rights is or will be created or granted hereunder by implication, estoppel or otherwise. 

5.4 Exclusivity. 

(a) During the Term, Aerpio will not (either alone or with any of its Affiliates), directly or indirectly, develop, manufacture
or commercialize, or collaborate with, enable or otherwise authorize, license, sublicense, or otherwise grant any right to any Third Party, to develop, manufacture or commercialize, any compound that primarily binds to HIF prolyl hydroxylase
resulting in HIF stabilization anywhere in the Territory. 
 (b) During the Term, Licensee will not (either alone or with any
of its Affiliates), directly or indirectly, [***], enable or otherwise authorize, license, sublicense, or otherwise grant any 
  

 

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right to any Third Party, to [***] any compound (except for Licensed Compounds and any compound contained in Licensed Products) that [***]. 

Section 6. Payment. 
 6.1 Initial
License Fee. Licensee will pay to Aerpio within five (5) days after the Effective Date a one-time payment in cash of twenty million U.S. dollars ($20,000,000), which payment will be non-refundable and non-creditable and not subject to set-off. 

6.2 Milestone Payments. As set forth in the following table, Licensee will make the following payments in cash (the “Milestone
Payments”) to Aerpio upon achievement of each of the milestone events set forth in the tables below (the “Milestone Events”) by Licensee or its Affiliates or Sublicensees. Each Milestone Payment will be payable by Licensee
to Aerpio within [***] after the achievement of the corresponding Milestone Event with respect to the first Licensed Product in each of the first and second Initial Indications. Such payments will be
non-refundable and non-creditable and not subject to set-off. 

 

			
	“Clinical Development Milestones”
	 “Milestone
Event”
	  	“Milestone Payment”
	Initiation (i.e., first patient, first dosing) of first Phase 2 Clinical Trial for the first Licensed Product for the first Initial Indication to achieve such milestone	  	$[***]
	 [***]
	  	$[***]
	 [***]
	  	$[***]
	 [***]
	  	$[***]
	 [***]
	  	$[***]
	 [***]
	  	$[***]
	 [***]
	  	$[***]
	 [***]
	  	$[***]
	 [***]
	  	$[***]
	For clarity, each Clinical Development Milestone payment is due only once regardless of the number of Licensed Products developed by Licensee.

 If the first [***] for the first Licensed Product for the first [***] in the foregoing table is skipped [***] then the
[***]for the first Licensed Product for the [***] will be deemed to have been achieved upon the achievement of [***] for the first Licensed Product [***]. 
  

			
	“Commercial Milestones”
	 “Milestone
Event”
	  	“Milestone Payment”

  

			
	First Commercial Sale in the United States following achievement of Regulatory Approval by the FDA for	  	$[***]

  

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	the first Licensed Product for the first Initial Indication to achieve such milestone	  	
	First Commercial Sale in the United States following achievement of Regulatory Approval by the FDA for the first Licensed Product for the second Initial Indication to achieve such milestone	  	$[***]
	First Commercial Sale in a Major European Country following achievement of Regulatory Approval by the EMA for the first Licensed Product for the first Initial Indication to achieve such milestone	  	$[***]
	First Commercial Sale in a Major European Country following achievement of Regulatory Approval by the EMA for the first Licensed Product for the second Initial Indication to achieve such milestone	  	$[***]
	First Commercial Sale in Japan following achievement of Regulatory Approval in Japan for the first Licensed Product for the first Initial Indication to achieve such milestone	  	$[***]
	First Commercial Sale in Japan following achievement of Regulatory Approval in Japan for the first Licensed Product for the second Initial Indication to achieve such milestone	  	$[***]
	For clarity, each Commercial Milestone payment is due only once regardless of the number of Licensed Products developed by Licensee.
	
	“Sales Milestones”
	 “Milestone
Event”
	  	“Milestone Payment”
	First achievement of USD $[***] of annual Net Sales of all Licensed Products in the Territory in a particular Calendar Year	  	$[***]
	First achievement of USD $[***] of annual Net Sales of all Licensed Products in the Territory in a particular Calendar Year	  	$[***]
	First achievement of USD $[***] of annual Net Sales of all Licensed Products in the Territory in a particular Calendar Year	  	$[***]
	First achievement of USD $[***] of annual Net Sales of all Licensed Products in the Territory in a particular Calendar Year	  	$[***]
	For clarity, each Sales Milestone payment is due only once regardless of the number of Licensed Products commercialized by Licensee or the number of times the Sales Milestone is met.

  
  

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 6.3 Royalties. 

(a) Royalties. Licensee will pay to Aerpio running royalties in cash at the graduated royalty rates specified in the
following table with respect to the aggregate annual worldwide Net Sales of all Licensed Products in a calendar year: 
  

			
	 Aggregate Annual Worldwide Net Sales of All Licensed Products in a
calendar year
	  	Royalty Rate
	Portion of cumulative Calendar Year Net Sales of Licensed Products in the Territory up to and including USD $[***]	  	[***]%
	Portion of cumulative Calendar Year Net Sales of Licensed Products in the Territory between USD $[***] and USD $[***]	  	[***]%
	Portion of cumulative Calendar Year Net Sales of Licensed Products in the Territory between USD $[***] and USD $[***]	  	[***]%
	Portion of cumulative Calendar Year Net Sales of Licensed Products in the Territory exceeding USD $[***]	  	[***]%

 The applicable royalty rate will be calculated as provided in this Section 6.3(a) by reference to the aggregate annual
worldwide Net Sales of all Licensed Products. By way of example, [***]. 
 (b) Royalty Term. The royalties due under
Section 6.3(a) will be payable on Net Sales from the First Commercial Sale of a particular Licensed Product until the later of, on a country-by-country basis,
(i) the date of expiration of the last-to-expire Valid Claim of any Aerpio Patent Right (including any applicable patent term extension) that Covers the
manufacture, use, sale, offer for sale or importation of such Licensed Product in such country, (ii) [***] or (iii) fifteen (15) years from such First Commercial Sale of such Licensed Product in such country (the “Royalty
Term”). 
 (c) Only One Royalty. Only one royalty will be due with respect to the sale of the same unit of
Licensed Product. Only one royalty will be due hereunder on the sale of the same unit of Licensed Product even if more than one claim of the Royalty Patent Rights Covers such Licensed Product. 

(d) Anti-Stacking. In the event that Licensee reasonably determines that it is necessary for Licensee to obtain a
license to any patent rights from a Third Party to commercialize (including to make, have made, use, sell, offer for sale, have sold or import any Licensed Product for such commercialization) (“Additional Third Party Licenses”) and
Licensee obtains such an Additional Third Party License, then Licensee may deduct from the royalty payment that would otherwise have been due to Aerpio, an amount equal to [***] percent ([***]%) of the royalties actually paid to such Third Party
under such Additional Third Party Licenses by Licensee to commercialize (including to make, have made, use, sell, offer for sale, have sold or import for such commercialization, as applicable) such Licensed Product, provided that pursuant to this
Section 6.3(d) the royalties owed by Licensee to Aerpio for a particular Licensed Product shall not be reduced to less than [***] percent ([***]%) of the amount otherwise owed. 

 
  

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 (e) Know-How Royalty. In
countries in the Territory where a Licensed Product is not Covered by a Valid Claim of a Royalty Patent Right (i.e., under clause (i) of Section 6.3(b)), Licensee shall pay royalties on Net Sales of such Licensed Products in such
countries with respect to the Royalty Term at royalty rates that shall be set at [***] percent ([***]%) of the applicable royalty rate determined according to Section 6.3(a), mutatis mutandis. 

(f) Generic Competition. In the event that, on a Licensed Product-by-Licensed Product and country-by-country basis, a Generic Product(s) is commercially available with respect to such
Licensed Product in such country and the combined market share for such Generic Product(s) is [***]. 
 (g) Payment
Floor. In no event will any credits, deductions or reductions permitted to be taken under this Agreement against any particular royalty payment owed to Aerpio under this Section 6.3 (including under Section 6.3(d) or 6.3(e) or 6.3(f))
act to reduce such payment by more than [***] percent ([***]%) (or by more than [***] percent ([***]%) if the reduction set forth in Section 6.3(f) is then in effect) than would otherwise be payable hereunder in absent of any such credits,
deductions or reductions. Further, save for the permitted reductions pursuant to Section 6.3(d), 6.3(e), and 6.3(f), all royalties payable hereunder shall be non-refundable and non-creditable and not subject to set-off. 
 6.4 Transaction
Payments. 
 (a) Within [***] before or after the signing of any transaction that will (or could) give rise to any
[***] payment in excess of [***] Dollars ($[***]) (a “Qualifying Transaction”), Licensee will notify Aerpio of such Qualifying Transaction and provide Aerpio under confidentiality with (i) documentation regarding the nature and
amount of any Transaction Payments, including any upfront payments, (ii) Licensee’s good faith calculation of the amount and projected payment dates of those Transaction Payments, (iii) a calculation of [***] of the Transaction
Payments (including the projected payment dates), with the only reductions allowed from such [***] as permitted by Sections 1.51 and 6.4(d), or for taxes pursuant to Section 6.5(e), in each case if applicable (such [***] of those
Transaction Payments, the “[***]”), (iv) the expected date of the signing of such transaction, or if the signing has already occurred, the expected closing of such transaction, and (v) notification of whether Licensee is
exercising its option pursuant to Section 6.4(b). 
 (b) For any Qualifying Transaction, Licensee shall have the option
in its sole discretion to pay Aerpio the greater of (1) [***] Dollars ($[***]) or (2) the [***] of any upfront Transaction Payment, within [***] days after closing the Qualifying Transaction (or such earlier or later date when such upfront
Transaction Payment is received (directly or indirectly) by or on behalf of Licensee, its Affiliates, or equity or other security holders (or former equity or other security holders) of Licensee or any of its Affiliates), and Aerpio will no longer
be paid any amounts under Sections 6.2 and 6.3 accruing after the notification is provided to Aerpio pursuant to Section 6.4(a), subject to such Qualifying Transaction closing and (i) Licensee providing to Aerpio all of the final
documentation regarding such transaction, (ii) Aerpio receiving all of the [***] for such Qualifying Transaction (but subject to and based upon the last sentence of this Section 6.4(b)), and (iii) if applicable, the Parties compliance
with Section 6.4(d). To the extent the actual upfront Transaction Payment for such transaction is less than [***] Dollars ($[***]), the portion of such [***] Dollars ($[***]) payment that is in excess of the [***] of such upfront Transaction
Payment shall be creditable against any future [***] payments arising from any future Transaction Payments received (directly or indirectly) by or on behalf of Licensee, its Affiliates, or equity or other security holders (or former equity or other
security holders) of Licensee or any of its Affiliates for such Qualifying Transaction. In the event that License exercises 
  

 

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its option under this Section 6.4(b), Licensee is obligated to pay, and will pay, to Aerpio such [***] for such Qualifying Transaction, but only as and within [***] of any Transaction
Payments for such Qualifying Transaction actually being received (directly or indirectly) by or on behalf of Licensee or its Affiliates or such equity or other security holders (or former equity or other security holders). 

(c) For any Qualifying Transaction for which Licensee does not exercise its rights pursuant to Section 6.4(b), within
[***] following the notification pursuant to Section 6.4(a), Aerpio will have the option in its sole discretion to elect by written notice to Licensee to be paid the [***], and upon making such election, and provided that Aerpio is paid at
least [***] percent ([***]%) of the [***] of the upfront payment amount provided pursuant to clause 6.4(a)(i), then Aerpio’s election will be irrevocable and Aerpio will no longer be paid any amounts under Sections 6.2 and 6.3
accruing after the notification is provided to Aerpio pursuant to Section 6.4(a), subject to such Qualifying Transaction closing and (i) Licensee providing to Aerpio all of the final documentation regarding such transaction and
(ii) Aerpio receiving all of the [***] for such Qualifying Transaction (but subject to and based upon the last sentence of this Section 6.4(c)), and (iii) if applicable, the Parties compliance with Section 6.4(d). In the event
that Licensor exercises its option under this Section 6.4(c) to receive the applicable [***], Licensee is obligated to pay, and will pay, to Aerpio such [***] for such Qualifying Transaction, but only as and within [***] of any Transaction
Payments for such Qualifying Transaction actually being received (directly or indirectly) by or on behalf of Licensee or its Affiliates or such equity or other security holders (or former equity or other security holders). 

(d) If Licensee is reasonably of the view that any transaction subject to Section 6.4 includes consideration attributable
to any physical assets, leases or inventory, or pharmaceutical products or drug candidates in addition to consideration attributable to the Licensed Compound and Licensed Products[***] the portion of the consideration reasonably attributable to the
Licensed Compound and Licensed Products that will be the amount of the Transaction Payment that is subject to such [***] payment to Aerpio. If Licensee elects to exercise its option in Section 6.4(b), [***] on the portion of the
consideration reasonably attributable to the Licensed Compound and Licensed Products that will be the amount of the Transaction Payment that is subject to such [***] payment to Aerpio [***]. If the parties cannot agree on the [***]. 

(e) Notwithstanding the foregoing in this Section 6.4, if the ultimate parent Affiliate of Licensee undergoes a Change of
Control (where the reference to “Party” in such “Change of Control” definition refers to such parent entity), Licensee may by written notice to Aerpio notify Aerpio that this Section 6.4 will not apply to such Change of
Control [***]. 
 (f) All such payments to Aerpio under this Section 6.4 will be [***] For clarity, Aerpio shall not be
entitled to receive any [***] payments for any transaction that is not a Qualifying Transaction. 
 6.5 Payment Terms. 

(a) Manner of Payment. All payments to be made by Licensee hereunder will be made in United States dollars by wire
transfer to such bank account as Aerpio may designate. 
 (b) Reports and Royalty Payments. Subsequent to the First
Commercial Sale anywhere in the Territory and for as long as royalties are due under Section 6.3(a), Licensee will furnish to Aerpio a written report, within [***] after the end of each calendar quarter, showing the amount of Net Sales of
Licensed Products and royalty due for such calendar quarter. Royalty payments for each calendar quarter will be due at the same time as such written report for the calendar quarter. The report will include, at a minimum, the following information
for the applicable calendar quarter, each listed by product and by country of sale: (i) Net Sales for such Licensed Products sold by Licensee, Affiliates 
  

 

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and Sublicensees; (ii) the royalties and Milestone Payments owed to Aerpio, listed by category; and (iii) the computations for any applicable currency conversions pursuant to
Section 6.5(d). All such reports will be treated as Confidential Information of Licensee. 
 (c) Records and
Audits. Licensee will keep, and will cause each of its Affiliates and Sublicensees to keep (as applicable), adequate books and records of accounting for the purpose of calculating all amounts due to Aerpio hereunder. For [***] next following the
end of the calendar year to which each will pertain, such books and records of accounting (including those of Licensee’s Affiliates and Sublicensees, as applicable) will be made available for inspection at reasonable times and upon reasonable
notice by an independent certified accountant selected by Aerpio, and which is reasonably acceptable to Licensee, for the sole purpose of inspecting the amounts due to Aerpio under this Agreement. In no event will such inspections be conducted
hereunder more frequently than once every [***] or cover more than [***] prior to the date of request for inspection. Such accountant must have executed and delivered to Licensee and its Affiliates and Sublicensees, as applicable, a confidentiality
agreement as reasonably requested by Licensee, which will include provisions limiting such accountant’s disclosure to Aerpio to only whether the royalty reports are correct or incorrect and the amount of any discrepancy. The results of such
inspection, if any, will be binding on both Parties if not disputed within [***] following receipt by the Parties of the inspection report. Any such dispute over an inspection report shall be subject to the dispute resolution procedure of
Section 11.8, and no payment shall be required until the dispute is resolved. If it is determined that Licensee underpaid, Licensee shall pay to Aerpio such amount it was determined to have underpaid plus interest as provided in
Section 6.5(g) within thirty [***] of such determination. If it is determined that Licensee overpaid, Aerpio shall pay to Licensee such amount it was determined to have been overpaid within [***] days following such determination. Any
undisputed underpayments will be paid by Licensee within [***] days of notification of the results of such inspection. Any undisputed overpayments will be fully creditable against amounts payable in subsequent payment periods. Aerpio will pay for
such inspections, except that in the event there is any upward adjustment in amounts payable for any calendar year shown by such inspection of more than the greater of (i) [***] Dollars ($[***]) and (ii) [***] percent ([***]%) of the amount
paid, Licensee will reimburse Aerpio for any reasonable out-of-pocket costs of such accountant. Any underpayments or overpayments under this Section 6.5(c) will be
subject to the currency exchange provisions set forth in Section 6.5(d) as applied to the calendar quarter during which the payment obligations giving rise to such underpayment or overpayment were incurred by Licensee. 

(d) Currency Exchange. With respect to Net Sales invoiced in United States dollars, the Net Sales and the amounts due to
Aerpio hereunder will be expressed in United States dollars. With respect to Net Sales invoiced in a currency other than United States dollars, the Net Sales will be expressed in the domestic currency of the entity making the sale, together with the
United States dollars equivalent, calculated using the official rate of exchange of such domestic currency as quoted in the Wall Street Journal, New York edition, for the last business day of the calendar quarter for which payment is made. 

(e) Taxes. Aerpio shall be liable for all income and other taxes (including interest) imposed upon any payments made by
Licensee to Aerpio under this Section 6 or otherwise pursuant to this Agreement. Licensee may withhold from payments due to Aerpio amounts for payment of any withholding tax that is required by Law to be paid to any taxing authority with
respect to such payments. Licensee will provide Aerpio all relevant documents and correspondence, and will also provide to Aerpio any other cooperation or assistance on a reasonable basis as may be necessary to enable Aerpio to claim exemption from
such withholding taxes and to receive a refund of such withholding tax or claim a foreign tax credit. Licensee will give proper evidence from time to time as to the payment of any such tax. The Parties will cooperate with each other in seeking
deductions under any double taxation or other similar treaty or agreement from time to time in force. Such cooperation may include Licensee making payments from a single source in the U.S., where possible. 

  
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 (f) Blocked Payments. In the event that, by reason of applicable Law
in any country, it becomes impossible or illegal for Licensee to transfer, or have transferred on its behalf, payments owed Aerpio hereunder, Licensee will promptly notify Aerpio of the conditions preventing such transfer and such payments will be
deposited in local currency in the relevant country to the credit of Aerpio in a recognized banking institution designated by Aerpio or, if none is designated by Aerpio within a period of thirty (30) days, in a recognized banking institution
selected by Licensee, as the case may be, and identified in a written notice given to Aerpio. 
 (g) Interest Due.
Licensee will pay Aerpio interest on any payments that are not paid on or before the date such payments are due under this Agreement at a rate of [***] percent ([***]%) per month or the maximum applicable legal rate, if less, calculated on the total
number of days payment is delinquent. 
 6.6 Mutual Convenience. The royalty and other payment obligations set forth hereunder have
been agreed to by the Parties for the purpose of reflecting and advancing their mutual convenience, including the ease of calculating and paying royalties and other amounts to Aerpio. Licensee hereby stipulates to the fairness and reasonableness of
such royalty and other payments obligations and covenants not to allege or assert (and to require its Affiliates not to allege or assert) that any such royalty or other payments obligations are unenforceable or illegal in any way, and to include
such covenant in any sublicense agreement. 
 Section 7. Patent Prosecution, Infringement and Extensions. 

7.1 Prosecution and Maintenance. 

(a) By the Parties Jointly. Promptly after the Effective Date, Aerpio will provide Licensee with copies of the
prosecution files for all patents and patent applications listed on Exhibit A. The Parties will cooperate in the Prosecution of the Aerpio Core Patent Rights, and Licensee will have final decision making authority for those Prosecution
activities. Licensee will act as the lead party and the party of record with each applicable Governmental Authority, and Licensee will select counsel reasonably acceptable to Aerpio (such acceptance not to be unreasonably withheld) in the Territory
for those Prosecution activities (which counsel, for clarity, will represent Licensee but not the Parties jointly). Each Party will provide to the other Party copies of any papers relating to the Prosecution of Aerpio Core Patent Rights promptly
upon receipt, or reasonably in advance of their filing, for the other Party to review and comment thereon, and Licensee will consider any Aerpio’s comments in good faith. Licensee and its counsel will prepare the first draft of all papers for
submission. Each Party (and its counsel) will have the right to review, and all reasonable comments will be accepted on, those papers. Licensee will be solely responsible for all costs and expenses incurred in connection with those Prosecution
activities. Aerpio will be responsible for any costs and expenses incurred by or on behalf of Aerpio. In Prosecuting the Aerpio Core Patent Rights, the Parties will endeavor to the extent practicable to maximize the patent term and patent protection
for the Licensed Compound and Licensed Products. 
 (b) By Aerpio. In no event will any of the Aerpio Core Patent
Rights fail to be filed or be permitted to lapse or be abandoned in any country, or no new patent application be filed claiming priority to a patent application with the Aerpio Core Patent Rights before such patent application’s issuance, or
extended, without Aerpio first being given an opportunity to assume full responsibility for the continued Prosecution of such Aerpio Core Patent Rights, unless such failure to file, lapse, abandonment or filing is jointly agreed upon by the Parties.
In the event that the Parties acting jointly cannot agree on whether or not to file or continue the Prosecution of or extend a patent application or patent within the Aerpio Core Patent Rights in any country at least [***] prior to any filing
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pending lapse or abandonment thereof, Aerpio will have the right, but not the obligation, to assume sole responsibility for the Prosecution of such patent rights, with counsel of Aerpio’s
own choice, by delivery by Aerpio of written notice to Licensee of its election to assume such sole responsibility. Upon Aerpio’s delivery of the foregoing written notice, any such patent applications and patents will no longer be considered
“Aerpio Patent Right” hereunder and will be excluded from the license granted to Licensee under Section 5.1. Aerpio will assume sole responsibility for all costs and expenses arising from the Prosecution activities of such patent
applications and patents. 
 (c) Patent Extensions; Orange Book Listings; Patent Certifications. 

(i) Patent Term Extension. If elections with respect to obtaining patent term extension or supplemental protection certificates or
their equivalents in any country with respect to any Licensed Product becomes available, upon Regulatory Approval or otherwise, the Parties will discuss in good faith which issued patent to extend, and Licensee will have final decision making
authority for which issued patent to extend, provided that the only patent rights owned or in-licensed by Aerpio or any of its Affiliates that may be extended by Licensee by operation of this Agreement are
those Aerpio Core Patent Rights that Cover the applicable Licensed Product. 
 (ii) Data Exclusivity and Orange Book Listings. With
respect to data exclusivity periods (such as those periods listed in the Orange Book (including any available pediatric extensions) or periods under national implementations of Article 10.1(a)(iii) of Directive 2001/EC/83, and all equivalents in any
country), Licensee, in consultation with Aerpio, will seek and maintain all such data exclusivity periods that may be available for any of the Licensed Products. The Parties will discuss in good faith which Aerpio Patent Rights, if any, will be
listed in the Orange Book or any similar patent listing in any country with respect to the Licensed Products, and Licensee will have final decision making authority for which patents will be listed. 

(iii) Notification of Patent Certification. Each Party will notify and provide the other Party with copies of any allegations of
alleged patent invalidity, unenforceability or non-infringement of an Aerpio Patent Right pursuant to a Paragraph IV Patent Certification by a Third Party filing an Abbreviated New Drug Application, an
application under §505(b)(2) of the FD&C Act, or any other similar patent certification by a Third Party, and any foreign equivalent thereof. Such notification and copies will be provided within five (5) business days after a Party
receives such certification, and will be sent to the other Party’ address set forth in Section 11.7. 
 (d)
Cooperation. Each Party will reasonably cooperate with the other Party in the Prosecution of the Aerpio Core Patent Rights. Such cooperation includes promptly executing all documents, or requiring inventors, subcontractors, employees and
consultants and agents of such Party and its Affiliates, and for Licensee, Sublicensees, to execute all documents, including declarations and assignments, as reasonable and appropriate so as to enable the Prosecution of any such Aerpio Core Patent
Rights in any country. 
 (e) CREATE Act. Notwithstanding anything to the contrary in this Agreement, each Party will
have the right to invoke the Cooperative Research and Technology Enhancement Act of 2004, 35 U.S.C. § 103(c)(2)-(c)(3) (the “CREATE Act”) when exercising its rights under this Agreement, but only with the prior written consent
of the other Party. In the event that a Party intends to invoke the CREATE Act, once agreed to by the other Party as required by the preceding sentence, it will notify the other Party and the other Party will cooperate and coordinate its activities
with such Party with respect to any filings or other activities in support thereof. 
 7.2 Enforcement. 

(a) By Licensee. In the event that Aerpio or Licensee becomes aware of any actual or suspected Competitive Infringement
of any Aerpio Core Patent Right within the scope of the license grant in Section 5.1, such Party will notify the other Party promptly, and following such notification, the 

  
 23 

 
Parties will confer. Licensee will have the initial right, but will not be obligated, to bring an infringement action with respect to such Competitive Infringement at its own expense, in its own
name and under its own direction and control, or settle any such action or proceeding. Aerpio will reasonably assist Licensee in any action or proceeding being prosecuted if so requested, and will be named in or join such action or proceeding if
requested by Licensee, and if so requested by Licensee, Licensee will bear all of Aerpio’s related legal costs and expenses. If Aerpio otherwise elects to be represented by its own legal counsel, Aerpio will bear all of Aerpio’s related
legal costs and expenses. 
 (b) By Aerpio. If Licensee elects not to bring any action for a Competitive Infringement
described in Section 7.2(a) within [***] after the becoming aware of such suspected Competitive Infringement, (and in all events at least [***] before the end of the applicable Hatch-Waxman Time Period, as defined below), then Aerpio may bring
such action at its own expense, in its own name and under its own direction and control, subject to the following: Licensee will reasonably assist Aerpio in any action or proceeding being defended or prosecuted if so requested, and will join such
action or proceeding at its own expense if requested by Aerpio. Licensee will have the right to participate in any such action or proceeding with its own counsel at its own expense. For purposes of this Agreement, “Hatch-Waxman Time
Period” means the applicable period of time during which a patent holder or licensee has the right to file an infringement suit to maintain certain rights and privileges upon receipt of Paragraph IV Patent Certification by a Third Party
filing an Abbreviated New Drug Application or an application under § 505(b)(2) of the FD&C Act, or any other similar patent certification by a Third Party, or any foreign equivalent thereof. 

(c) Withdrawal. If either Party brings an action or proceeding under this Section 7.2 and subsequently ceases to
pursue or withdraws from such action or proceeding (other than by settlement), it will promptly notify the other Party and the other Party may substitute itself for the withdrawing Party under the terms of this Section 7.2. 

(d) Damages. In the event that either Party exercises the rights conferred in this Section 7.2 and recovers any
damages or other sums in such action or proceeding or in settlement thereof, such damages or other sums recovered will first be applied to all out-of-pocket costs and
expenses incurred by the Parties in connection therewith (including attorney’s fees), unless expressly not reimbursable hereunder. If such recovery is insufficient to cover all such costs and expenses of both Parties, the controlling
Party’s costs will be paid in full first before any of the other Party’s costs. If after such reimbursement any funds will remain from such damages or other sums recovered, such funds will be allocated as follows: (i) to the extent
such recovery reflects lost profits damages, Licensee will retain such lost profits recovery, less the amounts that would otherwise be payable to Aerpio by treating such lost profits recovery as “Net Sales” with respect to such Licensed
Product; (ii) to the extent such recovery reflects reasonable royalty damages or other payments and Licensee is the controlling Party, [***]; and (iii) to the extent such recovery reflects reasonable royalty damages or other recoveries and
Aerpio is the controlling Party, [***]. 
 (e) Settlement of Litigation. No settlement, consent judgment or other
final disposition of an action for infringement or validity or misappropriation may be entered into as to any Aerpio Core Patent Rights without the prior written consent of Licensee, which consent shall not be unreasonably withheld. 

7.3 Patent Marking. Licensee will mark, and will cause all of its Affiliates and Sublicensees to mark, Licensed Products with all Aerpio
Patent Rights in accordance with applicable Law, which marking obligation will continue for as long as required under applicable Law. 
  

 

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 Section 8. Confidential Information and Publicity. 

8.1 Confidentiality. 

(a) Confidential Information. Except as expressly provided herein, each of the Parties agrees that, for itself and its
Affiliates, and during the Term and for a period of ten (10) years thereafter, a Party and its Affiliates (the “Receiving Party”) receiving Confidential Information of the other Party or its Affiliates
(the “Disclosing Party”) will (i) not disclose such Confidential Information to any Third Party without the prior written consent of the Disclosing Party, except for disclosures expressly permitted below, and (ii) not
use such Confidential Information for any purpose except those licensed or otherwise authorized or permitted by this Agreement. 

(b) Exceptions. The obligations in Section 8.1(a) will not apply with respect to any portion of the Confidential
Information that the Receiving Party can show by competent proof: 
 (i) is publicly disclosed by the Disclosing Party, either before or
after it is disclosed to the Receiving Party hereunder; 
 (ii) was known to the Receiving Party or any of its Affiliates, without any
obligation to keep it confidential or any restriction on its use, prior to disclosure by the Disclosing Party; 
 (iii) is subsequently
disclosed to the Receiving Party or any of its Affiliates by a Third Party lawfully in possession thereof and without any obligation to keep it confidential or any restriction on its use; 

(iv) is published by a Third Party or otherwise becomes publicly available or enters the public domain, either before or after it is disclosed
to the Receiving Party; or 
 (v) has been independently developed by employees or contractors of the Receiving Party or any of its
Affiliates without the aid, application or use of Confidential Information of the Disclosing Party. 
 (c) Authorized
Disclosures. The Receiving Party may disclose Confidential Information belonging to the Disclosing Party to the extent (and only to the extent) such disclosure is reasonably necessary in the following instances: 

(i) subject to Section 8.2 (including the exceptions provided therein), by either Party in order to comply with applicable Law (including
any securities Laws or regulation or rules of a securities exchange) or with a legal or administrative proceeding; 
 (ii) by either Party,
in connection with prosecuting or defending litigation, making regulatory filings, and Prosecuting Aerpio Core Patent Rights in accordance with Section 7; 

(iii) by Licensee, to its Affiliates, potential and future Sublicensees, permitted acquirers or assignees under Section 11.1,
subcontractors, investment bankers, investors, lenders, and each of Licensee’s and its Affiliates’ respective directors, employees, contractors and agents; and 

(iv) by Aerpio to its Affiliates, permitted acquirers or assignees under Section 11.1, subcontractors, investment bankers, investors
(including royalty purchasers), lenders, and each of Aerpio’s and its Affiliates’ respective directors, employees, contractors and agents, 

provided that (A) with respect to Section 8.1(c)(i) or 8.1(c)(ii), where reasonably possible, the Receiving Party will notify the Disclosing Party
of the Receiving Party’s intent to make any disclosure pursuant thereto sufficiently prior to making such disclosure so as to allow the Disclosing Party adequate time to take whatever action it may deem appropriate to protect the
confidentiality of the information to be disclosed, and (B) with respect to Sections 8.1(c)(iii) and 8.1(c)(iv), each of those named people and entities must be bound prior to disclosure by confidentiality and non-use restrictions at least as restrictive as those contained in this Section 8 (other than investment bankers, investors and lenders, who must be bound prior

  
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to disclosure by commercially reasonable obligations of confidentiality). Further, with respect to Section 8.1(c)(i), in the event either Party intends to make a disclosure pursuant thereto,
the other Party will have a reasonable time period to review and comment on the proposed disclosure or filing that relates to this Agreement (including the right to request redaction of material terms to the extent permitted by any applicable Law),
and the Party intending to make such disclosure will consider in good faith any reasonable comments thereon provided by the other Party. 

8.2 Terms of this Agreement; Publicity. 

(a) Terms of this Agreement. The Parties agree that the terms of this Agreement will be treated as Confidential
Information of both Parties, and thus may be disclosed only as permitted by this Section 8. 
 (b) Restrictions.
Except as otherwise contemplated by this Section 8, neither Party to this Agreement will originate any publicity, news release or other public announcement, written or oral, relating to this Agreement, the transactions contemplated hereby or
the terms hereof, or the existence of any arrangement between the Parties, without the prior written consent of the other Party, whether named in such publicity, news release or other public announcement or not, except as required by applicable Law.

 (c) Review. In the event either Party (the “Issuing Party”) desires to issue any publicity,
new release or other public announcement relating to this Agreement or the transactions contemplated hereby or the terms hereof, the Issuing Party will provide the other Party (the “Reviewing Party”) with a copy of the proposed
release, announcement or statement (the “Release”). The Issuing Party will specify with each such Release, taking into account the urgency of the matter being disclosed, a reasonable period of time within which the Reviewing Party
may provide any comments on such Release and if the Receiving Party fails to provide any comments during the response period called for by the Issuing Party, the Reviewing Party will be deemed to have consented to the issuance of such Release;
provided, however, that as it relates to the disclosure of the results of any clinical trial conducted by Licensee or any health or safety matter related to a Licensed Product, each Party acknowledges that announcements may need to be made on
extremely short notice, and although a Party will endeavor to provide the other Party adequate time for such a review, such Party will be free to make necessary public disclosures as promptly as it deems necessary and appropriate. If the Reviewing
Party provides any comments, the Parties will consult on such Release and work in good faith to prepare a mutually acceptable Release. If the Reviewing Party does not provide its consent, not to be unreasonably withheld, to the issuance of the
Release, the Issuing Party will not issue the Release except as required by Law (including to comply with any securities Laws or regulation or rules of a securities exchange) or as otherwise expressly set forth herein. Each Party acknowledges and
agrees that the other Party may submit this Agreement to the SEC and if a Party does submit this Agreement to the SEC, such Party agrees to consult with the other Party with respect to the preparation and submission of, a confidential treatment
request for this Agreement. Licensee acknowledges that Aerpio is a publicly traded company and, as such, is legally obligated to make timely disclosures of all material events relating to its business, and will be required to file this Agreement
with the SEC. If a Party is required by Law to make a disclosure of the terms of this Agreement in a filing with or other submission to the SEC, and it is understood and agreed that Aerpio will need to make such public filing with the SEC,
(i) such Party has provided copies of the disclosure to the other Party reasonably in advance to the extent practicable under the circumstances, (ii) such Party has promptly notified the other Party in writing of such requirement and any
respective timing constraints, and (iii) such Party has given the other Party a reasonable time under the circumstances from the date of notice by such Party of the required disclosure to comment upon, request confidential treatment or approve
such disclosure, then such Party will have the right to make such public disclosure at the time and in the manner reasonably determined by its counsel to be required by Law. Notwithstanding anything to the contrary herein, it is hereby understood
and agreed that if a Party seeking to make a disclosure to the SEC as set forth in this Section 8.2, and the other Party 

  
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provides comments within the respective time periods or constraints specified herein or within the respective notice, the Party seeking to make such disclosure or its counsel, as the case may be,
will in good faith (A) consider incorporating such comments and (B) use reasonable efforts to incorporate such comments, limit disclosure or obtain confidential treatment to the extent reasonably requested by the other Party. 

(d) Press Release Regarding Execution of the Agreement. The Parties agree to issue the joint press release in Exhibit E
promptly following the Effective Date. 
 8.3 Relationship to the Confidentiality Agreement. This Agreement supersedes the
Confidentiality Agreement, provided that all “Confidential Information” disclosed or received by the Parties thereunder will be deemed “Confidential Information” hereunder and will be subject to the terms and conditions of
this Agreement. 
 8.4 Publications. In order to protect its investment hereunder, Licensee may elect to maintain the confidentiality
of its Confidential Information, and may request that Aerpio maintain the confidentiality of the Aerpio Know-How that relates primarily to the Licensed Compound and Licensed Products, until applications for
patent rights have been filed with respect thereto. Accordingly, Aerpio shall not, and shall cause each of its Affiliates not to, make any publications or public disclosures regarding any Licensee Confidential Information, or Aerpio Know-How that relates primarily to the Licensed Compound or Licensed Products, without Licensee’s prior written consent, for, in the case of Aerpio Know-How, up to [***]
from Licensee first being notified of any such proposed publication or public disclosure, and in all events subject to any disclosure required by applicable Law. 

8.5 Clinical Trials. For clarity, Licensee shall have the right to publish the results or summaries of results of any clinical trials
conducted with respect to a Licensed Product in its sole discretion and without needing the consent of Aerpio. 
 8.6 Remedies. Each
Party shall be entitled to seek, in addition to any other right or remedy it may have, at law or in equity, a temporary injunction, without the posting of any bond or other security, enjoining or restraining the other Party from any violation or
threatened violation of this Section 8. 
 Section 9. Warranties; Limitations of Liability; Indemnification. 

9.1 Aerpio Representations and Warranties. Except as set forth on Schedule 9.1, Aerpio represents and warrants to Licensee that as of
the Effective Date: 
 (a) Aerpio is duly organized, validly existing and in good standing under the laws of the jurisdiction
in which it is organized, and it has full right and authority to enter into this Agreement and to grant the licenses and other rights to Licensee as herein described. 

(b) This Agreement has been duly authorized by all requisite corporate action, and when executed and delivered will become a
valid and binding contract of Aerpio enforceable against Aerpio in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and other Law affecting creditors’ rights generally from time to time in
effect, and to general principles of equity. 
 (c) The execution, delivery and performance of this Agreement does not
conflict with any other agreement, contract, instrument or understanding, oral or written, to which Aerpio is a party, or by which it is bound, nor will it violate any applicable Law. 

(d) All necessary consents, approvals and authorizations of all Governmental Authorities and other persons or entities required
to be obtained by Aerpio in connection with the 
  
  

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execution and delivery of this Agreement and the performance of its obligations hereunder have been obtained. 

(e) There is no litigation, proceeding or investigation pending or threatened against or involving Aerpio in any court or
before any agency or regulatory body which could adversely affect Aerpio’s ability or right to enter into this Agreement. 

(f) Neither Aerpio, nor to the knowledge of Aerpio any of its employees, independent contractors or consultants or agents or
officers: (i) has ever been debarred or is subject to debarment or convicted of a crime for which a person could be debarred before a Regulatory Authority under applicable Laws, or (ii) has ever been under indictment for a crime for which
a person could be debarred under such Laws. 
 (g) Aerpio is the sole and exclusive owner of the entire right, title and
interest in and to the Aerpio Core Patent Rights and the Aerpio Know-How free and clear of all liens and other encumbrances, security interests, options and licenses. 

(h) Aerpio is the non-exclusive licensee of the Aerpio
In-License, and holds such license for such patent rights free and clear of all liens and other encumbrances, security interests, options and licenses. The Aerpio
In-License is in full force and effect and neither Aerpio nor, to the knowledge of Aerpio, UC Regents is in breach of the Aerpio In-License, and neither party to that
agreement has accused the other party of being in breach of Aerpio In-License. 
 (i)
The Aerpio Patent Rights and the Licensed Patents (as defined in the In-License Agreement) constitute all the patents and patent applications owned or Controlled by Aerpio that Cover (or could Cover upon
issuance of the patent application) the Licensed Compound. 
 (j) Aerpio has the right to grant the licenses and rights in
the Aerpio Patent Rights and grant the sublicense in the Licensed Patents (as defined in the In-License Agreement) it purports to grant to Licensee hereunder. 

(k) During the Term, Aerpio shall maintain the Aerpio In-License in good standing and
shall not take any action, or omit to take any action (including making necessary payments), which would result in a breach or early termination of the Aerpio In-License or any rights thereunder. Aerpio
covenants that it shall not amend, modify or supplement the terms of, or waive any rights under, the Aerpio In-License that would adversely impact Licensee’s rights hereunder without the prior written
consent of Licensee, such consent not to be unreasonably withheld, delayed or conditioned. Aerpio shall promptly notify Licensee upon receipt by Aerpio of any notice from UC Regents of any actual or alleged breach under the Aerpio In-License and Aerpio shall endeavor to cure any such breach within the allotted cure period and if it is unwilling or unable to do so, Aerpio shall timely notify Licensee and Licensee shall have the right to cure
such breach on Aerpio’s behalf. 
 (l) There are no adverse actions, suits or claims pending or, to the knowledge of
Aerpio, threatened against Aerpio in any court or by or before any governmental entity with respect to the Licensed Compound, the Aerpio Patent Rights, or the Aerpio Know-How and, to the knowledge of Aerpio,
there are no Third Party patents that would reasonably be expected to give rise to such actions, suits or claims. No Third Party has challenged the ownership, inventorship, scope, duration, validity, enforceability, priority or right to use the
Licensed Compound, the Aerpio Patent Rights, or the Aerpio Know-How (other than in connection with routine patent office prosecution), and, to the knowledge of Aerpio, there is no basis for any such challenge.

 (m) Except for the matter with UC Regents that resulted in the Aerpio In-License,
Aerpio has not initiated or been involved in any proceedings or claims in which it alleges that any Third Party is or was infringing or misappropriating the Aerpio Patent Rights or Aerpio Know-How, nor have

  
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any proceedings been threatened by Aerpio, nor, to the knowledge of Aerpio, is there any basis for any such proceeding. 

(n) To the knowledge of Aerpio and notwithstanding 35 U.S.C. § 271(e) or any comparable Laws, the research, development,
manufacture, use or sale of the Licensed Compound does not infringe or misappropriate any patent rights, know-how rights, or other intellectual property rights of any Third Party. 

(o) Aerpio has provided to Licensee complete and accurate copies of each of the manufacturing agreements listed on Exhibit G.

 For purposes of this Agreement, “to the knowledge of Aerpio” (and like phrases) will mean the actual knowledge as of the Effective Date of the
individuals listed on Schedule 9.1(a), with no duty of inquiry other than inquiry of (i) Aerpio’s current officers, directors, employees, consultants and legal counsel and (ii) the individuals listed on Schedule 9.1(b). 

9.2 Licensee Representations and Warranties. Licensee represents and warrants to Aerpio that as of the Effective Date: 

(a) Licensee is duly organized, validly existing and in good standing under the laws of jurisdiction in which it is organized,
and it has full right and authority to enter into this Agreement and to accept the rights and licenses granted as herein described. 

(b) This Agreement has been duly authorized by all requisite corporate action, and when executed and delivered will become a
valid and binding contract of Licensee enforceable against Licensee in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium and other Law affecting creditors’ rights generally from time to time in
effect, and to general principles of equity. 
 (c) The execution, delivery and performance of this Agreement does not
conflict with any other agreement, contract, instrument or understanding, oral or written, to which Licensee is a party, or by which it is bound, nor will it violate any applicable Law. 

(d) All necessary consents, approvals and authorizations of all Governmental Authorities and other persons or entities required
to be obtained by Licensee in connection with the execution and delivery of this Agreement and the performance of its obligations hereunder have been obtained. 

9.3 Disclaimer. EXCEPT AS EXPRESSLY SET FORTH HEREIN, NEITHER AERPIO NOR LICENSEE MAKES ANY REPRESENTATION OR WARRANTY OF ANY KIND,
EITHER EXPRESS OR IMPLIED, WITH RESPECT TO ANY AERPIO PATENT RIGHTS, AERPIO KNOW-HOW, PATENT RIGHTS LICENSED TO AERPIO UNDER THE AERPIO IN-LICENSE, INDs LISTED ON
EXHIBIT D, THE LICENSED COMPOUND, OR ANY LICENSED PRODUCTS, INCLUDING ANY WARRANTIES OF VALIDITY OR ENFORCEABILITY OF ANY PATENTS, TITLE, QUALITY, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, PERFORMANCE OR NONINFRINGEMENT OF ANY THIRD PARTY
PATENTS OR OTHER INTELLECTUAL PROPERTY RIGHTS. 
 9.4 Performance by Affiliates and Subcontractors. Each Party will have the right to
utilize the services of its Affiliates or Third Party subcontractors in connection with the performance of the activities for which it is responsible under the Development Plan or the Commercialization Plan; provided, however, that such Party will
remain responsible under this Agreement for the performance and compliance of such Affiliates and Third Party subcontractors and will, if required, grant sublicenses to them in compliance with the terms of this Agreement. The Party utilizing such
subcontractors also will ensure that such Affiliate or Third Party is subject to obligations protecting and limiting use and disclosure of Confidential Information, 

  
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the Licensed Compound, Licensed Products, patent rights and Know-How at least to the same extent as set forth under this Agreement. 

9.5 Indemnification. 

(a) Licensee Indemnity. Licensee hereby agrees to indemnify, defend and hold Aerpio and its Affiliates, and their
respective employees, directors, agents and consultants, and their respective successors, heirs and assigns and representatives (“Aerpio Indemnitees”) harmless from and against all claims, liability, threatened claims, damages,
expenses (including reasonable attorneys’ fees), suits, proceedings, losses or judgments, whether for money or equitable relief, of any kind, including but not limited to death, personal injury, illness, product liability or property damage or
the failure to comply with applicable Law (collectively, “Losses”), arising from any Third Party claim due to (i) the research, development, commercialization (including promotion, advertising, offering for sale, sale or other
disposition), transfer, importation or exportation, manufacture, labeling, handling or storage, or use of, or exposure to, the Licensed Compound or any Licensed Products by or for Licensee or any of its Affiliates, Sublicensees, subcontractors,
agents and consultants; or (ii) Licensee’s (or its Affiliates’ and Sublicensees’) use or practice of Aerpio Patent Rights and Aerpio Know-How; or (iii) any material breach of any
obligation, representation or warranty of Licensee hereunder; or (iv) Licensee’s (or its Affiliates’ and Sublicensees’) gross negligence, recklessness or willful misconduct, except, in each case, to the extent that such Losses
arise from (A) infringement or misappropriation of patent or other intellectual property rights or know-how by any Aerpio Indemnitees, (B) the gross negligence, recklessness or willful misconduct of
any Aerpio Indemnitees, or (C) any material breach of any obligation, representation or warranty of Aerpio hereunder. 

(b) Aerpio Indemnity. Aerpio hereby agrees to indemnify, defend and hold Licensee and its Affiliates, and their
respective employees, directors, agents and consultants, and their respective successors, heirs and assigns and representatives (“Licensee Indemnitees”) harmless from and against all Losses arising from any Third Party claim due to
(i) the research, development, transfer, importation or exportation, manufacture, labeling, handling or storage, or use of, or exposure to, the Licensed Compound or any Licensed Products by or for Aerpio or any of its Affiliates, Sublicensees,
subcontractors, agents and consultants before, during, or after the Term; or (ii) Aerpio’s (or its Affiliates’ and Sublicensees’) use or practice of Aerpio Patent Rights and Aerpio
Know-How; or (iii) any material breach of any obligation, representation or warranty of Aerpio hereunder; or (iv) Aerpio’s (or its Affiliates’ and licensees’) gross negligence,
recklessness or willful misconduct, except, in each case, to the extent that such Losses arise from (A) infringement or misappropriation of patent or other intellectual property rights or know-how by any
Licensee Indemnitees, (B) the gross negligence, recklessness or willful misconduct of any Licensee Indemnitees, or (C) any material breach of any obligation, representation or warranty of Licensee hereunder. 

(c) Indemnification Procedure. A claim to which indemnification applies under Section 9.5(a) or Section 9.5(b)
will be referred to herein as a “Claim”. If any person or entity (each, an “Indemnitee”) intends to claim indemnification under this Section 9.5, the Indemnitee will notify the other Party (the
“Indemnitor”) in writing promptly upon becoming aware of any claim that may be a Claim (it being understood and agreed, however, that the failure by an Indemnitee to give such notice will not relieve the Indemnitor of its
indemnification obligation under this Agreement except and only to the extent that the Indemnitor is actually prejudiced as a result of such failure to give notice). The Indemnitor will have the right to assume and control the defense of such Claim
at its own expense with counsel selected by the Indemnitor and reasonably acceptable to the Indemnitee; provided however that an Indemnitee will have the right to retain its own counsel, with the fees and expenses to be paid by the Indemnitee, if
representation of such Indemnitee by the counsel retained by the Indemnitor would be inappropriate due to actual or potential differing interests between such Indemnitee and any other Party represented by such counsel in such proceedings. If the
Indemnitor does not assume the defense of such Claim as aforesaid, the Indemnitee may defend such Claim but will have no obligation to do so. The 

  
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Indemnitee will not settle or compromise any Claim without the prior written consent of the Indemnitor, and the Indemnitor will not settle or compromise any Claim in any manner which would have
an adverse effect on the Indemnitee’s interests, without the prior written consent of the Indemnitee, which consent, in each case, will not be unreasonably withheld. The Indemnitee will reasonably cooperate with the Indemnitor at the
Indemnitor’s expense and will make available to the Indemnitor all pertinent information under the control of the Indemnitee, which information will be subject to Section 8. 

9.6 Insurance. Each Party shall maintain in full force and effect during the Term and for a period of [***] after expiration or
termination of this Agreement, worker’s compensation and general liability insurance coverage all in such amounts and with such scope of coverages as are customary in the industry for companies of like size and activities, and, in addition,
Licensee shall maintain clinical trial liability and product liability insurance coverage in amounts no less that: (a) clinical trials coverage in a minimum amount of $[***] combined single limit per occurrence and in the aggregate and
(b) product liability coverage, in a minimum amount of $[***] combined single limit per occurrence and in the aggregate. The policies of insurance required by this Section 9.6 will be issued by an insurance carrier with an A.M. Best rating
of “A” or better. Licensee will name Aerpio as an additional insured under such policies. Upon written request, each Party shall provide evidence of such insurance to the other Party and ensure that the other Party will receive no less
than thirty (30) days’ notice of any cancelation, non-renewal or material change in such coverage. The coverage limits set forth herein will not create any limitation on Licensee’s liability to
Aerpio under this Agreement. 
 9.7 Licensee Planned Structure. As of the Effective Date, Licensee does not have any rights to any
pharmaceutical products or drug candidates other than the Licensed Compound and Licensed Products and is wholly owned by its ultimate parent Affiliate, Gossamer Bio, Inc. 

Section 10. Term, Termination and Survival. 

10.1 Term. This Agreement will become effective as of the Effective Date and, unless sooner terminated in accordance with the terms
hereof or by mutual written agreement of the Parties, will continue on a country-by-country and Licensed
Product-by-Licensed Product basis until the end of the period during which royalties are due hereunder on Net Sales of such Licensed Product in such country (the
“Term”). Upon the end of such period for such Licensed Product in such country, the license grant contained in Section 5.1(a) will become perpetual, royalty-free and fully paid up with respect to such Licensed Product in such
country. 
 10.2 Termination for Safety or Efficacy. Notwithstanding anything contained herein to the contrary, Licensee shall have
the right to terminate this Agreement at any time in its sole discretion in the event of potential safety or efficacy concerns affecting the Licensed Compound or Licensed Product. Any termination under this Section 10.2 shall be accomplished by
Licensee giving [***] advance written notice to Aerpio. 
 10.3 Termination for Material Default. Either Party will have the right to
terminate this Agreement upon delivery of written notice to the other Party in the event of any material default in the performance by such other Party of any of such other Party’s material obligations under this Agreement, provided that such
default has not been cured [***], or, in the event such default results in a failure to make any material payment when due hereunder, [***], after written notice thereof is given by the non-defaulting Party to
the defaulting Party specifying the nature of the alleged default. 
 10.4 Termination for Insolvency. To the extent permitted by Law,
upon the filing or institution of bankruptcy, reorganization, liquidation or receivership proceedings, or upon an assignment of a substantial portion of the assets for the benefit of creditors (a “Bankruptcy Event”) by either
Party, Aerpio, in the case of a Bankruptcy Event by Licensee, or Licensee, in the case of a Bankruptcy Event by Aerpio, 
  

 

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may terminate this Agreement; provided, however, that, in the case of any involuntary bankruptcy proceeding, such right to terminate will only become effective if the subject Party consents to
the involuntary bankruptcy or such proceeding is not dismissed within [***] after the filing thereof. All rights and licenses granted under or pursuant to this agreement are and shall otherwise be deemed to be, for purposes of Section 365(n) of
the U.S. Bankruptcy Code or any analogous provisions in any other country or jurisdiction, licenses of right to “intellectual property” as defined under Section 101 of the U.S. Bankruptcy Code and Licensee as licensee under this
Agreement and Aerpio will retain and may fully exercise all of their rights and elections under the U.S. Bankruptcy Code and foreign equivalents, including that upon commencement of a bankruptcy proceeding by or against such Party undergoing a
bankruptcy proceeding (the “Affected Party”) under the U.S. Bankruptcy Code or foreign equivalents, the non-Affected Party will be entitled to complete duplicates of or complete access
to, as such non-Affected Party deems appropriate, any Know-How and patent and other intellectual property rights and all embodiments hereof licensed or to be transferred
to such non-Affected Party hereunder by the Affected Party. Such Know-How, rights and embodiments will be promptly delivered to the
non-Affected Party (a) upon any such commencement of a bankruptcy proceeding and upon written request thereof by the non-Affected Party, unless the Affected Party
elects to continue to perform all of its obligations under this Agreement, or (b) if not delivered under the foregoing clause (a), upon the rejection of this Agreement by or on behalf of the Affected Party upon written request
therefore by the non-Affected Party. This Section 10.4 is without prejudice to any rights the non-Affected Party may have arising under the U.S. Bankruptcy Code,
foreign equivalents or other Law. 
 10.5 Termination by Aerpio for Patent Challenge. 

(a) Aerpio will have the right to terminate this Agreement upon written notice to Licensee in the event that Licensee or any of
its Affiliates or Sublicensees directly or indirectly asserts a Patent Challenge; provided that with respect to any such Patent Challenge by any non-Affiliate Sublicensee, Aerpio will not have the right to
terminate this Agreement under this Section 10.5 if Licensee (i) causes such Patent Challenge to be terminated or dismissed or (ii) terminates such Sublicensee’s sublicense to the Aerpio Patent Rights being challenged by the
Sublicensee, in each case within [***] of Aerpio’s notice to Licensee under this Section 10.5. In the event Licensee or any of its Affiliates intends to assert a Patent Challenge in any forum, not less than [***] prior to making any such
assertion, Licensee will provide to Aerpio a written disclosure of such assertion. Notwithstanding the foregoing, Aerpio’s termination right under this Section 10.5 will not apply to any Affiliate of Licensee that first becomes an
Affiliate of Licensee after the Effective Date, where such Affiliate of Licensee was undertaking activities in connection with a Patent Challenge prior to such Affiliate first becoming an Affiliate of Licensee; provided however that Licensee uses
commercially reasonable efforts to cause such Patent Challenge to terminate within [***] of such Affiliate first becoming an Affiliate of Licensee. 

(b) In lieu of exercising its rights to terminate under this Section 10.5, Aerpio may elect upon written notice [***],
which election will be effective retroactively to the date of the commencement of the Patent Challenge. 
 (c) Licensee
acknowledges and agrees that this Section 10.5 is reasonable, valid and necessary for the adequate protection of Aerpio’s interest in and to the Aerpio Patent Rights, and that Aerpio would not have granted to Licensee the licenses under
those Aerpio Patent Rights, without this Section 10.5. Aerpio will have the right, at any time in its sole discretion, to strike this Section 10.5 (or any portion thereof) from this Agreement, and Aerpio will have no liability whatsoever
as a result of the presence or absence of this Section 10.5 (or any struck portion thereof). 
  

 

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 10.6 Effect of Termination. 

(a) If this Agreement terminates for any reason (other than expiration), except as may otherwise be agreed in writing by the
Parties, Licensee will be responsible at its own expense for an orderly wind-down, in accordance with accepted pharmaceutical industry norms and ethical practices, of any then on-going clinical studies
hereunder for which it has responsibility. Licensee will consider in good faith any reasonable request from Aerpio that Licensee continue, at Aerpio’s cost and expense, any ongoing clinical studies at the time of termination, except if safety
issues would put patients at risk. Aerpio reserves the right to continue any ongoing clinical studies for any Licensed Products at its own expense at such time as Licensee is no longer responsible therefor. 

(b) If this Agreement terminates for any reason (other than expiration), Licensee and its Affiliates and Sublicensees will have
[***] thereafter in which to dispose of any inventory of Licensed Compound or Licensed Product, subject to the payment to Aerpio of any royalties or other amounts due hereunder thereon. 

(c) If this Agreement terminates for any reason (other than expiration), all licenses and other rights granted by Aerpio to
Licensee hereunder will automatically terminate (including any sublicenses to Licensee or any Sublicensees under the Aerpio In-License), and Licensee and its Affiliates and Sublicensees will have no further
rights to practice or reference any Aerpio Patent Rights, Aerpio Know-How or INDs listed on Exhibit D (except as expressly permitted by Sections 10.6(a) and 10.6(b)). Each Party will promptly return
to the other Party (or as directed by such other Party destroy and certify to such other Party in writing as to such destruction) all of such other Party’s Confidential Information that are in such Party’s (or its Affiliates’ or in
the case of Licensee’s Sublicensees’) possession or control, save that such Party will have the right to retain (i) one (1) copy of intangible Confidential Information of such other Party for legal purposes, and (ii) any of the
foregoing that such Party retains any license or other right hereunder. Licensee and its Affiliates and Sublicensees will not continue to develop, manufacture or commercialize the Licensed Compound or any Licensed Products. 

(d) If this Agreement is terminated by Licensee pursuant to Section 10.2 or by Aerpio pursuant to Sections 10.3 or 10.4 or
10.5 (but solely with respect to a Patent Challenge of Aerpio Core Patent Rights), [***] Licensee will provide to Aerpio, at [***] cost and expense, one (1) copy of the foregoing (including all other documents necessary to [***] (including all
completed and ongoing clinical studies)) and all documents contained in or referenced in any such items [***]. 
 (e) If this
Agreement is terminated by Licensee pursuant to Section 10.2 or by Aerpio pursuant to Sections 10.3 or 10.4 or 10.5 (but solely with respect to a Patent Challenge of Aerpio Core Patent Rights), [***]. 

(f) If this Agreement terminates for any reason (other than expiration), [***]. 

(g) As compensation for the rights and licenses of Aerpio set forth in Sections 10.6(d) and 10.6(e), if before
termination of this Agreement by Licensee pursuant to Section 10.2 or by Aerpio pursuant to Sections 10.3 or 10.4 or 10.5 (but solely with respect to a Patent Challenge of Aerpio Core Patent Rights) [***]. 

10.7 Survival. In addition to the termination consequences set forth in Section 10.6, the following provisions will survive
expiration or termination of this Agreement for any reason: Section 1, Section 5.3, Section 6 (but only with respect to payments accrued before any such expiration or termination), Section 8, Sections 9.3, 9.4, 9.5 and 9.6,
Section 10 and Section 11. Expiration or termination of this Agreement for any reason will not relieve the Parties of any liability or obligation which accrued hereunder prior to the effective date of such termination or expiration, nor
preclude either Party from 
  
  

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 33 

 
pursuing all rights and remedies it may have hereunder or at law or in equity, with respect to any breach of this Agreement nor prejudice either Party’s right to obtain performance of any
obligation. All other rights and obligations will terminate upon termination or expiration of this Agreement. 
 Section 11. General Provisions.

 11.1 Assignment. 

(a) This Agreement may not be assigned by either Party, nor may either Party delegate its obligations or otherwise transfer
licenses or other rights created by this Agreement, except as expressly permitted hereunder or otherwise without the prior written consent of the other Party, which consent will not be unreasonably withheld; provided that without consent
(i) Licensee may assign this Agreement in full to (x) an Affiliate of Licensee, provided that Licensee will remain fully liable for the performance of its obligations under this Agreement by such Affiliate, and further that such assignee
Affiliate will assign this Agreement in full back to Licensee at such time as such assignee Affiliate is no longer an Affiliate of Licensee, or (y) its successor in connection with a Change of Control of Licensee, and (ii) Aerpio may
assign this Agreement in full to (m) an Affiliate of Aerpio, provided that Aerpio will remain fully liable for the performance of its obligations under this Agreement by such Affiliate, and further that such assignee Affiliate will assign this
Agreement in full back to Aerpio at such time as such assignee Affiliate is no longer an Affiliate of Aerpio, or (n) its successor in connection with a Change of Control of Aerpio. Each Party will provide prompt written notice to the other
Party of any such permitted assignment. 
 (b) Notwithstanding anything to the contrary in this Agreement, Aerpio may sell,
transfer, lend or assign its rights to any Third Party(ies) to receive payments under Section 6, and Aerpio may disclose Confidential Information of Licensee to one or more Third Parties in connection with any such assignment to enable the
Third Party(ies) to evaluate and monitor any such purchase or loan; provided that Licensee shall only be obligated to send payments due hereunder to not more than two entities. 

(c) Any permitted assignee will assume all assigned obligations of its assignor under this Agreement. The terms and conditions
of this Agreement will inure to the benefit of, and be binding upon, the legal representatives, successors and permitted assigns of the Parties. 

11.2 Limited Right to Set-Off. Without limiting Licensee’s rights under law or in equity,
Licensee may exercise a right of set-off against any and all amounts paid by Licensee pursuant to Section 9.1(k) to cure a breach of the Aerpio In-License by
Aerpio. 
 11.3 Change of Control of Aerpio. Notwithstanding anything to the contrary herein: (a) no patent rights, Know-How or other intellectual property rights not Controlled by Aerpio or any of its Affiliates before a Change of Control of Aerpio will be deemed Controlled for purposes of this Agreement after such Change of
Control, provided that any patent right that claims priority, directly or indirectly, to any other patent right first Controlled by Aerpio or any of its Affiliates before such Change of Control will be deemed Controlled by Aerpio thereafter no
matter when such patent right is filed or issued, and (b) only those assets (including those items described in clause (a) above) of Aerpio and its Affiliates (before a Change of Control) that are in existence at the time of Change of
Control will be subject to Section 5.4. 
 11.4 Severability. If any one or more of the provisions contained in this Agreement is
held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein will not in any way be affected or impaired thereby, unless the absence of the invalidated provision(s)
adversely affects the rights of the Parties. The Parties will in such an instance use their reasonable best efforts to replace the invalid, illegal or unenforceable provision(s) with valid, legal and enforceable provision(s) which, insofar as
practical, implement the purposes of this Agreement. 

  
 34 

 11.5 Cumulative Remedies. All rights and remedies of the Parties hereunder will be
cumulative and in addition to all other rights and remedies provided hereunder or available by agreement, at Law or otherwise. 
 11.6
Amendment; Waiver. This Agreement may not be modified, amended or rescinded, in whole or part, except by a written instrument signed by the Parties; provided that any unilateral undertaking or waiver made by one Party in favor of the other
will be enforceable if undertaken in a writing signed by the Party to be charged with the undertaking or waiver. No delay or omission by either Party hereto in exercising any right or power occurring upon any noncompliance or default by the other
Party with respect to any of the terms of this Agreement will impair any such right or power or be construed to be a waiver thereof. A waiver by either of the Parties of any of the covenants, conditions or agreements to be performed by the other
will not be construed to be a waiver of any succeeding breach thereof or of any other covenant, condition or agreement herein contained. 

11.7 Notices. All notices which are required or permitted hereunder shall be in writing and sufficient if delivered personally, sent by
facsimile (and promptly confirmed by personal delivery, registered or certified mail or overnight courier), sent by nationally-recognized overnight courier or sent by registered or certified mail, postage prepaid, return receipt requested, addressed
as follows: 
  

			
	If to Licensee, to:	  	GB004, Inc.
		  	3013 Science Park Road
		  	Suite 200
		  	San Diego, CA 92121
		  	Attention: General Counsel
		
	With a required copy to:	  	Latham & Watkins LLP
		  	12670 High Bluff Drive
		  	San Diego, CA 92130
		  	Attn: Steven T. Chinowsky, Esq.
		  	Facsimile: (858) 523-5450
		  	Email: steven.chinowsky@lw.com
		
	If to Aerpio, to:	  	Aerpio Pharmaceuticals, Inc.
		  	9987 Carver Road, Suite 420
		  	Cincinnati, OH 45242
		  	Attention: CEO
		
	With a required copy to:	  	Goodwin Procter LLP
		  	100 Northern Avenue
		  	Boston, MA 02210
		  	Attention: Kingsley L. Taft, Esq.

 or to such address as each Party may hereafter designate by notice to the other Party. A notice will be deemed to have been
given on the date it is received by all required recipients for the noticed Party. 
 11.8 Dispute Resolution. 

(a) In the event of any dispute between the Parties under this Agreement, the Parties will first attempt in good faith to
resolve such dispute by negotiation and consultation between themselves. In the event that such dispute is not resolved on an informal basis within [***] days, either Party may, by written notice to the other, have such dispute referred to a senior
executive of each Party designated by such Party’s Executive Officer, which senior executives will meet in person if requested 
  

 

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 35 

 
by either such senior executive and attempt in good faith to resolve such dispute by negotiation and consultation for a [***] day period following receipt of such written notice. If such senior
executives do not resolve such dispute within such [***] day period, either Party may refer the matter to the Parties’ Executive Officers for attempted resolution, whereupon the Parties’ Executive Officers will meet in person, if requested
by either such Executive Officer and attempt in good faith to resolve such dispute by negotiation and consultation for a thirty (30) day period following such referral. 

(b) Subject to Section 2.2(e)(ii), if the Executive Officers do not resolve such dispute within such [***] day period,
either Party may at any time thereafter submit such dispute to be finally settled by arbitration administered in accordance with the Commercial Arbitration Rules of the American Arbitration Association (“AAA”) in effect at the time
of submission. The arbitration will be heard and determined by three (3) arbitrators. Licensee and Aerpio will each appoint one (1) arbitrator and the third arbitrator will be selected by the two (2) Party-appointed arbitrators, or,
failing agreement within [***] days following the date of receipt by the respondent of the claim, by the AAA. Such arbitration will take place in New York, NY. The award shall be made within [***] months of the filing of the notice of arbitration,
and the arbitrator(s) shall agree to comply with this schedule before accepting appointment. However, this time limit may be extended by agreement of the Parties or by the arbitrator(s) if necessary. The arbitration award so given will be a final
and binding determination of the dispute, and will be fully enforceable in any court of competent jurisdiction. Costs of arbitration are to be divided by the Parties in the following manner: Licensee will pay for the arbitrator it chooses, Aerpio
will pay for the arbitrator it chooses, and the costs of the third arbitrator will be divided equally between the Parties. Except in a proceeding to enforce the results of the arbitration or as otherwise required by Law, neither Party nor any
arbitrator may disclose the existence, content or results of any arbitration hereunder without the prior written consent of both Parties. Notwithstanding this Section 11.8(b), any dispute between the Parties under this Agreement regarding the
scope, validity, enforceability of infringement of any patent rights will subject to Section 11.8(a) and thereafter not this Section 11.8(b) but rather any court or other forum. 

(c) Notwithstanding the dispute resolution procedures set forth in this Section 11.8, in the event of an actual or
threatened breach hereunder, the aggrieved Party may seek equitable relief (including restraining orders, specific performance or other injunctive relief) in any court or other forum, without first submitting to any dispute resolution procedures
hereunder. 
 (d) Notwithstanding the provisions of this Section 11.8, disputes relating to intellectual property
rights, including disputes relating to the ownership, inventorship, enforceability, validity or scope of patent or other intellectual property rights, or other disputes for which a Party wishes to seek injunctive or other equitable relief, but not
any disputes under Section 6.4, shall not be subject to the terms of this Section 11.8 and may be submitted for resolution to a court of competent jurisdiction, and without the necessity of posting a bond for such disputes seeking
injunctive or other equitable relief (each, an “Excluded Claim”). The Parties agree that any dispute concerning an Excluded Claim that cannot be resolved by the Parties will be subject to the exclusive jurisdiction of the U.S.
federal or New York state courts within the New York counties of New York, and the Parties hereby submit to, and waive any objection to, personal jurisdiction and venue in such courts for such purpose, and both Parties waive any right they may have
under applicable law or otherwise to a right to a trial by jury for such purpose. 
 11.9 Governing Law. This Agreement will be
governed by and construed in accordance with the laws of the State of New York, without regard to its conflicts of law provisions; provided that any dispute relating to the scope, validity, enforceability or infringement of any patent rights will be
governed by, and construed and enforced in accordance with, the substantive laws of the jurisdiction from which such patent rights arose. 

  
 36 

 11.10 Relationship of the Parties. Each Party is an independent contractor under this
Agreement. Nothing contained herein is intended or is to be construed so as to constitute Aerpio and Licensee as partners, agents or joint venturers. Neither Party will have any express or implied right or authority to assume or create any
obligations on behalf of or in the name of the other Party or to bind the other Party to any contract, agreement or undertaking with any Third Party. There are no express or implied third party beneficiaries hereunder (except for Licensee
Indemnitees other than Licensee and Aerpio Indemnitees other than Aerpio for purposes of Sections 9.5(a) or 9.5(b), as applicable). 

11.11 Entire Agreement. This Agreement (along with the Exhibits) contains the entire understanding of the Parties with respect to the
subject matter hereof and supersedes and replaces any and all previous arrangements and understandings, including the Confidentiality Agreement, whether oral or written, between the Parties with respect to the subject matter hereof. 

11.12 Headings. The captions to the several Sections hereof are not a part of this Agreement, but are merely guides or labels to assist
in locating and reading the several Sections hereof. 
 11.13 Waiver of Rule of Construction. Each Party has had the opportunity to
consult with counsel in connection with the review, drafting and negotiation of this Agreement. Accordingly, the rule of construction that any ambiguity in this Agreement will be construed against the drafting Party will not apply. 

11.14 Interpretation. Whenever any provision of this Agreement uses the term “including” (or “includes”), such
term will be deemed to mean “including without limitation” (or “includes without limitations”). “Herein,” “hereby,” “hereunder,” “hereof” and other equivalent words refer to this
Agreement as an entirety and not solely to the particular portion of this Agreement in which any such word is used. The term “or” means “and/or” hereunder. All definitions set forth herein will be deemed applicable whether the
words defined are used herein in the singular or the plural. Unless otherwise provided, all references to Sections and Exhibits in this Agreement are to Sections and Exhibits of this Agreement. References to any Sections include Sections and
subsections that are part of the related Section (e.g., a section numbered “Section 5.2” would be part of “Section 5”, and references to “Section 5.2” would also refer to material contained in the
subsection described as “Section 5.2(a)”). 
 11.15 Counterparts; Facsimiles or PDF. This Agreement may be executed in
one (1) or more counterparts, each of which will be deemed an original and all of which together will constitute one and the same instrument. Facsimile or PDF execution and delivery of this Agreement by either Party will constitute a legal,
valid and binding execution and delivery of this Agreement by such Party. 
 [Remainder of this Page Intentionally Left Blank] 

 

  
 37 

 IN WITNESS WHEREOF, the Parties have caused this License Agreement to be executed by their
respective duly authorized representatives as of the Effective Date. 
  

			
	AERPIO PHARMACEUTICALS, INC.
		
	By:	 	 /s/ Stephen Hoffman

		 	(Signature)
	Name:	 	Stephen Hoffman
	Title:	 	Chief Executive Officer
	
	GB004, INC.
		
	By:	 	 /s/ Christian Waage

		 	(Signature)
	Name:	 	 Christian Waage

	Title:	 	 Treasurer & Secretary

 EXHIBIT A 

AERPIO PATENT RIGHTS 
  

							
	 Country
	  	Application Number	 	Filing Date	 	Patent Number
	 [***]
	  	[***]	 	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]
	 [***]
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	 [***]
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	 [***]
	  	[***]	 	[***]	 	[***]
	 [***]
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	 [***]
	  	[***]	 	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]

  

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	 [***]
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 EXHIBIT B-1 

INITIAL DEVELOPMENT PLANS 
  

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 EXHIBIT B-2 

INITIAL DEVELOPMENT BUDGETS 
 [***] 

 EXHIBIT C 

LICENSED COMPOUND 
 AKB-4924 

 EXHIBIT D 

LICENSED COMPOUND INDs 
 Canada

 [***] 
 United States 

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 EXHIBIT E 

PRESS RELEASE 

 EXHIBIT F 

AERPIO IN-LICENSE 

 LICENSE AGREEMENT 

EXHIBIT G 
 ASSIGNED
MANUFACTURING AGREEMENTS 
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 SCHEDULE 9.1(a) 

For purposes of the last paragraph of Section 9.1: 
 [***]

 SCHEDULE 9.1(b) 
 For purposes
of the last paragraph of Section 9.1: 
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