Document:

EX-4.11

 Exhibit 4.11 

THIS WARRANT AND THE SECURITIES REPRESENTED BY THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”).
THESE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE DISTRIBUTION THEREOF. THESE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT UNDER THE ACT IS
IN EFFECT AS TO THESE SECURITIES OR (2) THERE IS AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY, THAT AN EXEMPTION THEREFROM IS AVAILABLE. 

LIANBIO 
 WARRANT TO
PURCHASE ORDINARY SHARES 
 Issue Date: October 18, 2021 

Warrant Number: A-1 

THIS WARRANT IS TO CERTIFY THAT, Tarsus Pharmaceuticals, Inc., a Delaware corporation (the “Purchaser” and, together
with its nominees, successors or assigns, including any subsequent holder of this Warrant to whom it has been legally transferred, the “Holder”) is entitled to purchase from LianBio, an exempted company organized under the laws of
the Cayman Islands (the “Company”), 78,373 ordinary shares, par value US$0.000017100448 per share, of the Company (“Ordinary Shares” and, such Ordinary Shares issuable upon exercise of this Warrant, the
“Warrant Shares”), subject to adjustment in accordance with the terms hereof, at US$0.000017100448 per share (subject to adjustment in accordance with the terms hereof, the “Exercise Price”). 

Section 1. Exercise of Warrant. 
  

	 	(a)	 [] 

  

	 	(b)	 The Holder shall exercise this Warrant by means of delivering to the Company: 

 

	 	(i)	 a written Notice of Exercise in the form attached hereto as Exhibit A, which shall include the number of
Warrant Shares to be delivered pursuant to such exercise (the “Notice of Exercise”); 

  

	 	(ii)	 this Warrant; and 

  

	 	(iii)	 payment equal to the Exercise Price by cash, certified check to the order of the Company or wire transfer of
immediately available funds to an account specified by the Company. 

 (c) Upon exercise of this Warrant in accordance with
Section 1(b), the Company shall cause the Warrant Shares issuable upon such exercise to be registered in the name of the Holder or such other name or names as may be designated in the Notice of Exercise in the books of the
Company. In case such exercise is in part only, the Company shall cause to be executed and delivered to the Holder a new warrant or warrants (dated the date hereof) of like tenor, calling in the aggregate on the face or faces thereof for the number
of Warrant Shares equal to the number of such Warrant Shares described in this Warrant minus the number of such Warrant Shares purchased by the Holder upon all exercises made in accordance with this Section 1. 

(d) The Warrant Shares shall be deemed to have been issued, and the Holder or any other person so designated to be named therein shall be
deemed to have become the holder of record of such shares (including to the extent permitted by law the right to vote such shares or to consent or to receive notice as stockholders), upon the delivery of all deliverables set forth in
Section 1(b). 

 (e) The Holder shall be responsible for all transfer taxes resulting from the fact that any
certificate issued in respect of Warrant Shares is not in the name of the Holder. 
 (f) All Warrant Shares issuable upon the exercise of
this Warrant in accordance with the terms hereof shall be validly issued, fully paid and non-assessable, and free from all liens and other encumbrances thereon, other than liens or other encumbrances created
by the Holder or restrictions upon transfer under federal or state securities laws. 
 (g) During the Exercise Period, the Company shall at
all times reserve and keep available out of its authorized but unissued Ordinary Shares, solely for the purpose of issuance upon the exercise of this Warrant, the maximum number of Warrant Shares issuable upon the exercise of this Warrant, and the
par value per Warrant Share shall at all times be less than or equal to the applicable Exercise Price. The Company shall not increase the par value of any Warrant Shares receivable upon the exercise of this Warrant above the Exercise Price then in
effect, and shall take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Ordinary Shares upon the exercise of this Warrant. 

(h) In no event shall any fractional Warrant Share be issued upon exercise of this Warrant. If, upon exercise of this Warrant, the Holder
would, except as provided in this paragraph, be entitled to receive a fractional Warrant Share, then the Company shall, at the Company’s sole discretion, either (i) deliver in cash to such holder an amount equal to such fractional
interest, or (ii) issue a whole share in lieu of such fractional share. 
 Section 2. Adjustment of Exercise Price and Warrant
Shares. 
 (a) Subdivision or Combination of Ordinary Shares. If, at any time during the Exercise Period, the number of
outstanding Ordinary Shares is (i) increased by a share dividend payable in Ordinary Shares or by a subdivision or split-up of Ordinary Shares, or (ii) decreased by a combination of Ordinary Shares,
then, following the record date fixed for the determination of holders of Ordinary Shares entitled to receive the benefits of such share dividend, subdivision, split-up, or combination, the Exercise Price
shall be adjusted to a new amount equal to the product of (A) the Exercise Price in effect on such record date, and (B) the quotient obtained by dividing (x) the number of Warrant Shares into which this Warrant would be exercisable on
such record date (without giving effect to the event referred to in the foregoing clause (i) or (ii)), by (y) the number of Warrant Shares which would be outstanding immediately after the event referred to in the foregoing clause
(i) or (ii), if this Warrant had been exercised immediately prior to such record date. 
 (b) Adjustment to Warrant Shares. Upon
each adjustment of the Exercise Price as provided in Section 2(a), the Holder shall thereafter be entitled to subscribe for and purchase, at the Exercise Price resulting from such adjustment, the number of Warrant Shares
equal to the product of (i) the number of Warrant Shares into which this Warrant would be exercisable prior to such adjustment and (ii) the quotient obtained by dividing (A) the Exercise Price existing prior to such adjustment by
(B) the new Exercise Price resulting from such adjustment. 
 Section 3. Reclassification, Merger, Consolidation, Etc. 

In case of any reclassification or change of the outstanding Ordinary Shares (other than as a result of a subdivision, combination or share
dividend), or in case of any consolidation of the Company with, or merger of the Company into, another corporation or other business organization (other than a consolidation or merger in which the Company is the surviving entity) at any time during
the Exercise Period, then the Company or its successor may make lawful and adequate provision to grant the Holder the right to purchase, upon exercise of this Warrant, the kind and amount of shares 

 
and other securities and property receivable upon such reclassification, reorganization, change, consolidation or merger by a holder of the number of Warrant Shares of the Company which might
have been purchased by the Holder immediately prior to such reclassification, reorganization, change, consolidation or merger, at a total price not to exceed that payable upon the exercise of this Warrant, and, in any such case, appropriate
provisions shall be made with respect to the rights and interest of the Holder such that the provisions hereof shall thereafter be applicable in relation to any shares and other securities and property thereafter deliverable upon exercise hereof.

 Section 4. Rights of Shareholders. 

Nothing contained herein shall be construed to confer upon the Holder, as such, any of the rights of a shareholder of the Company or any right
to vote for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or to give or withhold consent to any corporate action (whether upon any recapitalization, issuance of shares, reclassification of shares,
change of par value or change of shares to no par value, consolidation, merger, conveyance, or otherwise) or to receive notice of meetings, or to receive dividends or subscription rights or otherwise until the Warrant shall have been exercised and
the certificates representing the Warrant Shares shall have been issued, as provided herein. 
 Section 5. Share and Warrant Books.

 The Company will not at any time, except upon dissolution, liquidation or winding up, close its share books or warrant books so as to
result in preventing or delaying the exercise of any Warrant. 
 Section 6. Limitation of Liability. 

No provisions hereof, in the absence of affirmative action by the Holder to purchase Warrant Shares hereunder, shall give rise to any
liability of the Holder to pay the Exercise Price or as a shareholder of the Company (whether such liability is asserted by the Company or creditors of the Company). 

Section 7. Transfer Restrictions 

(a) Generally. This Warrant shall not be transferrable by the Holder to any third party without the prior written approval of the
Company; provided, that subject to Section 7(b), the Holder may transfer this Warrant to any person or entity that directly or indirectly is controlled by or controls the Holder (an “Affiliate”), in each
case where the term “control” means possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of an entity, whether through ownership of a majority of voting securities, by contract or
otherwise. 
 (b) Repurchase Right. In the event the Holder proposes to transfer this Warrant in accordance with
Section 7(a) to an Affiliate that becomes an Affiliate of the Holder as a result of a Change of Control of the Holder, the Holder shall give the Company prior written notice of the Holder’s intention to make such
transfer (the “Transfer Notice”), which notice shall include the identity and address of the proposed transferee Affiliate. Within thirty (30) Business Days following the receipt of the Transfer Notice, the Company shall have
an option to, by written notice to the Holder (the “Exercise Notice”), repurchase the Warrant at a price equal to the product of: (i) the Fair Market Value (as defined below) per Ordinary Share as of the date of the Exercise
Notice, (ii) the number of Warrant Shares issuable upon exercise of this Warrant (or, if only a portion of this Warrant is being exercised, issuable upon the exercise of such portion) for cash, determined as provided in
Section 2, and (iii) a fraction, the numerator of which is the Fair Market Value per Ordinary Share at the time of such exercise minus the Exercise Price in effect at the time of such exercise, and the
denominator of which is the Fair Market Value per Ordinary Share at the time of such exercise, such number of shares so issuable upon such exercise to be rounded up or down to the nearest whole number of Ordinary Shares. “Fair Market
Value” means (a) if the Ordinary Shares are not traded on 

 
a securities exchange, the fair market value of an Ordinary Share, as determined in good faith by the board of directors of the Company and (b) if the Ordinary Shares are traded on a
securities exchange, the average of the closing bid or sales price (whichever is applicable) over the thirty (30) day period ending three days before the relevant date of the valuation. “Change of Control” means, with respect
to an entity, (i) a merger or consolidation of such entity with a third party that is not an Affiliate of such entity, which results in the voting securities of such entity outstanding immediately prior thereto, or any securities into which
such voting securities have been converted or exchanged, ceasing to represent more than fifty percent (50%) of the combined voting power of the surviving entity or the parent of the surviving entity immediately after such merger or consolidation,
(ii) a transaction or series of related transactions in which a third party that is not an Affiliate of such entity, together with Affiliates of such third party, becomes the direct or indirect beneficial owner of more than fifty percent (50%)
of the combined voting power of the outstanding securities of such entity, or (iii) the sale or other transfer to a third party that is not an Affiliate of such entity of all or substantially all of such entity’s and its controlled
Affiliates’ assets. Notwithstanding the foregoing, any transaction or series of transactions effected for the primary purpose of financing the operations of the applicable entity (including the issuance or sale of securities for financing
purposes), or changing the form or jurisdiction of organization of such entity will not be deemed a “Change of Control” for purposes of this Warrant. 

Any Warrants issued upon the transfer of this Warrant shall be numbered and shall be registered in a Warrant register as they are issued. The
Company shall be entitled to treat the registered holder of any Warrant on the Warrant register as the owner in fact thereof for all purposes and shall not be bound to recognize any equitable or other claim to, or interest in, such Warrant on the
part of any other person, and shall not be liable for any registration of transfer of Warrants that are registered or to be registered in the name of a fiduciary or the nominee of a fiduciary unless made with the actual knowledge that a fiduciary or
nominee is committing a breach of trust in requesting such registration or transfer, or with the knowledge of such facts that its participation therein amounts to bad faith. This Warrant shall be transferable only on the books of the Company upon
delivery thereof duly endorsed by the Holder or by its duly authorized attorney or representative, or accompanied by proper evidence of succession, assignment, or authority to transfer. In all cases of transfer by an attorney, executor,
administrator, guardian, or other legal representative, duly authenticated evidence of his or its authority shall be produced. Upon any registration of transfer, the Company shall deliver a new Warrant or Warrants to the person entitled thereto.
Notwithstanding the foregoing, the Company shall have no obligation to cause Warrants to be transferred on its books to any person if, in the opinion of counsel to the Company, such transfer does not comply with the provisions of the securities
laws, rules and regulations of the applicable jurisdictions. 
 Section 8. Investment Representations; Restrictions on Warrant
Shares. 
 The Holder covenants and agrees that this Warrant is acquired for the account of the Holder and is not acquired with a view
to, or for sale in connection with, any distribution thereof (or any portion thereof) and with no present intention (at any such time) of offering and distributing such securities (or any portion thereof). 

Section 9. Loss, Destruction of Warrant Certificates. 

Upon receipt of evidence satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of any
such loss, theft or destruction, upon receipt of indemnity and/or security satisfactory to the Company or, in the case of any such mutilation, upon surrender and cancellation of such Warrant, the Company will make and deliver, in lieu of such lost,
stolen, destroyed or mutilated Warrant, a new Warrant of like tenor and representing the right to purchase the same aggregate number of Warrant Shares. 

 Section 10. Amendments. 

The terms of this Warrant may be amended, and the observance of any term herein may be waived, with the prior written consent of the Company
and the Holder. 
 Section 11. Notices Generally. 

All notices, deliveries and other communications given or made pursuant to the provisions hereof shall be in writing and shall be deemed
effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, and if not so confirmed, then on the next business
day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) two (2) business days after deposit with an internationally recognized overnight courier, specifying next
business day delivery, with written verification of receipt. All communications shall be sent to the respective parties at their address as set forth on the signature page, or to such e-mail address, facsimile
number or address as subsequently modified by written notice to the other party. 
 Section 12. Successors and Assigns. 

This Warrant shall bind and inure to the benefit of and be enforceable by the parties hereto and their respective permitted successors and
assigns. 
 Section 13. Governing Law. 

In all respects, including all matters of construction, validity and performance, this Warrant and the obligations arising hereunder shall be
governed by, and construed and enforced in accordance with the laws of the Cayman Islands, without giving effect to any choice of law rule that would cause the application of the laws of any other jurisdiction. 

Section 14. Dispute Resolution. 

(a) Any dispute, controversy or claim (each, a “Dispute”) arising out of or relating to this Warrant, or the interpretation,
breach, termination, validity or invalidity thereof, shall be settled by the parties amicably through good faith discussions upon the written request of any party. In the event the Dispute is not resolved thereby within a period of thirty
(30) days after such request has been given, such Dispute shall be referred to and conclusively determined by arbitration upon the demand of any party to the dispute with notice (the “Arbitration Notice”) to the other party or
parties. 
 (b) The Dispute shall be settled by arbitration in New York by the International Chamber of Commerce (the “ICC”)
in accordance with the then-current Rules of Arbitration of the International Chamber of Commerce (the “ICC Rules”) in force when the Arbitration Notice is submitted in accordance with the ICC Rules. 

(c) The parties hereto shall select a mutually acceptable arbitrator within twenty (20) days of the request of the party invoking this
dispute resolution procedure. If the parties hereto are unable to agree upon an arbitrator, then the ICC shall select a qualified, independent arbitrator. 

(d) The arbitral proceedings shall be conducted in English. To the extent that the ICC Rules are in conflict with the provisions of this
Section 14, including the provisions concerning the appointment of the arbitrators, the provisions of this Section 14 shall prevail. 

(e) Each party to the arbitration shall cooperate with each other party to the arbitration in making full disclosure of and providing complete
access to all information and documents requested by such other party in connection with such arbitral proceedings, subject only to any confidentiality obligations binding on such party. 

 (f) The award of the arbitral tribunal shall be final and binding upon the parties thereto,
and the prevailing party may apply to a court of competent jurisdiction for enforcement of such award. 
 (g) The arbitral tribunal shall
decide any Dispute submitted by the parties to the arbitration strictly in accordance with the substantive laws of the Cayman Islands (without regard to principles of conflict of laws thereunder) and shall not apply any other substantive law. 

(h) Any party to the Dispute shall be entitled to seek preliminary injunctive relief, if possible, from any court of competent jurisdiction
pending the constitution of the arbitral tribunal. 
 (i) During the course of the arbitral tribunal’s adjudication of the Dispute, the
terms and provisions of this Warrant shall continue to be performed except with respect to the part in dispute and under adjudication. 

Section 15. Waiver and Release 

This Warrant is issued pursuant to the Purchaser’s exercise of its option to convert that certain amended and restated warrant, issued as
of March 26, 2021, by LianBio Ophthalmology, a wholly-owned subsidiary of the Company, to the Purchaser, with a warrant number A-2 (the “Subsidiary Warrant”) into a warrant to purchase
Ordinary Shares, pursuant to and in accordance with Section 2 of that certain Option Agreement dated as of October 18, 2021, by and among the Purchaser, the Company and the Subsidiary. The Purchaser hereby acknowledges and agrees that
(a) the Subsidiary Warrant is hereby irrevocably terminated and deemed void ab initio and (b) the Company has fully satisfied its obligations under the Option Agreement to convert the Subsidiary Warrant. 

[The remainder of this page has been left intentionally blank] 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be signed in its name by
its duly authorized officer. 
  

			
	 LIANBIO
  

 
 By: /s/ Yizhe
Wang                                       
                             

Name: Yizhe Wang
 Title: Chief Executive Officer

 
	  	 LianBio
 c/o Travers Thorp Alberga

Harbour Place, 2nd Floor
 PO Box 472

103 South Church Street
 Grand Cayman, KY1-1106, Cayman Islands
 Attention: Yizhe Wang, Chief Executive Officer

 

		  	 With copies to:
  

Ropes & Gray LLP
 36F Park Place

1601 Nanjing Road West
 Shanghai, China 200040

Attention: Eric Wu
 Fax:

Email:

 [Signature Page to Warrant] 

 AGREED AND ACCEPTED: 
  

					
	TARSUS PHARMACEUTICALS, INC.	 		  	 Address:
 15440 Laguna Canyon Road, Ste 160

Irvine, CA 92618

			
	By: /s/ Bobak
Azamian                                        
                        	 		  	
	 Name: Bobak Azamian
 Title: Chief Executive
Officer
	 		  	

 [Signature Page to Warrant] 

 EXHIBIT A 

NOTICE OF EXERCISEEX-4.12

 Exhibit 4.12 

Execution Version 

OPTION AGREEMENT 
 THIS
OPTION AGREEMENT (this “Agreement”) is made as of October 18, 2021, (the “Effective Date”) by and among LianBio, an exempted company organized under the laws of the Cayman Islands (the
“Company”), LianBio Ophthalmology, an exempted company organized under the laws of the Cayman Islands and a wholly-owned subsidiary of the Company (the “Subsidiary”) and Tarsus Pharmaceuticals, Inc. (the
“Holder”). 
 Section 1. Definitions. 

(a) “Affiliate” shall mean, with respect to any Person, any Person that directly or indirectly is controlled by or controls
such first Person, for as long as such control exists. For purposes of this definition, “control” means possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of an entity, whether
through ownership of a majority of voting securities, by contract or otherwise. 
 (b) “Arbitration Notice” shall have the
meaning set forth in Section 5(e). 
 (c) “Claimant” shall have the meaning set forth in
Section 5(e)(ii). 
 (d) “Dispute” shall have the meaning set forth in
Section 5(e). 
 (e) “Exercise Packet” shall have the meaning set forth in
Section 2(d). 
 (f) “Exercise Period” shall have the meaning set forth in
Section 2(d). 
 (g) “Equivalent Lian Shares” shall have the meaning set forth in
Section 2(a)(i). 
 (h) “Equivalent Lian Warrants” shall have the meaning set forth in
Section 2(a)(ii). 
 (i) “Fair Market Value” or “FMV” shall mean the fair market
value of the Company or the Subsidiary, as applicable, that is determined by the Board of Directors of the Company (the “Board”), after considering in good faith a financial advisor appointed by the Board. 

(j) “HKIAC” shall have the meaning set forth in Section 5(e)(i). 

(k) “HKIAC Rules” shall have the meaning set forth in Section 5(e)(i). 

(l) “IPO” shall mean the consummation of any underwritten initial public offering and listing of the ordinary shares of the
Company on a securities exchange approved by the Board of Directors of the Company. 
 (m) “Joinder Agreement” shall mean
joinder agreements to become a party to any stockholder agreements and/or investor rights agreements of the Company in effect at the time of the exercise. 

(n) “Liquidity Event” shall mean an IPO or Trade Sale. 

(o) “Liquidity Event Date” shall mean (i) August 31, 2021, for a Liquidity Event consummated on or before
March 1, 2022 or (ii) for all other Liquidity Events, the pricing date of the IPO or the closing date of the Trade Sale, as applicable. 

(p) “Notice of Exercise” shall mean a written Notice of Exercise in the form attached hereto as Exhibit A. 

 (q) “Notice of IPO” shall have the meaning set forth in
Section 2(b). 
 (r) “Notice of Liquidity Event” shall have the meaning set forth in
Section 2(c). 
 (s) “Notice of Trade Sale” shall have the meaning set forth in
Section 2(c). 
 (t) “Options” shall have the meaning set forth in
Section 2(a)(ii). 
 (u) “Person” shall mean any individual, corporation, partnership, limited
partnership, proprietorship, association, limited liability company, firm, trust, estate or other enterprise or entity. 
 (v)
“Respondent” shall have the meaning set forth in Section 5(e)(ii). 
 (w) “Subsidiary
Shares” shall mean the ordinary shares of the Subsidiary. 
 (x) “Subsidiary Warrants” shall mean Tranche 1
Warrant, Tranche 2 Warrant and/or Tranche 3 Warrant. 
 (y) “Trade Sale” shall mean (i) the closing of a sale,
transfer, exclusive license or other disposition, in one transaction or a series of related transactions, of all or substantially all of the Company’s and its subsidiaries’ assets, taken as a whole or (ii) consummation of a merger or
consolidation of the Company with or into another entity, except any merger or consolidation in which the holders of equity of the Company immediately prior to such merger or consolidation continue to hold a majority of the voting power of the
surviving entity (or, if the surviving entity is a wholly owned subsidiary of another party immediately following such merger or consolidation, the parent entity of such surviving entity) approved by the Board of Directors of the Company. 

(z) “Tranche 1 Warrant” shall mean certain Amended and Restated Warrant issued by the Subsidiary to the Holder to purchase
41,666 ordinary shares of the Subsidiary, dated March 26, 2021 with a warrant number A-1. 

(aa) “Tranche 2 Warrant” shall mean certain Amended and Restated Warrant issued by the Subsidiary to the Holder to purchase
41,667 ordinary shares of the Subsidiary, dated March 26, 2021 with a warrant number A-2. 

(bb) “Tranche 3 Warrant” shall mean certain Amended and Restated Warrant issued by the Subsidiary to the Holder to purchase
41,667 ordinary shares of the Subsidiary, dated March 26, 2021 with a warrant number A-3. 

(cc) “Unvested Warrants” shall have the meaning set forth in Section 2(a)(ii). 

(dd) “Warrant Option” shall have the meaning set forth in Section 2(a)(ii). 

Section 2. Option. 
 (a)
Grant of Option. 
  

	 	(i)	 Conversion of Tranche 1 Warrant into Equivalent Lian Shares. The Holder shall have an option (the
“Share Option”), which may be exercised during the Exercise Period, in accordance with Section 2(d), to convert the Tranche 1 Warrant held by the Holder into such number of ordinary shares of the Company as
is equal to (NL-SH) (the “Equivalent Lian Shares”), where (NL-SH) shall be calculated as follows:

  
 2 

 

 
 Where, 

NSUB–SH is 41,666, representing the total number Subsidiary Shares under
the Tranche 1 Warrant. 
 PVSUB–SH is the per ordinary share FMV of the
Subsidiary as of the Liquidity Event Date, calculated as: (A) the FMV of the Subsidiary as of the Liquidity Event Date divided by (B) the total outstanding number of ordinary shares of the Subsidiary as of the Liquidity Event Date, on a
fully-diluted and as-converted basis. 

PEX is $109, representing the exercise price of the Tranche 1 Warrant. 

PVL–SH is the per ordinary share FMV of the Company as of the Liquidity
Event Date. 
  

	 	(ii)	 Conversion of Tranche 2 Warrant and/or Tranche 3 Warrant into Equivalent Lian Warrants. The Holder shall
have an option (the “Warrant Option”, and together with the Share Option, the “Options”), which may be exercised during the Exercise Period in accordance with Section 2(d), to convert each
of its Tranche 2 Warrant and/or Tranche 3 Warrant (together, the “Unvested Warrants”) into a warrant to purchase such number of ordinary shares of the Company as is equal to (NL-W) (the “Equivalent Lian Warrants”), where NL-W shall be calculated as follows: 

  
 

 
 Where, 

NSUB–W is 41,667, representing the total number of Subsidiary Shares under
the applicable Unvested Warrant. 
 PVSUB–SH is the per ordinary share
FMV of the Subsidiary as of the Liquidity Event Date, calculated as: (A) the FMV of the Subsidiary as of the Liquidity Event Date divided by (B) the total outstanding number of ordinary shares of the Subsidiary as of the Liquidity Event
Date, on a fully-diluted and as-converted basis. 
 PVL–SH is the per ordinary share FMV of the Company as of the Liquidity Event Date. 

PEx is $109, representing the exercise price of applicable Unvested Warrant.

 PEX1 is $0.0001,
representing the exercise price of the Equivalent Lian Warrant. 
 (b) Notice of IPO. The Company shall notify all Holders in writing
(in accordance with Section 5(c)) at least five (5) days prior to the Liquidity Event Date (such notice, the “Notice of IPO”). The Notice of IPO shall set forth the intended date of the
consummation of an IPO, the number of the Equivalent Lian Shares and Equivalent Lian Warrants to which the Holder is entitled upon the exercise of the Holder’s Options and any Joinder Agreement to be executed and delivered by each such Holder
upon its exercise of its Options. 

  
 3 

 (c) Notice of Trade Sale. The Company shall notify all Holders in writing (in
accordance with Section 5(c)) at least five (5) days prior to the Liquidity Event Date (such notice, the “Notice of Trade Sale” and, together with the Notice of IPO, the “Notice of Liquidity
Event”). The Notice of Trade Sale shall set forth the intended date of the consummation of Trade Sale, the number of the Equivalent Lian Shares and Equivalent Lian Warrants to which the Holder is entitled upon the exercise of the
Holder’s Options and any Joinder Agreement that needs to be executed by the Holder upon its exercise of its Options. 
 (d) Mechanics
of Exercise. Within three (3) days following its receipt of a Notice of Liquidity Event (the “Exercise Period”), the Holder may exercise its Options by (x) submitting (in accordance with
Section 5(c)) a notice of exercise packet (an “Exercise Packet”) containing each of the below listed items and (y) sending (in accordance with Section 5(c)) a copy of each
such item in the Exercise Packet to each Subsidiary in which the Holder holds Subsidiary Shares or Subsidiary Warrants, as applicable: 
  

	 	(i)	 Executed Notice of Exercise, complete with the appropriate information; and 

 

	 	(ii)	 Original certificate(s) and/or instrument(s) evidencing all Subsidiary Shares or Subsidiary Warrants, as
applicable, to be forfeited in exchange for the Equivalent Lian Shares or Equivalent Lian Warrants, as applicable. 

 (e)
Effectiveness. The Holder’s exercise of its Options, if properly exercised in accordance with Section 2(d), shall be deemed to be exercised as of immediately prior to and contingent upon the consummation of the
applicable Liquidity Event and the Holder or any other person so designated to be named therein shall be deemed to have become the holder of record of such shares (including to the extent permitted by law the right to vote such shares or to consent
or to receive notice as stockholders) at such time. Upon the consummation of such Liquidity Event, the Company shall, or shall cause its successor to, issue to the Holder who properly exercises its Options in accordance with
Section 2(d) stock certificates, book entry notations or other instruments evidencing the Equivalent Lian Shares and/or Equivalent Lian Warrants to which the Holder is entitled in accordance with
Section 2(a)(i) and Section 2(a)(ii), as applicable. If, following the Holder’s submission of its Exercise Packet, the Company subsequently fails to consummate the Liquidity Event on or prior
to the one (1) year anniversary of the intended date of the consummation of Liquidity Event as set forth in the Notice of Liquidity Event, the Company shall return to the Holder the items delivered by the Holder pursuant to
Section 2(d)(ii), and the Options shall be deemed not to have been exercised. 
 (f) Transfer Taxes. The
Holder shall be responsible for all transfer taxes resulting from the fact that any Equivalent Lian Shares are not in the name of the Holder. 

(g) Validly Issued, Fully Paid and Non-Assessable. All Equivalent Lian Shares issuable upon the
exercise of this Agreement in accordance with the terms hereof shall be validly issued, fully paid and non-assessable, and free from all liens and other encumbrances thereon, other than liens or other
encumbrances set forth herein or created by the applicable Holder or restrictions upon transfer under federal or state securities laws. 

(h) Fractional Shares. In no event shall any fractional Equivalent Lian Share be issued upon exercise of any Options. If, upon the
Holder’s exercise of its Options, the Holder would, except as provided in this paragraph, be entitled to receive a fractional Equivalent Lian Share, then the Company shall either (i) deliver in cash to such holder an amount equal to such
fractional interest, or (ii) issue a whole share in lieu of such fractional share. 

  
 4 

 (i) Share Adjustment. If, at any time during the Exercise Period, the number of
outstanding ordinary shares of the Company is (i) increased by a share dividend payable in ordinary shares of the Company or by a subdivision or split-up of ordinary shares of the Company, or
(ii) decreased by a combination of ordinary shares of the Company, then the number of Equivalent Lian Shares and/or Equivalent Lian Warrants you are entitled to receive upon the exercise of your Options shall automatically be proportionally
adjusted. 
 Section 3. Rights of Shareholders. 

Nothing contained herein shall be construed to confer upon the Holder, as such, any of the rights of a shareholder of the Company or any right
to vote for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or to give or withhold consent to any corporate action (whether upon any recapitalization, issuance of shares, reclassification of shares,
change of par value or change of shares to no par value, consolidation, merger, conveyance, or otherwise) or to receive notice of meetings, or to receive dividends or subscription rights or otherwise unless and until the Holder’s exercise of
its Options is deemed effective pursuant to and in accordance with the terms and conditions of Section 2. 

Section 4. Term and Termination. 

(a) If the Holder has not exercised its Options in accordance with Section 2(d) within the applicable Exercise
Period, such Holder’s rights shall irrevocably terminate with respect to the Liquidity Event contemplated by the Notice of Liquidity Event triggering the commencement of such Exercise Period immediately as of the expiration of such Exercise
Period, without any further action by the parties. 
 (b)This Agreement shall be effective as of the Effective Date and shall terminate
immediately prior to the consummation of a Liquidity Event, without any further action by the parties; provided, that the terms and provisions of Section 2, Section 3 and Section 5 shall survive to the extent necessary to effectuate
the provisions applicable in connection with any Holder’s valid exercise of an Option in connection with such Liquidity Event. 

Section 5. Miscellaneous. 

(a) Assignment. This Agreement shall not be assignable by the Holder to any third party without the prior written approval of the
Company. 
 (b) Amendments. The terms of this Agreement may be amended, and the observance of any term herein may be waived,
with the prior written consent of the Parties. 
 (c) Notices Generally. All notices, deliveries and other
communications given or made pursuant to the provisions hereof shall be in writing and shall be deemed effectively given: (i) upon personal delivery to the party to be notified, (ii) when sent by confirmed electronic mail or facsimile if
sent during normal business hours of the recipient, and if not so confirmed, then on the next business day, (iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) two
(2) business days after deposit with an internationally recognized overnight courier, specifying next business day delivery, with written verification of receipt. All communications shall be sent to the Parties at the address set forth in its
signature page hereto, or to such e-mail address, facsimile number or address as subsequently modified by written notice to the other party. 

(d) Governing Law. In all respects, including all matters of construction, validity and performance, this Agreement and the obligations
arising hereunder shall be governed by, and construed and enforced in accordance with the laws of the Cayman Islands, without giving effect to any choice of law rule that would cause the application of the laws of any other jurisdiction. 

  
 5 

 (e) Dispute Resolution. Any dispute, controversy or claim (each, a
“Dispute”) arising out of or relating to this Agreement, or the interpretation, breach, termination, validity or invalidity thereof, shall be settled by the parties amicably through good faith discussions upon the written request of
any party. In the event the Dispute is not resolved thereby within a period of thirty (30) days) after such request has been given, such Dispute shall be referred to and conclusively determined by arbitration upon the demand of any party to the
dispute with notice (the “Arbitration Notice”) to the other party or parties. 
  

	 	(i)	 The Dispute shall be settled by arbitration in Hong Kong by the Hong Kong International Arbitration Centre (the
“HKIAC”) in accordance with the Hong Kong International Arbitration Centre Administered Arbitration Rules (the “HKIAC Rules”) in force when the Arbitration Notice is submitted in accordance with the HKIAC Rules.

  

	 	(ii)	 The disputing parties may jointly select one (1) arbitrator, or agree that the Chairman of HKIAC shall
select the arbitrator. In the absence of such agreement, there shall be three (3) arbitrators, the claimant to the Dispute, or in the case of multiple claimants, all such claimants acting collectively (the “Claimant”) shall
select one (1) arbitrator and the respondent to the Dispute, or in the case of more than one respondent, the respondents acting collectively (the “Respondent”) shall select one (1) arbitrator. All selections shall be made
within thirty (30) days after the selecting party gives or receives the demand for arbitration. Such arbitrators shall be freely selected, and neither the Claimant nor the Respondent shall be limited in their selection to any prescribed list.
The Chairman of HKIAC shall select the third arbitrator who will act as chair of the arbitration board. If any arbitrator to be appointed by a party has not been appointed and consented to participate within thirty (30) days after the selection
of the first arbitrator, the relevant appointment shall be made by the Chairman of HKIAC. 

  

	 	(iii)	 The arbitral proceedings shall be conducted in English. To the extent that the HKIAC Rules are in conflict with
the provisions of this Section 5(f), including the provisions concerning the appointment of the arbitrators, the provisions of this Section 5(f) shall prevail. 

 

	 	(iv)	 Each party to the arbitration shall cooperate with each other party to the arbitration in making full
disclosure of and providing complete access to all information and documents requested by such other party in connection with such arbitral proceedings, subject only to any confidentiality obligations binding on such party. 

 

	 	(v)	 The award of the arbitral tribunal shall be final and binding upon the parties thereto, and the prevailing
party may apply to a court of competent jurisdiction for enforcement of such award. 

  

	 	(vi)	 The arbitral tribunal shall decide any Dispute submitted by the parties to the arbitration strictly in
accordance with the substantive laws of the Cayman Islands (without regard to principles of conflict of laws thereunder) and shall not apply any other substantive law. 

 

	 	(vii)	 Any party to the Dispute shall be entitled to seek preliminary injunctive relief, if possible, from any court
of competent jurisdiction pending the constitution of the arbitral tribunal. 

  

	 	(viii)	 During the course of the arbitral tribunal’s adjudication of the Dispute, this Agreement shall continue to
be performed except with respect to the part in dispute and under adjudication. 

  
 6 

	 	(ix)	 Notwithstanding the foregoing in this Section 5(f), the parties agree that each party
shall have the right, without posting any bond, to seek preliminary injunction, temporary restraining order or other temporary relief from any court of competent jurisdiction. 

(f) Entire Agreement. This Agreement together with the exhibit hereto, constitute and contain the entire agreement and understanding of
the parties with respect to the subject matter hereof and supersedes any and all prior negotiations, correspondence, agreements, understandings, duties or obligations between the parties respecting the subject matter hereof. 

[The remainder of this page has been left intentionally blank] 

  
 7 

 IN WITNESS WHEREOF, each of the Company and the Subsidiary have caused this Agreement
to be signed in its name by its respective duly authorized officer. 
  

			
	 LIANBIO
  

By: /s/ Yizhe
Wang                                

Name: Yizhe Wang
 Title: Authorized Representative
	  	 LianBio
 c/o Travers Thorp Alberga

Harbour Place, 2nd Floor
 PO Box 472

103 South Church Street
 Grand Cayman, KY1-1106, Cayman Islands
  
 Attention: Yizhe Wang,
Chief Executive Officer

		
	 LIANBIO OPHTHALMOLOGY
  

By: /s/ Yizhe
Wang                                

Name: Yizhe Wang
 Title: Authorized Representative
	  	

 [Signature Page to Option Agreement] 

 IN WITNESS WHEREOF, the undersigned has caused this Agreement to be signed in its name by its duly
authorized officer. 
  

			
	 TARSUS PHARMACEUTICALS, INC.
  

By:/s/ Bobak
Azamian                                        
                    
 Name: Bobak Azamian

Title: Chief Executive Officer
	  	 15440 Laguna Canyon Road, Ste 160
 Irvine, CA
92618
  

 [Signature Page to Option Agreement] 

 EXHIBIT A 

FORM NOTICE OF EXERCISE

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