Document:

EX-10.1

 Exhibit 10.1 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND
(II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE AND CONFIDENTIAL. 
 Confidential 

LICENSE AGREEMENT 

between 
 ARS
PHARMACEUTICALS, INC. 
 and 

AEGIS THERAPEUTICS, LLC 

Effective Date as of June 18, 2018 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
		
	 1.  DEFINITIONS
	  	 	1	
		
	 2.  REPRESENTATIONS AND WARRANTIES
	  	 	1	
			
	 2.1
	 	Both Parties	  	 	1	 
			
	 2.2
	 	AEGIS Additional Representations and Warranties	  	 	2	 
			
	 2.3
	 	Disclaimer of Warranties	  	 	4	 
		
	 3.  LICENSE GRANTS; SUBLICENSING AND SUBCONTRACTING
	  	 	4	
			
	 3.1
	 	AEGIS Technology	  	 	4	 
			
	 3.2
	 	Sublicenses	  	 	4	 
			
	 3.3
	 	Manufacture; Right of Reference	  	 	4	 
			
	 3.4
	 	Contract Research	  	 	5	 
			
	 3.5
	 	Exclusivity; Non-Competition	  	 	5	 
			
	 3.6
	 	Technology Disclosure; Assistance	  	 	5	 
			
	 3.7
	 	Diligence Efforts	  	 	6	 
			
	 3.8
	 	Research and Development Plans and Reports	  	 	7	 
			
	 3.9
	 	Excipient Toxicity Studies	  	 	7	 
		
	 4.  PAYMENTS
	  	 	7	
			
	 4.1
	 	License Issuance Fee	  	 	7	 
			
	 4.2
	 	Regulatory Milestone Payments	  	 	8	 
			
	 4.3
	 	Commercialization Milestones	  	 	8	 
			
	 4.4
	 	Royalties	  	 	8	 
			
	 4.5
	 	Royalty Reports	  	 	10	 
			
	 4.6
	 	Audits	  	 	10	 
			
	 4.7
	 	Payment Method	  	 	11	 
			
	 4.8
	 	Taxes and Duties	  	 	11	 
		
	 5.  OWNERSHIP AND RIGHTS FOR DATA AND TECHNOLOGY
	  	 	11	
			
	 5.1
	 	AEGIS Technology	  	 	11	 
			
	 5.2
	 	ARS Technology	  	 	11	 
			
	 5.3
	 	Inventorship	  	 	11	 
			
	 5.4
	 	Inventions Related to the Compound	  	 	11	 
			
	 5.5
	 	Inventions Related to the Excipient	  	 	12	 
			
	 5.6
	 	Joint Inventions	  	 	13	 

  
 i 

							
		
	 6.  PATENT RIGHTS
	  	 	13	
			
	 6.1
	 	Prosecution and Maintenance of AEGIS Patent Rights	  	 	13	 
			
	 6.2
	 	Prosecution and Maintenance of ARS Patent Rights	  	 	14	 
			
	 6.3
	 	Orange Book Listings	  	 	14	 
			
	 6.4
	 	Enforcement	  	 	14	 
			
	 6.5
	 	FDA Matters	  	 	16	 
		
	 7.  CONFIDENTIALITY
	  	 	16	
			
	 7.1
	 	Confidentiality	  	 	16	 
			
	 7.2
	 	Terms of License Agreement	  	 	17	 
			
	 7.3
	 	Permitted Disclosures	  	 	17	 
			
	 7.4
	 	Publicity	  	 	17	 
		
	 8.  INDEMNIFICATION AND INSURANCE
	  	 	17	
			
	 8.1
	 	Indemnification by ARS	  	 	17	 
			
	 8.2
	 	Indemnification by AEGIS	  	 	18	 
			
	 8.3
	 	Procedure	  	 	18	 
			
	 8.4
	 	Insurance	  	 	18	 
		
	 9.  TERM; TERMINATION
	  	 	18	
			
	 9.1
	 	Term	  	 	18	 
			
	 9.2
	 	Termination for Breach or Bankruptcy	  	 	19	 
			
	 9.3
	 	Termination by ARS	  	 	19	 
			
	 9.4
	 	Effect of Expiration or Termination	  	 	19	 
		
	 10.  GENERAL PROVISIONS
	  	 	20	
			
	 10.1
	 	Governing Law	  	 	20	 
			
	 10.2
	 	Arbitration	  	 	20	 
			
	 10.3
	 	Modification; Waiver	  	 	20	 
			
	 10.4
	 	Rights Under U.S. Bankruptcy Code	  	 	21	 
			
	 10.5
	 	Assignment	  	 	21	 
			
	 10.6
	 	Independent Contractors	  	 	21	 
			
	 10.7
	 	Further Actions	  	 	21	 
			
	 10.8
	 	Notices	  	 	21	 
			
	 10.9
	 	No Implied Licenses	  	 	22	 
			
	 10.10
	 	Force Majeure	  	 	22	 
			
	 10.11
	 	No Consequential Damages	  	 	22	 
			
	 10.12
	 	Complete Agreement	  	 	22	 
			
	 10.13
	 	Counterparts	  	 	22	 
			
	 10.14
	 	Severability	  	 	23	 
			
	 10.15
	 	Headings	  	 	23	 

  

	
	 EXHIBIT A – DEFINITIONS

	 EXHIBIT B – AEGIS PATENT RIGHTS

  
 ii 

 LICENSE AGREEMENT 

THIS LICENSE AGREEMENT (this “License Agreement”) effective as of June 18, 2018 (the “Effective Date”),
by and between AEGIS THERAPEUTICS, LLC, a California limited liability company (“AEGIS”), and ARS PHARMACEUTICALS, INC., a Delaware corporation
(“ARS”) and together with “AEGIS,” the “Parties”). 
 Recitals 

A. AEGIS has rights in certain proprietary technology regarding the chemically synthesizable delivery enhancement and stability agents that,
among other things, allow non-invasive systemic delivery of potent peptide, protein, and large molecule drugs. 

B. ARS desires to develop and commercialize therapeutic products that utilize such proprietary technology of AEGIS for the delivery of the
Compound (as defined in Exhibit A). 
 C. ARS desires to obtain from AEGIS, and AEGIS is willing to grant to ARS, a license to
develop and commercialize such therapeutic products, on the terms and conditions set forth below. 
 In consideration of the foregoing
Recitals and the mutual covenants set forth below, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 

 

	1.	 DEFINITIONS 

For purposes of this License Agreement, the terms defined in Exhibit A attached hereto shall have the defined meanings as set forth in
Exhibit A, and the terms defined in this License Agreement shall have the corresponding meanings set forth in this License Agreement. 
  

	2.	 REPRESENTATIONS AND WARRANTIES 

2.1 Both Parties. Each Party represents and warrants to the other Party as follows: 

2.1.1 Organization. Such Party is duly organized, validly existing and in good standing under the laws of the jurisdiction in which it
is organized. 
 2.1.2 Authorization and Enforcement of Obligations. Such Party (a) has the requisite power and authority and
the legal right to enter into this License Agreement and to perform its obligations hereunder; and (b) has taken all requisite action on its part to authorize the execution and delivery of this License Agreement and the performance of its
obligations hereunder. This License Agreement has been duly executed and delivered on behalf of such Party, and constitutes a legal, valid, binding obligation, enforceable against such Party in accordance with its terms. 

2.1.3 Consents. All necessary consents, approvals and authorizations of all governmental authorities and other persons or entities
required to be obtained by such Party in connection with this License Agreement have been obtained. 
 2.1.4 No Conflict. The
execution and delivery of this License Agreement and the performance of such Party’s obligations hereunder (a) do not conflict with or violate any requirement of applicable laws, regulations or orders of governmental bodies; and
(b) do not conflict with, or constitute a default under, any contractual obligation of such Party. 

  
 1 

 2.2 AEGIS Additional Representations and
Warranties. AEGIS hereby represents and warrants to ARS that: 
 2.2.1 Intellectual Property
Matters. 
 (a) Exhibit B sets forth a true, correct and complete list of all AEGIS Patents Rights existing as of the
Effective Date, and for each such patent and patent application AEGIS has identified (i) the owner, (ii) the countries in which such listed item is patented or registered or in which an application for patent or for registration is
pending, (iii) the application number, (iv) the patent or registration number, as applicable, (v) the earliest relied upon priority filing date for determination of the expiration date, (vi) the expiration date, as applicable,
including any applicable patent term extensions or supplemental protection certificates, and (vii) the due date(s) for any applicable maintenance, annuity or renewal fee. 

(b) Each of the patents and patent applications included on Exhibit B properly identifies each and every inventor of the
claims thereof as determined in accordance with the laws of the jurisdiction in which such patent is issued or such application is pending. 

(c) Each person, including without limitation any employee, independent contractor, consultant, or agent of AEGIS, who has or has had any
rights in or to each of the patents and patent applications included in the AEGIS Patents Rights has executed an agreement assigning his, her or its entire right, title and interest in and to such AEGIS Patents Rights to the owner thereof as
identified on Exhibit B. 
 (d) To AEGIS’ knowledge, each owner and inventor of each of the AEGIS Patents Rights has complied
with all applicable duties of candor and good faith in dealing with any patent office, including the duty to disclose to any applicable patent office all information known to be material to patentability. 

(e) To AEGIS’ knowledge, neither AEGIS nor any third party has undertaken or omitted to undertake any acts, and to its knowledge, no
circumstances or grounds exist, that would invalidate, reduce or eliminate, in whole or in part, the enforceability, validity or scope of any of the AEGIS Patents Rights. 

(f) AEGIS is the sole and exclusive owner or exclusive licensee of the patents and patent applications listed in Exhibit B, free and
clear of all Encumbrances. Subject to the license granted to ARS hereunder, AEGIS has the exclusive right to Exploit the AEGIS Technology, including without limitation any and all patent rights licensed to AEGIS by UAB pursuant to the UAB Agreement,
for use with the Compound in the Field in the Territory. AEGIS has the right to grant all rights and licenses it grants to ARS under this License Agreement with respect to the AEGIS Technology, including without limitation any and all patent rights
licensed to AEGIS by UAB pursuant to the UAB Agreement. 
 (g) Other than pursuant to this License Agreement and the Prior Agreements,
AEGIS has not assigned, licensed, sublicensed, granted any interest in or options to, nor has AEGIS otherwise entered into any existing agreement with respect to, the AEGIS Technology for use with the Compound in the Field and shall not do so prior
to the expiration or termination of this License Agreement. 
 (h) AEGIS has taken commercially reasonable precautions to protect the
secrecy, confidentiality and value of the AEGIS Technology. 
 (i) As of the Effective Date, to AEGIS’ knowledge, the use of the AEGIS
Technology in accordance with the terms of this License Agreement does not infringe the intellectual property rights of any third party and does not constitute a misappropriation of the trade secrets or other intellectual property rights of any
third party in the Territory. 

  
 2 

 (j) As of the Effective Date, to AEGIS’ knowledge, no third party has interfered with,
infringed upon or misappropriated the AEGIS Technology in the Field for use with the Compound. 
 (k) As of the Effective Date, AEGIS has
not been served with notice of any interference action or litigation with respect to the AEGIS Technology nor has AEGIS received any written communication which expressly threatens any interference action, requests that AEGIS obtain a license from
any third party or otherwise threatens or contemplates litigation with respect to the AEGIS Technology, whether before any patent and trademark office, court, or any other governmental authority. To AEGIS’ knowledge, as of the Effective Date:
(i) no such action or litigation has been threatened, and (ii) no event has occurred or circumstance exists that may give rise to or serve as a basis for the commencement of any such action or litigation. 

2.2.2 Regulatory Matters. 

(a) As of the Effective Date, to AEGIS’ knowledge, AEGIS holds, and is operating in compliance with, any and all exceptions, permits,
licenses, franchises, authorizations and clearances of the FDA and/or any other governmental authority required in connection with the development to date of the Excipients. 

(b) AEGIS has not received any warning letters or written correspondence from the FDA and/or any other governmental authority requiring the
termination, suspension or modification of any clinical or pre-clinical studies or tests with respect to the Excipients. 

(c) As of the Effective Date, there are no actual or, to AEGIS’ knowledge, threatened enforcement actions relating to any Excipient by
the FDA or any other governmental authority which has jurisdiction over AEGIS’ or any applicable third-party manufacturer’s operations or products, including, without limitation, any fines, injunctions civil or criminal penalties,
investigations, debarments or suspensions. 
 (d) AEGIS is not, and to AEGIS’ knowledge, no person involved in the performance of
AEGIS’ or any services under this License Agreement is, debarred or suspended under 21 U.S.C. §335(a) or (b). 
 2.2.3
Compliance with Laws. As of the Effective Date, to AEGIS’ knowledge, AEGIS is in compliance in all respects with all Laws that are applicable to the ownership, operation or use of any of the Excipients or AEGIS Technology. To AEGIS’
knowledge, there are no events, conditions, circumstances, activities, practices, incidents or actions of AEGIS relating to the AEGIS Technology that would interfere with or prevent compliance with or give rise to any liabilities or investigative,
corrective or remedial obligations with respect to the AEGIS Technology under applicable Laws. 
 2.2.4 Supply Matters. Any
Excipients supplied by AEGIS will be done so in accordance with the Supply Agreement. 
 2.2.5 UAB Licensing Agreement. The UAB
Licensing Agreement is a legal and valid obligation binding upon the parties thereto and enforceable in accordance with its terms. Attached hereto as Exhibit C is a true and correct copy of the UAB Licensing Agreement, with the financial
terms and sponsored research terms redacted. No provisions of the UAB Licensing Agreement or any other agreement with any third party restrict or limit AEGIS’ right to grant ARS the rights and licenses granted by AEGIS to ARS in this License
Agreement. AEGIS has not received any notice of default, and is not in default, of any of its obligations under the UAB Licensing Agreement, and no circumstances or grounds 

  
 3 

 
exist that would reasonably be expected to give rise to a claim of material breach or right of rescission, termination, revision, or amendment of the UAB Licensing Agreement. To AEGIS’
knowledge, UAB is not in default, of any of its obligations under the UAB Licensing Agreement. AEGIS has obtained all required consents from UAB for it to grant to ARS the rights and licenses granted by AEGIS hereunder. 

2.3 Disclaimer of Warranties. EXCEPT AS EXPRESSLY SET FORTH IN THIS SECTION 2, AEGIS MAKES NO REPRESENTATIONS OR WARRANTIES IN THIS
LICENSE AGREEMENT, EXPRESS OR IMPLIED, REGARDING THE AEGIS TECHNOLOGY, INCLUDING WITHOUT LIMITATION ANY REPRESENTATION OR WARRANTY REGARDING VALIDITY, ENFORCEABILITY, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NONINFRINGEMENT, AND ALL
RIGHTS IN THE AEGIS TECHNOLOGY PROVIDED TO MOTIF HEREUNDER ARE PROVIDED “AS IS.” 
  

	3.	 LICENSE GRANTS; SUBLICENSING AND SUBCONTRACTING

 3.1 AEGIS Technology. AEGIS hereby grants to ARS an exclusive (even as against AEGIS except for
use pursuant to and in accordance with the Supply Agreement), sublicensable (as set forth in Section 3.2), worldwide license, under the AEGIS Technology, to Exploit Compound(s) and Product(s) in the Field. 

3.2 Sublicenses. ARS shall have the right to grant sublicenses under any portion or all of the license set forth in Section 3.1 to
one or more Affiliates and/or third parties without the prior written consent of AEGIS. ARS shall give AEGIS prompt written notice of each sublicense under this License Agreement, and shall deliver a copy of each sublicense to AEGIS within [***]
after execution of the same Each sublicense shall be subject to the applicable terms and conditions of this License Agreement, including an obligation on the sublicensee to file royalty reports to ARS, which reports shall be subject to audit by ARS
(but not AEGIS). ARS agrees to audit such sublicensees at AEGIS’ reasonable request; provided that the timing and scope of any such audit are consistent with ARS’s business practices and such requests by AEGIS shall not exceed [***]
request per [***]. ARS shall remain liable to AEGIS for sublicensee’s exercise of any of ARS’s rights and sublicensee’s performance of ARS’s obligations under this License Agreement, including, but not limited to, payment of
royalties, keeping of records and reporting of sales as if the sublicensee’s sales were ARS’s sales. For purposes of clarity, the right to “have manufactured” and to “have sold” shall not be considered to be a
sublicense under this License Agreement. 
 3.3 Manufacture; Right of Reference. 

3.3.1 Except as set forth in this Section 3.3 or the Supply Agreement, notwithstanding the license granted under Section 3.1 to
manufacture Excipients, ARS hereby covenants and agrees to not exercise such right to make or have made Excipients except as specified in the Supply Agreement. If and when ARS becomes entitled to manufacture the Excipients, as specified in the
Supply Agreement, AEGIS shall provide reasonable assistance to ARS to facilitate the disclosure and transfer of copies of any AEGIS Know-How Rights or other technology reasonably required to permit ARS or any
such contract manufacturer to manufacture Excipients. 
 3.3.2 ARS shall have the right to reference the AEGIS Data in connection with the
Exploitation of Product(s), including without limitation the applicable drug master files pertaining to the Excipients. Such right shall extend to any contract manufacturer engaged by ARS, any of its Affiliates and/or any sublicensees to manufacture
Excipients. As requested by ARS, AEGIS shall provide a letter of authorization to the FDA authorizing the FDA to access AEGIS’ drug master files exclusively for submissions associated with the Product(s). 

  
 4 

 3.4 Contract Research. 

3.4.1 The license granted under Section 3.1 to conduct research and to develop Products shall automatically extend to any contract
research organization and/or contract analytical organization engaged by ARS, any of its Affiliates and/or any sublicensee in connection with research and development efforts for the Products. At ARS’s request, AEGIS shall provide reasonable
assistance to ARS to facilitate the disclosure and transfer of copies of any AEGIS Know-How Rights or other technology reasonably required to permit any such contract research organization and/or contract
analytical organization to conduct research and development efforts for the Products, [***]. 
 3.4.2 In the event that ARS desires to
engage a contract research organization in connection with its research and development efforts, if any, solely related to the Excipients, ARS agrees to provide a request for quotation of services to UAB at the same time as when providing such
requests to other potential service providers. Such request shall allow for a commercially reasonable period of time to provide a response from all potential contractors. The Parties understand and agree that ARS shall have no obligation to utilize
the services of UAB or any other party and that this Section 3.4.2 shall not apply to the development of the Product or any other development matters not related solely to the Excipients. 

3.5 Exclusivity; Non-Competition. 

3.5.1 Until the expiration of the Royalty Term in each country in the Territory, neither AEGIS nor any of its Affiliates shall, directly or
indirectly (including without limitation by selling, offering for sale, licensing, offering for license, agreeing to sell or license, divesting or transferring rights, including without limitation any AEGIS Technology, to any third party) engage in
any activities or participate in any business or otherwise compete with ARS anywhere in the Territory with respect to the Exploitation of any therapeutic containing the same active pharmaceutical ingredient, derivative or active metabolite as any
Product without the prior written consent of ARS. 
 3.5.2 Each of the Parties recognizes that the restrictions contained in, and the terms
of, this Section 3.5 are properly required for the adequate protection of the license set forth in Section 3.1 and ARS’s rights under this License Agreement, and agree that if any provision in this Section 3.5 is determined by
any court to be unenforceable by reason of its extending for too great a period of time or over too great a geographic area, or by reason of its being too extensive in any other respect, such covenant shall be interpreted to extend only for the
longest period of time and over the greatest geographic area, and to otherwise have the broadest application as shall be enforceable. 
 3.6
Technology Disclosure; Assistance. Within [***] after the Effective Date, AEGIS shall deliver, at [***], to ARS, or provide ARS with copies of, (a) the AEGIS Know- How Rights, consisting of (i) copies of any publications related to
the application of Excipients, including without limitation the Excipient known as Intravail®, (ii) basic formulation ingredients, concentration data, formulation protocols, etc., (iii)
access to all toxicology and safety information relating to Excipients, including without limitation the Excipient known as Intravail® (excluding third party confidential information), and
(iv) access to the drug master file(s) (excluding the CMC portion and third party confidential information) pertaining to the Excipients; and (b) all AEGIS Patent Rights and all relevant material information related thereto available to
AEGIS. Additionally, at such time in the future during the term of this License Agreement if AEGIS or its Affiliates acquires additional AEGIS Technology which AEGIS reasonably believes to be necessary or useful for ARS to Exploit the Product, Aegis
shall [***] disclose the same to ARS, together with the material information and documents concerning the same which are available to Aegis. At ARS’s request [***], throughout the term of this License Agreement, Aegis shall provide reasonable
assistance to ARS to facilitate the disclosure and transfer of copies of any Aegis Data, Aegis Know-How Rights, or other technology reasonably required to permit ARS to Exploit the Excipients for the
Product(s), including without limitation to permit ARS or any sublicensee or contract manufacturer of ARS to develop and/or manufacture Excipients for purposes of manufacturing Product(s) if and when permitted in accordance with Section 3.3,
but subject to the limitation of Section 3.1. 

  
 5 

 3.7 Diligence Efforts. 

3.7.1 ARS shall use Commercially Reasonable Efforts (defined below) to obtain regulatory approval for the Product and to thereafter maximize
sales of the Product in the Territory. 
 3.7.2 The term “Commercially Reasonable Efforts” shall mean that [***]. 

3.7.3 In the event ARS does not (directly or with or through any of its Affiliates or sublicensees) use Commercially Reasonable Efforts to
Exploit a Product, then AEGIS will have the right to terminate the License with respect to such Product as provided in this Section 3.7.3, and such termination shall be the sole remedy for such failure. Said termination will occur upon AEGIS
delivering to ARS a written notice of termination, unless ARS responds within [***] after receipt of said notice with evidence which demonstrates that ARS (or any of its Affiliates or sublicensees) is using Commercially Reasonable Efforts to Exploit
a Product. 
 i) If there is a dispute between the Parties regarding whether ARS (or any of its Affiliates or sublicensees) is using
Commercially Reasonable Efforts to Exploit a Product, the dispute resolution procedures pursuant to Section 10.2 shall apply and no termination will occur unless and until it is finally determined pursuant to such procedures that ARS has not
(directly or with or through any of its Affiliates or sublicensees) used Commercially Reasonable Efforts to Exploit such Product. In the event that it is finally determined pursuant to such procedures that ARS has not (directly or with or through
any of its Affiliates or sublicensees) used Commercially Reasonable Efforts to Exploit such Product, then AEGIS shall not have the right to terminate the License for such Product if ARS puts in place and begins implementation of a commercially
reasonable plan, mutually agreed to by the Parties, for compliance with its obligation to use Commercially Reasonable Efforts to Exploit such Product within [***] after such final determination. 

ii) If AEGIS terminates the License granted with respect to a Product as permitted by Section 3.7.3, ARS shall assign and transfer
exclusively to AEGIS (even as to ARS) all data and intellectual property and any Joint Patent Rights owned by ARS that relate solely to such Product, [***]. AEGIS’ rights to terminate the License under this Section 3.7.3 shall not begin
until [***] after the Effective Date. 
 iii) In the event the License Agreement has been terminated and ARS has assigned and transferred
exclusively to AEGIS all data and intellectual property and any Joint Patent Rights owned by ARS that relate solely to such Product, including but not limited to all preclinical and clinical data, related protocols and all rights to any and all
patents and patent applications specific to the Product, then AEGIS shall agree to pay to ARS an amount equal to [***] of the net proceeds from any royalties or other amounts that AEGIS receives from third party licensees on net sales of the Product
up to [***] of the actual documented third party development costs incurred by ARS specific to the development of the Product. 

  
 6 

 3.8 Research and Development Plans
and Reports. 
 3.8.1 During the term of this License Agreement and subject to third party confidentiality, AEGIS may
offer its recommendations to ARS for development as to any ways which may be more effective for utilizing the Excipient(s). For avoidance of doubt, neither party shall have any legally binding obligations or liabilities concerning the foregoing
recommendations. 
 3.8.2 Within [***] following the end of each Calendar Year during the term of this License Agreement, ARS shall prepare
and deliver to AEGIS a written report which shall describe, in reasonable detail, ARS’s efforts and results for researching and developing Products during such Calendar Year. 

3.8.3 The plans and report and contents thereof shall be owned exclusively by ARS. AEGIS shall treat the foregoing plans and reports and their
contents as Confidential Information of ARS consistent with Section 7. 
 3.8.4 ARS shall furnish to AEGIS a copy of all clinical
protocol(s) and the related patient informed consent form for any clinical trial study, which involves an Excipient or the AEGIS Technology; and AEGIS shall be entitled to share such documents with the AEGIS insurance carriers to the extent required
to comply with its contractual obligations to such entities. AEGIS agrees that any personally identifiable information or protected health information, which comes into AEGIS’ possession under this License Agreement will be protected and acted
on in accordance with applicable data protection legislation, such as the Health Insurance Portability and Accountability Act of 1996 as well as all other applicable laws and regulations.” 

3.9 Excipient Toxicity Studies. In the event that ARS conducts any toxicity studies solely related to the Excipient or the Material, in
whole or in part, (the “Material Tox Studies”), ARS agrees to provide to AEGIS a draft copy of the intended protocol(s) to be used for such Material Tox Studies; and ARS will give due considerations to any recommendations which
AEGIS may give for improving the protocol(s) for the Material Tox Studies. ARS agrees to provide any data arising from the Material Tox Studies (“Material Tox Data”) to AEGIS within [***] after ARS receives the
Material Tox Data. AEGIS may include in its Drug Master File(s) (“DMF”) for the Excipient such portions of or information from the Material Tox Data as is required or appropriate for inclusion in its DMF and may provide copies of
such Material Tox Data to its licensees, provided that prior to sharing with any third party, AEGIS and ARS shall redact all ARS Confidential Information including all references to ARS, the Product and/or the Compound; provided however that the
Material Tox Data added to the DMF shall not be redacted. 
  

	4.	 PAYMENTS 

4.1 License Issuance Fee. 

4.1.1 As partial consideration for the grant to ARS of the License, ARS shall pay to AEGIS a one-time,
nonrefundable and noncreditable license fee of Fifty Thousand U.S. dollars (U.S. $50,000) upon the Effective Date which shall be paid by ARS to Aegis payable in cash and due on or before June 30, 2018. 

4.1.2 Aegis may, but shall not be obligated, to provide ARS with invoices for the above Section 4.1.1 payments, which failure by Aegis to
provide ARS with invoices shall not change when any such payment is due. ARS’S failure to make any payment when due shall constitute a breach and AEGIS shall have the right at its option to terminate this License Agreement, subject to any cure
provisions, pursuant to Section 9.2.1. 

  
 7 

 4.2 Regulatory Milestone Payments. 

4.2.1 As partial consideration for the grant to ARS of the rights under Section 3.1 the Parties agree to the following payments within
[***] of the Milestone event: 
  

					
	 Milestone
	  	Amount
U.S. Dollars	 
	 Successful Completion of NDA enabling PK Study or its equivalent
	  	$	450,000	 
	 Acceptance of the NDA filing or its equivalent
	  	$	1,000,000	 
	 Approval of the first NDA or its equivalent
	  	$	2,500,000	 

 4.2.2 At the time when any milestone payment listed in the table above is due, if ARS has not paid all other
milestone payments (if any) previously listed in such table, then at such time ARS shall pay all such unpaid previous milestone payments. 

4.2.3 The term “Successful Completion” shall mean [***]. 

4.3 Commercialization Milestones. As partial consideration for the grant to ARS of the rights under Section 3.1, the
following milestone payments will be paid, on a Product-by-Product basis. For Annual Net Sales milestones, the first time in the first Calendar Year that the total
aggregate Net Sales of the applicable Product in a Calendar Year by ARS, its Affiliates and its sublicensees in the Territory reach the amounts set forth in the table in this Section 4.3, below. Within [***] following the achievement of each of
the following milestones, ARS shall give written notice to AEGIS thereof and shall pay to AEGIS the corresponding one time only milestone payments described below. 
  

					
	 Milestone
	  	Amount
U.S. Dollars	 
	 First commercial sale of the first Product
	  	$	5,000,000	 
	 [***]
	  	$	[***	] 
	 [***]
	  	$	[***	] 

 4.4 Royalties. 

4.4.1 Within [***] following the First Commercial Sale of a Product in each country in the Territory, ARS shall give written notice to AEGIS
thereof. 
 4.4.2 As partial consideration for the grant to ARS of the rights under Section 3.1, during the applicable Royalty Term,
ARS shall pay to AEGIS royalties on Annual Net Sales of Products, on a country-by-country and
Product-by-Product basis in accordance with this Section 4.4, in an amount equal to the applicable rate set forth in the table in this Section 4.4.2, below,
times the Annual Net Sales of Products by ARS, its sublicensees and their respective Affiliates, subject to the applicable reductions as set forth in Sections 4.4.3 through 4.4.6; but in no event will the royalty rate be reduced pursuant to Sections
4.4.3 through 4.4.6 by more than [***] (although any such unused reduction sum will be carried forward and applied against future payments). 

  
 8 

			
	 Annual Net Sales (U.S. $)
	  	Royalty Rate
	 Aggregate Annual Net Sales during a Calendar Year
	  	[***]%

 4.4.3 The royalty percentage then applicable under this Section 4.4 to Net Sales of any Product made in
any country in the Territory shall be reduced by [***] from [***] to [***] if at the time of the sale of such Product in such country, the use, manufacture, offer for sale, sale and import of such Product in such county is not covered by a Valid
Claim. 
 4.4.4 The royalty percentage then applicable to Net Sales of any Product made in any country in the Territory shall be further
reduced by [***] from that in Section 4.4.3 from [***] to [***], if, at the time of the sale of such Product in such country, there are Competing Products that collectively account for [***] or more of all sales across all indications for which
the Products are marketed in that country. In the event that Competing Products in any country no longer collectively account for [***] or more of all sales across all indications for which the Products are marketed in that country, then such [***]
reduction shall be suspended. 
 The term “Competing Product” shall mean [***]. 

4.4.5 If the level of competition, patent protection or the general commercial environment for such Product in such country materially affect
the commercial viability of such Product in such country at the royalty rate then applicable under this Section 4.4, then AEGIS shall, upon written notice by ARS, negotiate and agree with ARS in good faith a reduction of such royalty rates, as
applicable to such Product in such country. 
 4.4.6 Third Party Licenses. 

(a) If ARS determines, in its reasonable judgment (subject to subpart b below), that the intellectual property rights of a third party are
necessary for the practice of any AEGIS Technology in accordance with this License Agreement, then the royalty and milestone amounts owed to AEGIS hereunder for Exploiting the AEGIS Technology in the country (or countries) where such third party
intellectual property rights are enforceable shall be subject to a credit reduction in an amount equal to [***] of the amount of any payments that ARS (or any of its sublicensees) pays such third party to use such third party intellectual property
rights; provided, no payment to AEGIS shall be reduced by more than [***] of the amount payable before any reductions or credits (although any unused excess credit may be carried forward and applied against future payments). 

(b) If AEGIS disputes ARS’s determination under Section 4.4.6(a) that the technology, and/or a license to intellectual property
rights, of such third party is necessary for the practice of any AEGIS Technology in accordance with this License Agreement, AEGIS may submit such dispute to an independent third party arbiter, mutually agreed to by the Parties, such agreement not
to be unreasonably withheld, delayed, or conditioned, and such arbiter to have at least [***] experience in the biopharmaceutical industry overseeing drug development or patent law, who shall determine within [***] whether, in the absence of rights
granted by such third party, the practice of any AEGIS Technology in accordance with this License Agreement would likely or actually infringe or misappropriate such third party’s intellectual property. Such arbiter’s determination shall be
final and binding on the Parties, and any dispute with respect to such arbiter’s determination shall not be submitted for resolution pursuant to Section 10.2. Additionally, any determination of likely or actual infringement shall be deemed
a determination that such license to intellectual property rights of a third party is “necessary” for purposes of Section 4.4.6(a). 

  
 9 

 4.4.7 ARS, its sublicensees or their respective Affiliates shall not intentionally sell any
Product to a third party at a discount in order to induce the same third party to purchase any other products or services. 
 4.5
Royalty Reports. 
 4.5.1 After the First Commercial Sale of the first Product, ARS shall keep complete and accurate
records in sufficient detail to properly reflect all gross sales and Net Sales, and to enable the royalties payable to AEGIS under Section 4.4 to be determined. 

4.5.2 Within [***] after the end of each Calendar Quarter during the term of this License Agreement following the First Commercial Sale of the
first Product by ARS, its sublicensees or their respective Affiliates, ARS shall furnish to AEGIS a written report showing in reasonably specific detail, on a
country-by-country and Product-by-Product basis, (a) the gross sales of Products
sold by ARS, its Affiliates and sublicensees during such Calendar Quarter and the calculation of Net Sales from such gross sales; (b) the calculation of the royalties which shall have accrued based upon such Net Sales; (c) the withholding
taxes, if any, required by law to be deducted with respect to such Net Sales; and (d) the exchange rates, if any, used in determining the amount of U.S. dollars. 

4.5.3 All royalties shown to have accrued by each royalty report provided under this Section 4.5 shall be payable on the date such
royalty report is due. Payment of royalties in whole or in part may be made in advance of such due date. 
 4.6 Audits. 

4.6.1 Upon the written request of AEGIS and not more than [***] in each Calendar Year, ARS shall permit an independent certified public
accounting firm of nationally recognized standing, selected by AEGIS and reasonably acceptable to ARS, [***], to have access during normal business hours to such of the records of ARS as may be reasonably necessary to verify the accuracy of the
royalty reports under Section 4.5 for any year ending not more than [***] prior to the date of such request. The accounting firm shall be required to sign a confidentiality agreement for the benefit of, and in a form reasonably acceptable to,
ARS, and shall disclose to AEGIS and ARS only whether the reports are correct or not and the specific details concerning any discrepancies. No other information shall be shared. 

4.6.2 If such accounting firm concludes that additional royalties were owed during the audited period, ARS shall pay such additional royalties
within [***] after the date AEGIS delivers to ARS such accounting firm’s written report so concluding. If such accounting firm concludes that ARS has overpaid royalties during the audited period, ARS shall have the right to credit the amount of
the overpayment against each subsequent quarterly payment due to AEGIS until the overpayment has been fully applied to pay such additional royalties. If the overpayment is not fully applied prior to the final quarterly payment of royalties due
hereunder, AEGIS shall [***] refund to ARS an amount equal to any remaining overpayment. The fees charged by such accounting firm shall be paid by AEGIS; provided, however, if the audit discloses that the royalties payable by ARS for
such period are more than [***] of the royalties actually paid for such period, then [***] shall pay the reasonable fees and expenses charged by such accounting firm. 

4.6.3 ARS shall include in each permitted sublicense granted by it pursuant to the License Agreement a provision requiring the sublicensee to
make reports to ARS, and to keep and maintain records of sales made pursuant to such sublicense, and to permit audits by ARS of such records. ARS shall grant access to such reports by AEGIS’ independent accountant as set forth in
Section 4.6.1. 

  
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 4.6.4 AEGIS shall treat all financial information subject to review under this
Section 4.5 as Confidential Information of ARS consistent with Section 7, and shall cause its accounting firm to retain all such financial information in confidence. 

4.7 Payment Method. All payments owed under this License Agreement shall be paid in United States Dollars in immediately available
funds and shall be made by wire transfer from a United States bank located in the United States to such bank account as designated from time to time by AEGIS to ARS. For the purposes of computing Net Sales of Products commercialized by ARS that are
sold in a currency other than U.S. dollars, such currency shall be converted into U.S. dollars as calculated at the actual average rates of exchange for the pertinent month as reported in the Wall Street Journal, or at such other exchange ratio as
the Parties may mutually approve in writing. 
 4.8 Taxes and Duties. If ARS is required to withhold any
tax to the tax or revenue authorities in any country regarding any payment to AEGIS due to the applicable laws of such country, such amount shall be deducted from the payment to be made by ARS, and ARS shall promptly notify AEGIS of such
withholding. Within a reasonable amount of time after making such deduction, ARS shall furnish AEGIS with copies of any documentation evidencing such withholding and the related payment by ARS to the applicable tax authority. Each Party agrees to
cooperate with the other in claiming exemptions from such deductions or withholdings under any agreement or treaty from time to time in effect, and in obtaining papers from or filing papers with the applicable tax authority. [***]. 

 

	5.	 OWNERSHIP AND RIGHTS FOR DATA
AND TECHNOLOGY 

 5.1 AEGIS Technology. Subject to the rights and licenses
specified in this License Agreement, AEGIS shall solely own all right title and interest in the AEGIS Data, AEGIS Inventions, AEGIS Know-How Rights, and AEGIS Patent Rights. 

5.2 ARS Technology. Subject to the rights and licenses specified in this License Agreement, ARS shall solely own all right title and
interest in the ARS Data, ARS Inventions, ARS Know-How Rights, and ARS Patent Rights. 
 5.3
Inventorship. Inventorship of Inventions shall be determined in accordance with U.S. patent laws (Title 35, United States Code), and, except as expressly provided otherwise in Section 5.4, 5.5 or 5.6, the inventor of an invention
(whether Aegis, ARS, or Aegis and ARS jointly) shall be the owner of such Inventions and any patent rights and other intellectual property rights in and to such Inventions. AEGIS personnel have executed, or will be caused to execute, agreements
requiring such personnel to assign to AEGIS all Inventions made by such personnel, and ARS personnel have executed, or will be caused to execute, agreements requiring such personnel to assign to ARS all Inventions made by such personnel. 

5.4 Inventions Related to the Compound. 

5.4.1 Ownership. As between AEGIS and ARS, ARS is the owner of all right, title and interest in and to the Compound, which shall be
included in ARS Technology, and all existing patents and patent applications (“ARS Patents”) and: 
 (a) AEGIS shall not (and
shall not attempt or purport to) file or prosecute in any country any patent application which claims or uses or purports to claim or use solely the Compound or the Product, or any information or other materials directly or indirectly derived
therefrom, without the prior express written consent of ARS. 

  
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 (b) If there is an Invention related solely to Compound made or conceived by employees,
consultants, agents and others conducting work on behalf of AEGIS or its Affiliate, whether alone or jointly with one or more employees, consultants, agents and others conducting work on behalf of ARS, AEGIS agrees to [***] disclose such invention
to ARS and supply ARS with a copy of the disclosure for ARS’S evaluation purposes. ARS shall have the sole right to determine what, if any, patent applications should be filed on such Invention. AEGIS hereby assigns to ARS all right, title and
interest in any such Inventions and shall execute, and require its and its Affiliates personnel and contractors to execute, any documents reasonably required to confirm ARS’s ownership of such Inventions, and any documents required to apply
for, maintain and enforce any patent rights in such Inventions. 
 (c) Any new Invention claiming Compounds and/or ARS Technology, and not
claiming Excipients or Products or Aegis Technology, that is invented in whole or in part by ARS, regardless of whether it may be commercially useful, shall be owned solely by ARS. Nothing herein shall affect the right of ARS to invent and seek
intellectual property protection for inventions that do not claim AEGIS Technology. ARS shall obtain Aegis’ prior written approval, which shall not be unreasonably withheld, conditioned or delayed, to the disclosure of the Excipient as a known
excipient, and to the disclosure and use of information from studies involving the Excipient or Product, in the specification of any ARS Patent (which pursuant to Section 5.5.1 shall not claim or purport to claim the Excipient, and pursuant 5.6
shall not claim or purport to claim a Joint Invention). 
 5.4.2 No Implied License. This License
Agreement shall not grant any license or other rights to AEGIS in any patent rights or other intellectual property rights of ARS, and no rights are provided to AEGIS under any patents, patent applications, trade secrets or other proprietary rights
of ARS. In particular, no rights are provided to use the Compound and any patents or intellectual property of any kind to AEGIS for profit-making, commercial or research purposes, including but not limited to sale of the Compound, use in
manufacturing, provision of a service to a third party in exchange for consideration, or use in research or consulting by a commercial or not for-profit entity. 

5.5 Inventions Related to the Excipient. 

5.5.1 Ownership. As between AEGIS and ARS, AEGIS is the owner of all right, title and interest in and to the Excipient, which shall be
included in AEGIS Technology and all existing patents and patent applications (“AEGIS Patents”) and; 
 (a) ARS shall not (and
shall not attempt or purport to) file or prosecute in any country any patent application which, discloses claims or uses or purports to claim or use the Excipient, or any information or other materials directly or indirectly derived therefrom
without the prior express written consent of AEGIS. 
 (b) If there is an Invention related to Excipient made or conceived by employees,
consultants, agents and others conducting work on behalf of ARS, whether alone or jointly with one or more employees, consultants, agents and others conducting work on behalf of AEGIS, ARS agrees to promptly disclose such invention to AEGIS and
supply AEGIS with a copy of the disclosure for AEGIS’ evaluation purposes. AEGIS shall have the sole right to determine what, if any, patent applications should be filed on such Invention. ARS hereby assigns to AEGIS all right, title and
interest in any such Inventions and shall execute, and require its and its Affiliates personnel and contractors to execute, any documents reasonably required to confirm AEGIS’ ownership of such Inventions, and any documents required to apply
for, maintain and enforce any patent rights in such Inventions. For the avoidance of doubt, such Inventions shall be AEGIS Technology and be subject to the terms of the License. 

  
 12 

 5.5.2 No Implied License. Except for the License, this License
Agreement shall not be construed to grant any license or other rights to ARS in the AEGIS Technology (other than Joint Inventions and Joint Patent Rights). 

5.6 Joint Inventions. “Joint Invention” shall mean: (a) any Invention that embodies or claims a Product,
including without limitation any invention relating to the use of Excipient for administering or stabilizing such Compound or any application of Excipient related to such Compound or Product; or (b) any Invention that is (i) made or
conceived jointly by one or more employees, consultants, agents and others conducting work on behalf of AEGIS and one or more employees, consultants, agents and others conducting work on behalf of ARS in connection with the performance of, and
during the term of, this License Agreement and/or the Supply Agreement and/or any of the Prior Agreements and (ii) is not an Invention subject to the provisions of Section 5.4.1 or Section 5.5.1 shall be a “Joint
Invention”. As between AEGIS and ARS, AEGIS shall be the owner of the Joint Inventions. 
 5.7 Invention Rights and
Obligations. In the event that any patent application(s) to one or more Invention(s) recites embodiments including an Excipient and/or Product, and claims to such embodiments can be pursued reasonably and in good faith, they will be pursued in
good faith by the Party taking responsibility for prosecution. In the fulfilment of their obligations under Sections 5.4.1(b), 5.5.1(b), and 5.6, the Parties agree to disclose such Inventions to each other, and to cooperate in the preparation and
prosecution of such applications pursuant to Sections 6.1 6.2 and 6.3. However, the Parties acknowledge that Inventions may be made which do not necessarily rely upon the Excipient, but in which we are nevertheless obligated to disclose the
inclusion of embodiments reciting an Excipient and/or Product, and/or may disclose data from studies which involved a Product; and the parties acknowledge that patent applications may be filed upon such Inventions which would support both claims
reciting Products included in an application containing claims not reciting Products. 
 For the avoidance of doubt, Inventions wherein
disclosure of data from studies which involved a Product are used to support claims that do not recite a Product or Excipient, they will be ARS Technology; the mention of an Excipient in the specification of an application does not make an Invention
a Joint Invention or Aegis Technology; however the mention of an Excipient in a claim does make an Invention a Joint Invention or Aegis Technology. However, ARS covenants to pursue claims reciting embodiments including an Excipient and/or Product in
good faith, if claims to such embodiments can be pursued reasonably and in good faith by either Party, either in the first application or one or more continuing applications. When such claims are presented in an application, ARS agrees that such
application will be owned by Aegis and Aegis may at its option assume primary responsibility for prosecution of the application. If ARS decides, in good faith and at its sole discretion, not to pursue such claims, Aegis shall have the option to
pursue such claims at its own expense. 
  

	6.	 PATENT RIGHTS 

6.1 Prosecution and Maintenance of AEGIS Patent
Rights. 
 6.1.1 AEGIS shall have the sole right (but not the obligation), [***] to prepare, file, prosecute and maintain the
AEGIS Patent Rights. AEGIS shall give ARS a reasonable opportunity, before filing, to review and comment on the text of any patent application within the AEGIS Patent Rights that covers the Product and shall provide ARS with a copy of such patent
application as filed, together with notice of its filing date and serial number. ARS shall, [***] cooperate with AEGIS, execute all lawful papers and instruments and make all rightful oaths and declarations as may be necessary in the preparation,
prosecution and maintenance of the AEGIS Patent Rights. 
 6.1.2 To the extent reasonably expected to adversely affect the AEGIS Patent
Rights or the Product, AEGIS shall [***] provide ARS with copies of correspondence or materials received from the PCT, the U.S. Patent & Trademark Office, or equivalent intellectual property regulatory authority in any other country. 

  
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 6.1.3 If ARS reasonably believes that AEGIS may fail to make any required payments or take
any action required for the preparation, filing, prosecution, defense or maintenance of the AEGIS Patent Rights within a reasonable time, ARS shall provide AEGIS with written notice of such deficiency. If AEGIS fails to take any action required for
the preparation, filing, prosecution, defense or maintenance of the AEGIS Patent Rights within the shorter of (i) [***] of notice from ARS or (ii) [***] before the deadline for taking such action, ARS shall have the right to thereafter make any such
required payments or take any such required action, and deduct and offset such payments and any related costs and expenses from any milestone payments, royalties or other payments which may be required under this License Agreement or otherwise by
ARS, its Affiliates or sublicensees to AEGIS. 
 6.1.4 ARS shall reimburse AEGIS for actual costs incurred by AEGIS under the AEGIS Patent
Rights that are specific only to the Compound(s) and/or Product(s), including but not limited to all divisionals, continuations, continuations-in-part, reissues,
renewals, extensions or additions to any such patents and patent applications. 
 6.2 Prosecution and Maintenance of ARS Patent
Rights. ARS shall have the sole right (but not the obligation), [***] to prepare, file, prosecute and maintain the ARS Patent Rights. [***] AEGIS shall cooperate with ARS, execute all lawful papers and instruments and make all rightful oaths and
declarations as may be necessary in the preparation, prosecution and maintenance of the ARS Patent Rights. 
 6.3 Orange Book
Listings. ARS shall have the sole right (but not the obligation) to list any appropriate patents within the AEGIS Patent Rights, Joint Patent Rights, and ARS Patent Rights in the FDA Orange Book with respect to any Product. 

6.4 Enforcement. 
 6.4.1
Notification. Each Party shall notify the other Party of any infringement known to such Party of any AEGIS Patent Rights, ARS Patent Rights, or Joint Patent Rights for any Product for use in the Field and shall provide the other party with
the available evidence, if any, of such infringement. 
 6.4.2 Paragraph IV Claims. Except to the extent otherwise agreed by the
Parties in writing, the costs for any patent infringement litigation suit based on a Paragraph IV certification or any equivalent action outside the United States (i.e., an ANDA patent infringement litigation involving a patent listed pursuant to 21
U.S.C. Section 355(a)(2)(A)(iv)) involving the AEGIS Patent Rights, Joint Patent Rights or ARS Patent Right (to the extent covering a Product), brought by a third party where ARS is a named defendant, or by ARS where ARS is a named plaintiff,
in both cases irrespective of whether AEGIS is also named as a defendant or plaintiff (a “Paragraph IV Claim”), [***]. ARS shall have sole right to institute, prosecute and control such litigation. AEGIS shall cooperate fully in
such litigation, and in the case where ARS desires to bring such litigation, at ARS’s request, AEGIS agrees to join any such litigation to enforce the AEGIS Patent Rights or Joint Patent Rights against the third party or parties that made such
Paragraph IV certification. AEGIS shall have the right to approve any settlement that would adversely affect the AEGIS Patent Rights or AEGIS’s rights under this License Agreement or result in any liability or admission on behalf of AEGIS, such
approval not to be unreasonably withheld, conditioned or delayed. Any recovery realized as a result of such litigation shall be first applied to the prorata reimbursement of any reasonable litigation expenses of ARS and AEGIS under this
Section 6.4.2. Any remaining recovery realized from litigation brought pursuant to this Section 6.4.2 shall be treated as profits on sales of Products for purposes of determining Net Sales under this License Agreement, with AEGIS receiving
the applicable royalty for purposes of Section 4.4 on such deemed Net Sales, and ARS receiving the remainder. [***]. 

  
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 6.4.3 AEGIS Patent Rights. Except as set forth in Section 6.4.2,
AEGIS, [***] shall have the right to determine the appropriate course of action to enforce the AEGIS Patent Rights or otherwise abate the infringement thereof, to take (or refrain from taking) appropriate action to enforce the AEGIS Patent Rights,
to control any litigation or other enforcement action and to enter into, or permit, the settlement of any such litigation or other enforcement action with respect to the AEGIS Patent Rights, and shall consider, in good faith, the interests of ARS in
so doing. If AEGIS does not, within [***] after receipt of any notice from ARS under Section 6.4.1, either abate the infringement of the AEGIS Patent Rights for any Product in the Field or file suit to enforce the AEGIS Patent Rights against at
least one infringing party, or, to the extent UAB has the first right to do so pursuant to the UAB Licensing Agreement, cause UAB to do so, ARS shall have the right, upon prior written notice to AEGIS, to take whatever action it deems appropriate to
enforce the AEGIS Patent Rights for any Product in the Field; provided, however, that, within [***] after receipt of notice of ARS’s intent to file such suit, AEGIS shall have the right to either (a) join such suit as a co-plaintiff or co-defendant with ARS and to fund up to [***] the costs of such suit or (b) request that ARS not take any such action or file such suit, and, if ARS
informs AEGIS that it intends to take such action or file such suit, AEGIS may submit such dispute to an independent third party arbiter, mutually agreed to by the Parties, with at least [***] experience in patent law, who shall determine within
[***] whether taking such action or filing such suit would have a reasonable likelihood of successfully enforcing patent rights covering Product(s) and/or Excipient(s) used in Product(s). Such arbiter’s determination shall be final and binding
on the Parties, and any dispute with respect to such arbiter’s determination shall not be submitted for resolution pursuant to Section 10.2. 

6.4.4 Joint Patent Rights. 

(a) ARS, [***] shall have the right to determine the appropriate course of action to enforce any Joint Patent Rights that claim Compound(s),
Product(s), and/or Excipient(s) used in Product(s) or otherwise abate the infringement thereof, to take (or refrain from taking) appropriate action to enforce such Joint Patent Rights, to control any litigation or other enforcement action and to
enter into, or permit, the settlement of any such litigation or other enforcement action with respect to such Joint Patent Rights, and shall consider, in good faith, the interests of AEGIS in so doing. If ARS does not, within [***] after receipt of
any notice from AEGIS under Section 6.4.1, either abate the infringement of such Joint Patent Rights or file suit to enforce such Joint Patent Rights against at least one infringing party, AEGIS shall have the right, upon prior written notice
to ARS, to take whatever action it deems appropriate to enforce such Joint Patent Rights; provided, however, that, within [***] after receipt of notice of AEGIS’ intent to file such suit, ARS shall have the right to join such suit
as a co-plaintiff or co-defendant with AEGIS and to fund up to [***] the costs of such suit. 

(b) AEGIS [***] shall have the right to determine the appropriate course of action to enforce the Joint Patent Rights that claims
Excipient(s), and do not claim Compound(s), Product(s), and/or Excipient(s) used in Product(s), or otherwise abate the infringement thereof, to take (or refrain from taking) appropriate action to enforce such Joint Patent Rights, to control

  
 15 

 
any litigation or other enforcement action and to enter into, or permit, the settlement of any such litigation or other enforcement action with respect to such Joint Patent Rights, and shall
consider, in good faith, the interests of ARS in so doing. If AEGIS does not, within [***] after receipt of any notice from ARS under Section 6.4.1, abate the infringement of such Joint Patent Rights or file suit to enforce such Joint Patent
Rights against at least one infringing party, ARS shall have the right, upon prior written notice to AEGIS, to take whatever action it deems appropriate to enforce such Joint Patent Rights; provided, however, that, within [***] after
receipt of notice of ARS’s intent to file such suit, AEGIS shall have the right to join such suit as a co-plaintiff or co-defendant with ARS and to fund up to [***]
the costs of such suit. 
 6.4.5 Cooperation; Recovery. ARS and AEGIS shall reasonably cooperate with each other in the planning and
execution of any action under Sections 6.4.3 or 6.4.4. The Party controlling any such enforcement action shall not settle the action or otherwise consent to an adverse judgment in such action that diminishes the rights or interests of the non-controlling Party without the prior written consent of the other Party. Except as otherwise agreed to by the Parties as part of a cost-sharing arrangement, any recovery realized as a result of such litigation
shall be first applied to the prorata reimbursement of any reasonable litigation expenses of ARS and AEGIS. Any remaining recovery realized from such litigation shall be treated as profits on sales of Products for purposes of determining Net Sales
under this License Agreement, with AEGIS receiving the applicable royalty for purposes of Section 4.4 on such deemed Net Sales, and ARS receiving the remainder. [***]. 

6.4.6 ARS Patent Rights. ARS, [***] shall have the right to determine the appropriate course of action to enforce the ARS Patent Rights
or otherwise abate the infringement thereof, to take (or refrain from taking) appropriate action to enforce the ARS Patent Rights, to control any litigation or other enforcement action and to enter into, or permit, the settlement of any such
litigation or other enforcement action with respect to the ARS Patent Rights. 
 6.5 FDA Matters. AEGIS covenants that it will not in
the performance of its obligations under this License Agreement use the services of any person debarred or suspended under 21 U.S.C. §335(a) or (b). AEGIS will not hire, as an officer or an employee any person who has been convicted of a felony
under the laws of the United States for conduct relating to the regulation of any drug product under the United States Food, Drug and Cosmetic Act. 
  

	7.	 CONFIDENTIALITY 

7.1 Confidentiality. During the term of this License Agreement and for a period of [***] following the expiration or earlier
termination hereof, each Party shall maintain in confidence the Confidential Information of the other Party, shall not use or grant the use of the Confidential Information of the other Party except as expressly permitted hereby, and shall not
disclose the Confidential Information of the other Party. Notwithstanding the previous sentence, the receiving Party may disclose the Confidential Information of the disclosing Party solely on a “need to know basis”, to Affiliates, and
their and each of the Parties’ respective directors, employees, contractors and agents, each of whom prior to disclosure must be bound by obligations of nondisclosure and non-use no less restrictive than
the obligations set forth in this Section 7; provided, however, that, in each of the above situations, the receiving Party shall remain responsible for any failure by any person or entity that receives Confidential Information
pursuant to this Section 7.1 to treat such Confidential Information as required under this 

  
 16 

 
Section 7. To the extent that disclosure to any person is authorized by this License Agreement, prior to disclosure, a Party shall obtain written agreement of such person to hold in
confidence and not disclose, use or grant the use of the Confidential Information of the other Party except as expressly permitted under this License Agreement. Each Party shall notify the other Party [***] upon discovery of any unauthorized use or
disclosure of the other party’s Confidential Information. 
 7.2 Terms of License Agreement. Neither party shall disclose any
terms or conditions of this License Agreement to any third party without the prior consent of the other Party; provided, however, that a Party may disclose the terms or conditions of this License Agreement, (a) on a need-to-know basis to its legal and financial advisors to the extent such disclosure is reasonably necessary, and (b) to a third party in connection with (i) an
equity investment in, or lending arrangement with, such third party, (ii) a sublicense, collaboration, co-promotion, strategic partnership, merger, consolidation or similar transaction by such Party, or
(iii) the sale of all or substantially all of the assets of such Party. In addition, ARS acknowledges that AEGIS is required and shall have the right to provide a copy of this License Agreement (and any subsequent amendment hereto), to UAB
under the confidentiality provisions of the UAB Licensing Agreement. AEGIS shall use reasonable efforts to enforce the confidentiality provisions of the UAB Licensing Agreement to the fullest extent permitted thereby so as to preserve the
confidentiality of this License Agreement and its terms, and shall not consent to any disclosure of this License Agreement or its terms to any third party by UAB. Notwithstanding the foregoing, either Party may disclose the fact that the Parties
have entered into this exclusive license agreement, and a general description of the AEGIS Patent Rights, the Product, and the Field covered by this License Agreement. 

7.3 Permitted Disclosures. The confidentiality obligations under this Section 7 shall not apply to any portion of Confidential
Information to the extent that a Party is required to disclose such portion by applicable Law, regulation or order of a governmental agency or a court of competent jurisdiction; provided, however, that such Party shall provide written
notice thereof to the other Party, consult with the other Party with respect to such disclosure and provide the other Party sufficient opportunity to object to any such disclosure or to request confidential treatment thereof. 

7.4 Publicity. If either Party wishes to make a public disclosure concerning this License Agreement, such Party shall provide the other
Party in advance with a copy of such proposed disclosure and the other Party shall have [***] within which to approve or disapprove the content of the proposed disclosure. Neither Party shall unreasonably withhold approval of such disclosure.
Failure to respond within such [***] period shall constitute approval. Either Party may disclose the existence of this License Agreement and the terms and conditions hereof, without the prior written consent of the other Party, as may be required by
applicable Law (including, without limitation, disclosure requirements of any Regulatory Authority (including without limitation the FDA and the U.S. Securities and Exchange Commission, or the NYSE, NASDAQ or any other stock exchange), in which case
the Party seeking to disclose the information shall provide written notice thereof to the other Party, consult with the other Party with respect to such disclosure and provide the other Party sufficient opportunity to object to any such disclosure
or to request confidential treatment thereof. Once a Party has approved the substance of any disclosure concerning this License Agreement, whether in a press release, a filing with a Regulatory Authority or otherwise, such Party may thereafter
republish such disclosure in any other medium without again obtaining the prior approval of the other Party. 
  

	8.	 INDEMNIFICATION AND INSURANCE 

8.1 Indemnification by ARS. Except to the extent that AEGIS is obligated to indemnify ARS under Section 8.2, ARS shall indemnify
and hold harmless AEGIS, and its directors, officers, employees and agents, from and against all losses, liabilities, damages and expenses, including reasonable attorneys’ fees and costs, arising from any claims, demands, actions or other
proceedings by any third party arising 

  
 17 

 
from (a) the breach of any representation, warranty or covenant by ARS under this License Agreement; or (b) the Exploitation of the AEGIS Technology or Products by ARS, its sublicensees or
their respective Affiliates; provided, however, that such indemnification right shall not apply to any losses, liabilities, damages or expenses to the extent directly attributable to the negligence, reckless misconduct, or intentional
misconduct of a Party seeking indemnification under this Section 8.1. 
 8.2 Indemnification by AEGIS. AEGIS shall
indemnify and hold harmless ARS, and its directors, officers, employees and agents, from and against all losses, liabilities, damages and expenses, including reasonable attorneys’ fees and costs, arising from any claims, demands, actions or
other proceedings by any third party arising from (a) the breach of any representation, warranty or covenant by AEGIS under this License Agreement; (b) the Exploitation of the AEGIS Technology or Excipient(s) by AEGIS, its licensees
(excluding ARS) or their respective Affiliates; or (c) any claim of any third party that AEGIS willfully disclosed or made available to ARS any AEGIS Technology in violation of an obligation of AEGIS to such third party; provided,
however, that such indemnification right shall not apply to any losses, liabilities, damages or expenses to the extent directly attributable to the negligence, reckless misconduct, or intentional misconduct of a Party seeking indemnification
under this Section 8.2. 
 8.3 Procedure. A Party that intends to claim indemnification under this Section 8 (the
“Indemnitee”) shall promptly notify the other Party (the “Indemnitor”) in writing of any claim, demand, action or other proceeding for which the Indemnitee intends to claim indemnification; provided,
however, that the failure to provide written notice of such claim within a reasonable period of time will not relieve the Indemnitor of any of its obligation hereunder, except to the extent that the Indemnitor is prejudiced by such failure to
provide prompt notice. The Indemnitor shall have the right to participate in, and to the extent the Indemnitor so desires to assume the defense thereof with counsel selected by the Indemnitor; provided, however, that the Indemnitee,
shall have the right to retain its own counsel, with the fees and expenses to be paid by the Indemnitee, if representation of the Indemnitee by the counsel retained by the Indemnitor would be inappropriate due to actual or potential differing
interests between the Indemnitee and any other party represented by such counsel in such proceedings. The Indemnitor may not settle or otherwise consent to an adverse judgment in any such claim, demand, action or other proceeding, that diminishes
the rights or interests of the Indemnitee without the prior express written consent of the Indemnitee, which consent shall not be unreasonably withheld, delayed, or conditioned, unless (a) there is no finding or admission of any violation of
Law or any violation of the rights of any person and no effect on any other claims that may be made against the Indemnitee and (b) the sole relief provided is monetary damages that are paid in full by the Indemnitor. 

8.4 Insurance. Each Party shall maintain insurance with respect to its activities under this License Agreement as is normal and
customary in the pharmaceutical industry generally for parties similarly situated. Each Party shall, upon request of the other Party, provide the requesting Party with a copy of the foregoing policies of insurance, along with any amendments and
revisions thereto. ARS shall be named as an additional insured on any such policies maintained hereunder by AEGIS, and AEGIS shall be named as an additional insured on any such policies maintained hereunder by ARS. If there are any additional costs
for adding a Party as an additional insured, that Party shall pay such additional costs. 
  

	9.	 TERM; TERMINATION 

9.1 Term. This License Agreement shall commence on the Effective Date and, unless earlier terminated pursuant to Section 9.2 or
9.3, shall continue in effect until the expiration of ARS’s obligation to pay royalties hereunder. 

  
 18 

 9.2 Termination for Breach or
Bankruptcy. 
 9.2.1 If ARS has breached any of its obligations to pay any of the payments to which AEGIS is entitled under
Section 5, and such breach shall continue for [***] after written notice of such breach was provided to ARS by AEGIS, AEGIS shall have the right at its option to terminate this License Agreement effective at the end of such [***] period. 

9.2.2 If a Party has materially breached any of its obligations under this License Agreement (except as specified in Section 9.2.1), and
such material breach shall continue for [***] after written notice of such breach was provided to the breaching Party by the nonbreaching Party, the nonbreaching Party shall have the right at its option to terminate this License Agreement effective
at the end of such [***] period. 
 9.2.3 Either Party may terminate this License Agreement, to the extent permissible under applicable Law,
upon the occurrence of one or more of the following: 
 (a) immediately upon written notice to the other Party in the event such other
Party becomes insolvent or initiates a voluntary proceeding under the U.S. Bankruptcy Code (beginning at 11 U.S.C. 101, as amended) (the “Bankruptcy Code”); or 

(b) immediately upon written notice to the other Party in the event such other Party becomes the subject of an involuntary proceeding under
the U.S. Bankruptcy Code and such proceeding is not dismissed or stayed within [***] of its commencement. 
 9.3 Termination by ARS.
ARS may terminate this License Agreement at any time upon [***] prior written notice to AEGIS for any reason or no reason. 
 9.4
Effect of Expiration or Termination. 
 9.4.1 Expiration or termination of
this License Agreement shall be without prejudice to any rights which shall have accrued to the benefit of a Party prior to the effective date of such expiration or termination. Without limiting the foregoing, Sections 1, 5, 7, 8, 10 and Sections
4.6, 6.1, 6.2, 6.4, and 9.4 shall survive any expiration or termination of this License Agreement. 
 9.4.2 Upon expiration of this License
Agreement under Section 9.1, ARS shall have a non-exclusive, paid-up license for the same rights previously covered by this License Agreement. 

9.4.3 If ARS elects to terminate this License Agreement under Section 9.2.2, ARS may nevertheless continue to have the same license
rights previously covered by this License Agreement, so long as ARS continues to pay royalties, milestones, and other sums that are payable to AEGIS under this License Agreement; provided that ARS shall have the right to credit against any
such royalties, milestones, and other sums payable an amount equal to any actual direct damages suffered by ARS as a result of the breach by AEGIS which gave rise to the termination under Section 9.2.2. 

9.4.4 Except as may be necessary or useful for the exercise of the licenses set forth in Sections 9.4.1, 9.4.2 and 9.4.3, promptly upon the
expiration or earlier termination of this License Agreement, (a) ARS shall destroy or return [***] to AEGIS (as AEGIS shall direct) all AEGIS Technology; and (b) each Party shall return to the other Party all tangible items regarding the
Confidential Information of the other Party and all copies thereof; provided, however, that each Party shall have the right to retain one (1) copy for its legal files for the sole purpose of determining its obligations hereunder.

  
 19 

	10.	 GENERAL PROVISIONS 

10.1 Governing Law. This License Agreement shall be governed by, interpreted and construed in accordance with the laws of the State of
California, without giving effect to any conflicts of law principles that would result in the application of the laws of any state other than the State of California. 

10.2 Arbitration. Any dispute, controversy or claim initiated by either Party arising out of, resulting from or relating to this
License Agreement, or the performance by either Party of any obligation under this License Agreement, whether before or after termination of this License Agreement, shall be finally resolved by binding arbitration. Whenever a Party shall decide to
institute arbitration proceedings, it shall give written notice to that effect to the other Party. Any such arbitration shall be conducted under the Commercial Arbitration Rules of the American Arbitration Association by a panel of three arbitrators
appointed in accordance with such rules. Any such arbitration shall be held in San Diego, California. The method and manner of discovery in any such arbitration proceeding shall be governed by the Commercial Arbitration Rules of the American
Arbitration Association. Each Party shall choose one (1) arbitrator within [***] after receipt of notice of the intent to arbitrate. Such arbitrators shall thereafter choose a third arbitrator within [***] of their appointment. If one or both
of the Parties fails to make a timely appointment of its arbitrator, then such missing arbitrator(s) will be appointed by the American Arbitration Association. The arbitrators shall have the authority to grant specific performance and to allocate
between the Parties the costs of arbitration in such equitable manner as they determine. The arbitrators shall make their award and decision by majority approval, which shall be made in accordance with the terms of this License Agreement and
applicable law. Judgment upon the award so rendered may be entered in any court having jurisdiction or application may be made to such court for judicial acceptance of any award and an order of enforcement, as the case may be. In no event shall a
demand for arbitration be made after the date when institution of a legal or equitable proceeding based upon such claim, dispute or other matter in question would be barred by the applicable statute of limitations. Notwithstanding the foregoing,
(i) either Party shall have the right, without waiving any right or remedy available to such Party under this License Agreement or otherwise, to seek and obtain from any court of competent jurisdiction any interim or provisional relief that is
necessary or desirable to protect the rights or property of such Party, pending the selection of the arbitrators hereunder or pending the arbitrators’ determination of any dispute, controversy or claim hereunder, and (ii) any and all
issues regarding the scope, construction, validity, and enforceability of one or more patents shall be determined in a court of competent jurisdiction under the local patent laws of the jurisdictions having issued the patent or patents in question.
Each of the Parties agrees that if certain material obligations under this License Agreement are not performed in accordance with their specific terms or are otherwise breached, (a) severe and irreparable damage would occur, (b) no
adequate remedy at law would exist and (c) damages would be difficult to determine. Each of the Parties agrees that, in such case, the injured Party or Parties shall be authorized and entitled to obtain from any court of competent jurisdiction
injunctive relief, whether preliminary or permanent, as well as any other relief permitted by applicable law, and the breaching Party shall waive any requirement that such Party or Parties post bond as a condition for obtaining any such relief. All
proceedings and decisions of the arbitrator(s) shall be deemed Confidential Information of each of the Parties, and shall be subject to Section 7. 

10.3 Modification; Waiver. This License Agreement may not be altered, amended, supplemented, or modified in any way except by a writing
signed by each Party. No waiver by a Party of any breach or default of any of the covenants or agreements herein set forth shall be deemed a waiver as to any subsequent and/or similar breach or default. The failure by either Party to take any action
or assert any right hereunder shall in no way be construed to be a waiver of such right, nor in any way be deemed to affect the validity of this License Agreement or any part hereof, or the right of a Party to thereafter enforce each and every
provision of this License Agreement. 

  
 20 

 10.4 Rights Under U.S. Bankruptcy Code. All rights and
licenses granted under or pursuant to this License Agreement by AEGIS are, and shall otherwise be deemed to be, for purposes of Section 365(n) of the Bankruptcy Code, licenses to intellectual property as defined under Section 101 of the
Bankruptcy Code. AEGIS agrees that ARS shall retain and may fully exercise its rights and elections under the Bankruptcy Code. 
 10.5
Assignment. Neither this License Agreement nor any right or obligation hereunder may be assigned or delegated, in whole or part, by either Party without the prior express written consent of the other; provided, however, that
(i) ARS may, without the written consent of AEGIS, assign this License Agreement and its rights and delegate its obligations hereunder in connection with the transfer or sale of all or substantially all of its business related to the Product,
or in the event of its merger, consolidation, change in control or similar transaction; (ii) AEGIS may, without the written consent of ARS, assign this License Agreement and its rights and delegate its obligations hereunder in connection with
the transfer or sale of all or substantially all of its business, or in the event of its merger, consolidation, change in control or similar transaction; and (iii) neither Party shall unreasonably withhold, delay or condition its consent to any
proposed assignment in any situation whereby all of its rights and entitlements are unaffected. Any permitted assignee shall assume all obligations of its assignor under this License Agreement. Any purported assignment in violation of this
Section 10.5 shall be void. For avoidance of doubt, AEGIS may have the Excipients manufactured by a third party contract manufacturer for the benefit of AEGIS and/or ARS, which shall not be deemed to be an assignment or delegation restricted by
this Section 10.5. 
 10.6 Independent Contractors. The relationship of the Parties is that of independent contractors. The
Parties are not deemed to be agents, partners or joint venturers of the others for any purpose as a result of this License Agreement or the transactions contemplated thereby. 

10.7 Further Actions. Each Party agrees to execute, acknowledge and deliver such further documents and instruments and to perform all
such other acts as may be necessary or appropriate in order to carry out the purposes and intent of this License Agreement. 
 10.8
Notices. Any notice, report, communication, or consent required or permitted by this License Agreement shall be in writing and shall be sent by a Party (a) by prepaid registered or certified mail, return receipt requested, (b) by
overnight express delivery service by a nationally recognized courier, or (c) via confirmed facsimile, followed within [***] by a copy mailed in the preceding manner, addressed to the other Party at the address shown below or at such other
address as such Party gives notice hereunder. Such notice will be deemed to have been given when delivered or, if delivery is not accomplished by some fault of the addressee, when tendered. 

If to AEGIS: 

AEGIS THERAPEUTICS, LLC 

[***] 

  
 21 

 with a copy to (which alone shall not constitute notice): 

DLA Piper US LLP 

[***] 

If to ARS: 

ARS PHARMACEUTICALS, INC. 

[***] 

with a copy to (which alone shall not constitute notice): 

[***] 
 10.9
No Implied Licenses. Only licenses and rights granted expressly herein shall be of legal force and effect. No license or other right shall be created hereunder by implication, estoppel or otherwise. 

10.10 Force Majeure. Nonperformance of a Party (other than for the payment of money) shall be excused to the extent that performance is
rendered impossible by strike, fire, earthquake, flood, governmental acts or orders or restrictions, failure of suppliers, or any other reason where failure to perform is beyond the reasonable control and not caused by the negligence, intentional
conduct or misconduct of the nonperforming Party; provided, however, that the nonperforming Party shall use commercially reasonable efforts to resume performance as soon as reasonably practicable. 

10.11 No Consequential Damages. EXCEPT WITH RESPECT TO A BREACH OF SECTION 7, IN NO EVENT SHALL A PARTY BE LIABLE FOR SPECIAL,
INCIDENTAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES ARISING OUT OF THIS LICENSE AGREEMENT OR THE EXERCISE OF ITS RIGHTS HEREUNDER, INCLUDING WITHOUT LIMITATION LOST PROFITS ARISING FROM OR RELATING TO ANY BREACH OF THIS LICENSE AGREEMENT, REGARDLESS OF
ANY NOTICE OF SUCH DAMAGES. NOTHING IN THIS SECTION 10.11 IS INTENDED TO LIMIT OR RESTRICT THE INDEMNIFICATION RIGHTS OR OBLIGATIONS OF EITHER PARTY UNDER SECTION 8. 

10.12 Complete Agreement. This License Agreement, the Supply Agreement, and the Prior Agreements, constitute the entire agreement
between the Parties regarding the subject matter hereof, and all prior and contemporaneous representations, understandings and agreements regarding the subject matter hereof, either written or oral, expressed or implied, are superseded and shall be
and of no effect; provided, however, that the terms of certain Mutual Confidentiality Agreement between AEGIS and ARS dated as of September 17, 2015, shall remain in full force and effect as to all confidential information
disclosed thereunder. 
 10.13 Counterparts. This License Agreement may be executed in counterparts, each of which shall be deemed to
be an original and together shall be deemed to be one and the same agreement. A facsimile copy of this License Agreement bearing the signature (original or facsimile or .PDF version) of both Parties shall be binding on the Parties. 

  
 22 

 10.14 Severability. If any provision of any provision of this License Agreement shall
be found by a court to be void, invalid, or unenforceable, the same shall be reformed to comply with applicable law or stricken if not so conformable, so as not to affect the validity or enforceability of this License Agreement; provided that
no such reformation or striking shall be effective if the result materially changes the economic benefit of this License Agreement to any Party. In the event that any provision of this License Agreement becomes or is declared by a court of competent
jurisdiction to be void, invalid, or unenforceable, and reformation or striking of such provision would materially change the economic benefit of this License Agreement to any Party, the Parties shall modify such provision in accordance with
Section 10.3 to obtain a legal, valid, and enforceable provision and provide an economic benefit to the Parties that most nearly effects the Parties’ intent on entering into this License Agreement. 

10.15 Headings. The captions to the several sections hereof are not a part of this License Agreement, but are included merely for
convenience of reference only and shall not affect its meaning or interpretation. 
 [SIGNATURE PAGE
NEXT] 

  
 23 

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

			
	AEGIS THERAPEUTICS, LLC
		
	By:	 	 /s/ Edward T. Maggio

		 	Edward T. Maggio, Ph.D. Chief Executive Officer
	
	ARS PHARMACEUTICALS, INC.
		
	By:	 	 /s/ Richard Lowenthal

		 	Richard Lowenthal, MS, MBA (MSEL)
		 	Chief Executive Officer

  

 EXHIBIT A 

DEFINITIONS 

“AEGIS” shall have the meaning set forth in the preamble to the License Agreement and the Supply Agreement. 

“AEGIS Data” shall mean any data regarding the Compound(s), Excipient(s), and/or Product(s) in which AEGIS has an ownership
or licensable interest at any time during the term of the License Agreement and/or Supply Agreement, including without limitation all relevant and available sections of the drug master file(s) for the Excipients, as filed by AEGIS or its Affiliates
with the FDA or any other governmental authority from time to time, but excluding third party confidential information. 
 “AEGIS
Invention” shall mean any Invention made or conceived by employees, consultants, agents and others conducting work on behalf of Aegis that relates to Compound(s), Excipient(s), and/or Product(s), but excluding a Joint Invention. 

“AEGIS Know-How Rights” shall mean, collectively, all trade secret and other know-how rights relating to the Compound(s), Excipient(s), and/or Product(s) in which AEGIS has an ownership or licensable interest at any time during the term of the License Agreement. 

“AEGIS Patent Rights” shall mean, collectively, (a) any patent and patent application, which is owned by AEGIS, licensed
to AEGIS or otherwise controlled by AEGIS or any of its Affiliates, as of the Effective Date or during the term of this Agreement and is necessary or useful to Exploit the Product, including without limitation those certain patent applications
listed on Exhibit B attached to the License Agreement and any patent rights for an AEGIS Invention; (b) all patents that have issued or in the future may issue from any of the foregoing patent applications, including without limitation
utility models, design patents and certificates of invention; (c) all divisionals, continuations, continuations-in-part, reissues, renewals, extensions or additions
to any such patents and patent applications; and (d) all patents and patent applications that may issue or be prepared in the future based on AEGIS Inventions, including without limitation utility models, design patents, certificates of
invention, and all divisionals, continuations, continuations-in-part, reissues, renewals, extensions or additions to any such patents and patent applications. 

“AEGIS Technology” shall mean, collectively, (a) AEGIS Data; (b) AEGIS Patent Rights; (c) AEGIS Know-How Rights; (d) AEGIS Inventions; and (e) AEGIS’ interest in any Joint Inventions and/or Joint Patent Rights. 

“Affiliate” shall mean, with respect to any person or entity, any other person or entity that controls, is controlled by or
is under common control with such person or entity. For purposes of this definition, a person or entity shall be in “control” of an entity if it owns or controls at least fifty percent (50%) of the equity securities of the subject entity
entitled to vote in the election of directors (or, in the case of an entity that is not a corporation, for the election of the corresponding managing authority), or otherwise has the power to control the management and policies of such other entity.

 “Annual Net Sales” shall mean, with respect to any Annual Net Sales Period, the Net Sales earned in such Annual Net
Sales Period. 

  

 “Annual Net Sales Period” shall mean each of (a) the period from the
date of the First Commercial Sale of the first Product through December 31 of the Calendar Year in which the First Commercial Sale of the first Product takes place, and (b) each Calendar Year thereafter. 

“Approval” shall mean, with respect to any Product in any jurisdiction, all approvals from any Regulatory Authority necessary
for the sale of the Product in such jurisdiction in accordance with applicable Laws, including without limitation receipt of pricing and reimbursement approvals, where required. 

“ARS” shall have the meaning set forth in the preamble to the License Agreement. 

“ARS Data” shall mean any data regarding the Compound(s), Excipient(s), and/or Product(s) developed by employees,
consultants, agents and others on behalf of ARS. 
 “ARS Invention” shall mean any Invention made or conceived by
employees, consultants, agents and others conducting work on behalf of ARS that relates to Compound(s), Excipient(s), or Product(s), but excluding a Joint Invention. 

“ ARS Know-How Rights” shall mean, collectively, all trade secret and other know-how rights relating to the Compound(s), Excipient(s), and/or Product(s) in which ARS has an ownership or licensable interest at any time during the term of the License Agreement. 

“ARS Patent Rights” shall mean, collectively, (a) any patent and patent application relating to Excipient(s),
Compound(s) or Product(s) which are owned, licensed or otherwise controlled by ARS or any of its Affiliates as of the Effective Date or thereafter; (b) all patents that have issued or in the future may issue from any of the foregoing patent
applications, including without limitation utility models, design patents and certificates of invention; (c) all divisionals, continuations, continuations-in-part,
reissues, renewals, extensions or additions to any such patents and patent applications; and (d) all patents and patent applications that may issue or be prepared in the future based on ARS Inventions, including without limitation utility
models, design patents, certificates of invention, and all divisionals, continuations, continuations-in-part, reissues, renewals, extensions or additions to any such
patents and patent applications. 
 “ARS Technology” shall mean, collectively, (a) ARS Data; (b) ARS Inventions;
(c) ARS Know- How Rights; and (d) ARS Patent Rights. 
 “Bankruptcy Code” shall have the meaning set forth in
Section 9.2.3(a) of the License Agreement. 
 “Business Day” means any day that is not a Saturday or a Sunday or a day
on which the New York Stock Exchange is closed. 
 “Calendar Quarter” means the respective periods of three
(3) consecutive calendar months ending on March 31, June 30, September 30 and December 31; provided, however, that (a) the first Calendar Quarter of the License Agreement and the Supply Agreement shall extend from the
commencement of such respective agreement to the end of the first complete Calendar Quarter thereafter; and (b) the last Calendar Quarter shall end upon the expiration or termination of the License Agreement or the Supply Agreement, as
applicable. 

  

 “Calendar Year” means (a) for the first Calendar Year of the term of
the License Agreement and the Supply Agreement, the period beginning on the Effective Date and ending on December 31, 2008, (b) for each Calendar Year of the term of the License Agreement or the Supply Agreement, as applicable, thereafter, each
successive period beginning on January 1 and ending twelve (12) consecutive calendar months later on December 31, and (c) for the last Calendar Year of the term of the License Agreement or the Supply Agreement, the period
beginning on January 1 of the Calendar Year in which the License Agreement or the Supply Agreement, respectively, expires or terminates and ending on the effective date of expiration or termination of the License Agreement or the Supply
Agreement, respectively. 
 “Commercially Reasonable Efforts” shall have the meaning set forth in Section 3.7.2 of the
License Agreement. 
 “Competing Product” shall have the meaning set forth in Section 4.5.4 of the License Agreement.

 “Compound” shall mean epinephrine and any metabolite, salt, ester, hydrate, anhydride, solvate, isomer, isotope,
enantiomer, free acid form, free base form, crystalline form, co-crystalline form, complexes, amorphous form, pro-drug (including ester
pro-drug) form, racemate, polymorph, chelate, isomer, tautomer, or optically active form of the foregoing. 

“Confidential Information” shall mean, with respect to a Party, all information (and all tangible and intangible embodiments
thereof), that is owned or controlled by such Party, is disclosed by or on behalf of such Party to the other Party pursuant to the License Agreement and/or the Supply Agreement, and (if disclosed in writing or other tangible medium) is marked or
identified as confidential at the time of disclosure to the receiving Party or (if otherwise disclosed) is identified as confidential at the time of disclosure to the receiving Party and described as such in writing within [***] after such
disclosure. Notwithstanding the foregoing, Confidential Information of a Party shall not include information which, and only to the extent, the receiving Party can establish by written documentation (a) has been generally known prior to
disclosure of such information by the disclosing Party to the receiving Party; (b) has become generally known, without the fault of the receiving Party, subsequent to disclosure of such information by the disclosing Party to the receiving
Party; (c) has been received by the receiving Party at any time from a source, other than the disclosing Party, rightfully having possession of and the right to disclose such information free of confidentiality obligations; (d) has been
otherwise known by the receiving Party free of confidentiality obligations prior to disclosure of such information by the disclosing Party to the receiving Party; or (e) has been independently developed by employees or others on behalf of the
receiving Party without use of such information disclosed by the disclosing Party to the receiving Party (each, a “Confidentiality Exception”). 

“Confidentiality Exception” shall have the meaning set forth in the preceding definition. 

“DMF” shall have the meaning set forth in Section 3.9 of the License Agreement. 

“Effective Date” shall have the meaning set forth in the preamble to the License Agreement. 

“EMA” shall mean the European Medicines Agency, or the successor thereto. 

“Encumbrance” shall mean any lien, mortgage, deed of trust, pledge, security interest, charge, condition, equitable interest,
right of first refusal, community property interest, covenant, option, title defect, claim, restriction, variance, exception, license, or other adverse claim or interest or encumbrance of any kind or nature whatsoever, whether or not perfected,
including any restriction on use, voting, transfer, receipt of income or exercise of any other attribute of ownership 

“Excipients” shall mean AEGIS’s proprietary chemically synthesizable delivery enhancement agents (including without
limitation the Intravail® absorption enhancement agents), that, among other things, allow non-invasive systemic delivery of potent peptide, protein, and
small and large molecule drugs. 

  

 “EU” shall mean the countries comprising the European Union as it may be
constituted from time to time, and any successors to, or new countries created from, any of the foregoing. 
 “Exploit,”
“Exploiting” or “Exploitation” shall mean to research, develop, make, have made, use, sell, have sold, offer for sale, import, export and/or otherwise commercialize and dispose of. 

“FDA” shall mean the Food and Drug Administration of the United States, or the successor thereto. 

“Field” shall mean any and all indications, uses, or purposes of Compound(s) and/or Product(s) in any and all formulations,
including without limitation for the treatment, palliation, diagnosis, or prevention of any human or animal disease, disorder, or condition. 

“First Commercial Sale” shall mean, with respect to a Product, the first sale for which payment has been received for use or
consumption by the general public of such Product. 
 “GAAP” shall mean generally accepted accounting principles. 

“GMP” shall mean Good Manufacturing Practices, as specified by FDA, or similar standards or guidelines promulgated by the FDA
from time-to-time, or equivalent Regulatory Authority in countries other than the United States, as applicable. 

“Government Approval Application” shall mean, with respect to each country of the Territory, all filings with the FDA or the
EMA (or the equivalent health regulatory authority in each country within the Territory) for registrations, permits, licenses, authorizations, approvals, or notifications that are required to develop, make, use, sell, import or export a Product,
including without limitation the equivalent of an NDA, as required by the FDA or the EMA or the counterpart of the FDA or the EMA in each such country. 

“IND” shall mean an investigational new drug application or similar application which is required to be filed with the FDA
prior to commencing a clinical investigation of a drug pursuant to 21 C.F.R. 312. 
 “Indemnitee” shall have the meaning
set forth in Section 8.3 of the License Agreement. 
 “Indemnitor” shall have the meaning set forth in
Section 8.3 of the License Agreement. 
 “Intravail®”
shall mean the Material described on Exhibit B attached to the Supply Agreement, manufactured in compliance with all applicable Laws, including without limitation GMP. 

“Invention” shall mean any invention, discovery, know-how, technology or other
enhancement, whether or not patentable that is made or conceived by employees, consultants, agents and others conducting work on behalf of AEGIS, ARS or both, in connection with the performance of, and during the term of, the License Agreement
and/or the Supply Agreement or any of the Prior Agreements. 
 “Joint Invention” shall have the meaning set forth in
Section 5.6 of the License Agreement. 
 “Joint Patent Rights” shall mean, collectively, all patents and patent
applications that may issue or be prepared in the future, which claim or purport to claim a Joint Invention, including without limitation utility models, design patents, certificates of invention, and all divisionals, continuations, continuations-in-part, reissues, renewals, extensions or additions to any such patents and patent applications. 

  

 “Law” shall mean any federal, state or local law, statute or ordinance, or
any rule, regulation, or published guidelines promulgated by any governmental authority, including the United States Food, Drug and Cosmetic Act and applicable regulations promulgated thereunder. 

“License Agreement” shall have the meaning set forth in the preamble to that certain License Agreement entered into by ARS
and AEGIS as of the Effective Date. 
 “Material” shall mean any Excipient supplied by AEGIS to ARS pursuant to the Supply
Agreement, including without limitation the AEGIS product known as Intravail®, as further described in Exhibit B to the Supply Agreement, manufactured in compliance with all applicable
Laws, including without limitation GMP. 
 “Material Tox Data” shall have the meaning set forth in Section 3.9 of the
License Agreement. 
 “Material Tox Studies” shall have the meaning set forth in Section 3.9 of the License Agreement.

 “NDA” shall mean a New Drug Application, Biologics License Application, Product License Application, or similar
application which is required to be filed with the FDA to obtain a marketing approval of a Product in the United States. 
 “Net
Proceeds” shall have the meaning set forth in Section 4.2.5 of the License Agreement. 
 “Net Sales” with
respect to any Product, the invoiced sales price of such Product by ARS, its sublicensees and their respective Affiliates billed to independent customers who are not Affiliates, less [***]. 

“Paragraph IV Claim” shall have the meaning set forth in Section 6.4.2 of the License Agreement. 

“Party” shall mean either AEGIS or ARS. 

“Phase III Trial” means a human clinical trial of a product, the principal purpose of which is to gather evidence as to the
effectiveness and safety in individuals or patients, as described in 21 C.F.R. 312.21(c), or a similar clinical study prescribed by the relevant Regulatory Authorities in a foreign country. 

“Prior Agreements” shall mean (a) that certain Material Transfer, Option and Research License Agreement between Aegis
and ARS dated as of July 14, 2016; and (b) that certain Mutual Confidentiality Agreement between Aegis and ARS dated as of September 17, 2015. 

  

 “Product” shall mean any product containing a Compound and formulated using
the Excipient(s). 
 “Regulatory Authority” shall mean any national or supranational governmental authority, including
without limitation the FDA, EMA, or Koseisho, that has responsibility over the development and/or commercialization of a Compound, an Excipient and/or a Product. 

“Royalty Term” shall mean, with respect to a Product in a country, the period that begins on the date of First Commercial
Sale of such Product in such country and ends on the later of: (a) expiration of the last Valid Claim that covers the manufacture, use, offer for sale, sale, or import of such Product in such country or (b) the earlier of (i) fifteen
(15) years after the date of the First Commercial Sale of such Product in such country. 
 “Subsequent Product” shall mean
a new Product (in addition to a previous Product) for which a new NDA Approval is required by the FDA for marketing the Product. 

“Successful Completion” shall have the meaning set forth in Section 4.2.3 of the License Agreement. 

“Supply Agreement” shall have the meaning set forth in the preamble to that certain Supply Agreement entered into by ARS and
AEGIS as of the Effective Date. 
 “Territory” shall be worldwide. 

“UAB” shall mean The UAB Research Foundation, a
not-for-profit corporation. 
 “UAB Licensing
Agreement” shall mean the Licensing Agreement between AEGIS and UAB, effective February 12, 2004. 
 “Valid
Claim” shall mean, on a country-by-country basis, either (a) a claim of an issued and unexpired patent in the AEGIS Patent Rights, which has not been held
permanently revoked, unenforceable or invalid by a decision of a court or other governmental agency of competent jurisdiction, unappealable or unappealed within the time allowed for appeal, and which has not been admitted to be invalid or
unenforceable through reissue or disclaimer or otherwise, or (b) a claim of a pending patent application in the AEGIS Patent Rights, which claim was filed in good faith and has not been abandoned or finally disallowed without the possibility of
appeal or refiling of such application, and in any event has not been pending for more than [***]. 

  

 FIRST AMENDMENT 

TO LICENSE 
 AGREEMENT

 This First Amendment to License Agreement (this “First Amendment”) is made and effective as of July 15, 2020
(the “First Amendment Date”) by and between AEGIS THERAPEUTICS, LLC, a California limited liability company (“AEGIS”), and ARS
PHARMACEUTICALS, INC., a Delaware corporation (“ARS” and together with AEGIS, the “Parties”). 

RECITALS 

WHEREAS, AEGIS and ARS are parties to that certain License Agreement dated June 18, 2018 (the
“Agreement”); 
 WHEREAS, Section 4.4.5 of the Agreement provides that AEGIS will, upon written
notice by ARS, negotiate and agree with ARS in good faith a reduction of the royalty rate payable on Products on a country-by-country basis if the level of competition,
patent protection or the general commercial environment for such Product in such country materially affects the commercial viability of such Product in such country, and ARS has requested that AEGIS negotiate and agree to such a royalty rate
reduction in connection with royalties payable with respect to sales of Products by sublicensees; and 
 WHEREAS,
AEGIS and ARS now wish to amend the Agreement to modify the provisions of the Agreement regarding the royalty rate payable on Annual Net Sales of Products on the terms and subject to the conditions set forth herein. 

AGREEMENT 

NOW, THEREFORE, for and in consideration of the mutual covenants contained herein, AEGIS and ARS hereby
agree as follows: 
 1. Defined Terms. Capitalized terms used but not otherwise defined in this First Amendment shall have the meanings
provided in the Agreement. 
 2. Section 4.4 of the Agreement is hereby amended and restated to read in its entirety as follows: 

“4.4 Royalties. 

4.4.1 Within [***] following the First Commercial Sale of a Product in each country in the Territory, ARS shall give written
notice to AEGIS thereof. 
 4.4.2 As partial consideration for the grant to ARS of the rights under Section 3.1, during
the applicable Royalty Term, subject to Section 4.4.8, ARS shall pay to AEGIS royalties on Annual Net Sales of Products, on a country-by-country and Product-by- Product basis in accordance with this Section 4.4 in an amount equal to the applicable rate set forth in the table in this Section 4.4.2, below, times
the Annual Net Sales of Products by ARS, its sublicensees and their respective Affiliates, subject to the applicable reductions as set forth in Sections 4.4.3 through 4.4.6; but in no event will the royalty rate be reduced pursuant to Sections 4.4.3
through 4.4.6 by more than [***] (although any such unused reduction sum will be carried forward and applied against future payments). 

  
 1 

					
	 Annual Net Sales (U.S. $)
	  	 Royalty
Rate
	 
	 Aggregate Annual Net Sales during a Calendar Year
	  	 	[***]	 

 4.4.3 The royalty percentage then applicable under this Section 4.4 to Net Sales of any
Product made in any country in the Territory shall be reduced by [***] from [***] to [***] if at the time of the sale of such Product in such country, the use, manufacture, offer for sale, sale and import of such Product in such county is not
covered by a Valid Claim. 
 4.4.4 The royalty percentage then applicable to Net Sales of any Product made in any country in
the Territory shall be further reduced by [***] from that in Section 4.4.3 from [***] to [***], if, at the time of the sale of such Product in such country, there are Competing Products that collectively account for [***] or more of all sales
across all indications for which the Products are marketed in that country. In the event that Competing Products in any country no longer collectively account for [***] or more of all sales across all indications for which the Products are marketed
in that country, then such [***] reduction shall be suspended. 
 The term “Competing Product” shall mean [***].

 4.4.5 If the level of competition, patent protection or the general commercial environment for such Product in such
country materially affect the commercial viability of such Product in such country at the royalty rate then applicable under this Section 4.4, then AEGIS shall, upon written notice by ARS, negotiate and agree with ARS in good faith a reduction
of such royalty rates, as applicable to such Product in such country. 
 4.4.6 Third Party Licenses. 

(a) If ARS determines, in its reasonable judgment (subject to subpart b below), that the intellectual property rights of a
third party are necessary for the practice of any AEGIS Technology in accordance with this License Agreement, then the royalty and milestone amounts owed to AEGIS hereunder for Exploiting the AEGIS Technology in the country (or countries) where such
third party intellectual property rights are enforceable shall be subject to a credit reduction in an amount equal to [***] of the amount of any payments that ARS (or any of its sublicensees) pays such third party to use such third party
intellectual property rights; provided, no payment to AEGIS shall be reduced by more than [***] of the amount payable before any reductions or credits (although any unused excess credit may be carried forward and applied against future payments).

  
 2 

 (b) If AEGIS disputes ARS’s determination under Section 4.4.6(a)
that the technology, and/or a license to intellectual property rights, of such third party is necessary for the practice of any AEGIS Technology in accordance with this License Agreement, AEGIS may submit such dispute to an independent third party
arbiter, mutually agreed to by the Parties, such agreement not to be unreasonably withheld, delayed, or conditioned, and such arbiter to have at least [***] experience in the biopharmaceutical industry overseeing drug development or patent law, who
shall determine within [***] whether, in the absence of rights granted by such third party, the practice of any AEGIS Technology in accordance with this License Agreement would likely or actually infringe or misappropriate such third party’s
intellectual property. Such arbiter’s determination shall be final and binding on the Parties, and any dispute with respect to such arbiter’s determination shall not be submitted for resolution pursuant to Section 10.2. Additionally,
any determination of likely or actual infringement shall be deemed a determination that such license to intellectual property rights of a third party is “necessary” for purposes of Section 4.4.6(a). 

4.4.7 ARS, its sublicensees or their respective Affiliates shall not intentionally sell any Product to a third party at a
discount in order to induce the same third party to purchase any other products or services. 
 4.4.8 In the event that the
amount of (a) any payments (such as royalties, profit- sharing, revenue-sharing, or other similar payments, but not milestone payments) required to be paid by an ARS sublicensee to ARS or any of its Affiliates based on the Net Sales of any
Product in any of the following countries: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta,
Netherlands, Norway, Poland, Portugal, Russia and the Commonwealth of Independent States, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, Ukraine and the United Kingdom, by such sublicensee or its Affiliates or sublicensees in any
Calendar Quarter (“Sublicensee Net Sales”) less (b) the COGS for such Product (to the extent that such sublicensee or its Affiliates or sublicensees do not pay or reimburse ARS or any of its Affiliates for any such COGS)
(“Sublicensee Sales-Based Profits”) is less [***] due to AEGIS as calculated pursuant to Sections 4.4.2 through 4.4.6 on such Sublicensee Net Sales, then, in lieu of such royalties payable to AEGIS as calculated pursuant to Sections
4.4.2 through 4.4.6, the royalties payable to AEGIS for such Calendar Quarter with respect to such Sublicensee Net Sales shall be [***] of such Sublicensee Sales-Based Profits for such Calendar Quarter. During each Calendar Quarter, such calculation
shall be performed and shall be included in each royalty report provided pursuant to Section 4.5 and the applicable royalty shall be paid for such Calendar Quarter. For the avoidance of doubt, the maximum royalty payable to AEGIS under this
Section 4.4 is [***] of Annual Net Sales of Products, on a country-by- country and
Product-by-Product basis. An example of such calculation is set forth on Exhibit D, attached hereto. For purposes of this Section 4.4.8, “COGS” shall
mean, with respect to any Product, and solely to the extent incurred by ARS or its Affiliate: [***]; 

  
 3 

 
and (ii) in the case of manufacturing services performed by a ARS or its Affiliate, including manufacturing services to support products and services acquired from Third Parties as
contemplated in subsection (i), [***]. “Actual Unit Costs” shall mean [***]. “Direct Material Costs” shall mean [***]. “Direct Labor Costs” shall mean [***]. “Manufacturing Overhead” attributable to such
Product (in bulk or finished form) shall mean [***].” 
 3. The Exhibit D attached to this First Amendment in ATTACHMENT 1 is hereby added to the
Agreement. 
 4. Effectiveness of Agreement. Except as expressly amended by this First Amendment, the Agreement shall remain in full force and
effect in accordance with its terms. 
 5. Counterparts. This First Amendment may be executed in counterparts, each of which counterparts, when
so executed and delivered, shall be deemed to be an original, and all of which counterparts, taken together, shall constitute one and the same instrument even if both Parties have not executed the same counterpart. Signatures provided by facsimile
transmission or by email of a .pdf attachment shall be deemed to be original signatures. 
 [Remainder of this page intentionally
blank.] 

  
 4 

 IN WITNESS WHEREOF, each Party has
caused this First Amendment to be duly executed by its authorized representative under seal, in duplicate as of the First Amendment Date. 
  

			
	AEGIS THERAPEUTICS, LLC
		
	By:	 	 /s/ Craig Chambliss

		 	Craig Chambliss
		 	Chief Executive Officer
	
	ARS PHARMACEUTICALS, INC.
		
	By:	 	 /s/ Richard E. Lowenthal

		 	Richard E. Lowenthal
		 	President and Chief Executive Officer

 SIGNATURE PAGE TO FIRST
AMENDMENT 
 TO LICENSE AGREEMENT 

 SECOND AMENDMENT TO 

LICENSE AGREEMENT 
 This
Second Amendment to License Agreement (this “Second Amendment”) is made and effective as of January 6, 2021 (the “Second Amendment Date”) by and between AEGIS THERAPEUTICS, LLC, a California limited
liability company (“AEGIS”), and ARS PHARMACEUTICALS, INC., a Delaware corporation (“ARS” and together with AEGIS, the “Parties”). 

RECITALS 

WHEREAS, AEGIS and ARS are parties to that certain License Agreement dated June 18, 2018 (the
“Agreement”) and certain First Amendment to the License Agreement dated July 15, 2020 (the “First Amendment”); 

WHEREAS, the First Amendment provides that the royalties payable to AEGIS under the Agreement are adjusted when net
sales payments to ARS from its sublicensees in certain countries are below a specific threshold as calculated in the First Amendment. 

WHEREAS, AEGIS and ARS now wish to amend the Agreement to modify the provisions of the Agreement regarding the list of
countries to which the First Amendment is applicable on the terms and subject to the conditions set forth herein. 

AGREEMENT 

NOW, THEREFORE, for and in consideration of the mutual covenants contained herein, AEGIS and ARS hereby
agree as follows: 
 1. Defined Terms. Capitalized terms used but not otherwise defined in this Second Amendment shall have the meanings
provided in the Agreement and the First Amendment 
 2. Section 4.4.8 of the Agreement is hereby amended with the addition of the following
underlined text to expand the list of countries to include China. For avoidance of doubt, only this underlined text below, and no other language in either the Agreement or First Amendment, is agreed to be amended herein. 

4.4.8 In the event that the amount of (a) any payments [***] required to be paid by an ARS sublicensee to ARS or any of
its Affiliates based on the Net Sales of any Product in any country in China (which includes China, Hong Kong, Macau and Taiwan) , Europe (which includes Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia,
Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Russia and the Commonwealth of Independent States, Romania, Slovakia, Slovenia, Spain,
Sweden, Switzerland, Turkey, Ukraine and the United Kingdom) by such sublicensee or its Affiliates or sublicensees in any Calendar Quarter (“Sublicensee Net Sales”) [***] 

  
 1 

 
[***] (“Sublicensee Sales-Based Profits”) is [***] as calculated pursuant to Sections 4.4.2 through 4.4.6 on such Sublicensee Net Sales, then, in lieu of such royalties payable
to AEGIS as calculated pursuant to Sections 4.4.2 through 4.4.6, the royalties payable to AEGIS for such [***] with respect to such Sublicensee Net Sales shall be [***] of such Sublicensee Sales-Based Profits for such [***]. During each [***], such
calculation shall be performed and shall be included in each royalty report provided pursuant to Section 4.5 and the applicable royalty shall be paid for such [***]. For the avoidance of doubt, the maximum royalty payable to AEGIS under this
Section 4.4 is [***] of Annual Net Sales of Products, on a country-by- country and
Product-by-Product basis. An example of such calculation is set forth on Exhibit D, attached hereto. For purposes of this Section 4.4.8, “COGS” shall
mean, with respect to any Product, and [***]: (i) in the case of products and services acquired from Third Parties relating directly to the manufacture of such Product, including quality control and quality assurance services, freight, shipping and
warehousing payments made to such Third Parties, [***]; and (ii) in the case of manufacturing services performed by a ARS or its Affiliate, including manufacturing services to support products and services acquired from Third Parties as
contemplated in subsection [***]. “Actual Unit Costs” shall mean [***]. “Direct Material Costs” shall mean the [***]. “Direct Labor Costs” shall mean [***]. “Manufacturing Overhead” attributable to such
Product (in bulk or finished form) shall mean [***].” 
 3. Effectiveness of Agreement. Except as expressly amended by this Second
Amendment, the Agreement shall remain in full force and effect in accordance with its terms. 
 4. Counterparts. This Second Amendment may be
executed in counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original, and all of which counterparts, taken together, shall constitute one and the same instrument even if both Parties have not
executed the same counterpart. Signatures provided by facsimile transmission or by email of a .pdf attachment shall be deemed to be original signatures. 

[Remainder of this page intentionally blank.] 

  
 2 

 IN WITNESS WHEREOF, each Party has
caused this Second Amendment to be duly executed by its authorized representative under seal, in duplicate as of the Second Amendment Date. 
  

			
	AEGIS THERAPEUTICS, LLC
		
	By:	 	 /s/ Craig Chambliss

		 	Craig Chambliss
		 	Chief Executive Officer
	
	ARS PHARMACEUTICALS, INC.
		
	By:	 	 /s/ Richard E. Lowenthal

		 	Richard E. Lowenthal
		 	President and Chief Executive OfficerEX-10.2

 Exhibit 10.2 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], 

HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE 

REGISTRANT TREATS AS PRIVATE AND CONFIDENTIAL. 

COLLABORATION AND LICENSE AGREEMENT 

THIS COLLABORATION AND LICENSE AGREEMENT (the
“Agreement”) is entered into as of April 30, 2020 (the “Effective Date”), by and between ARS PHARMACEUTICALS, INC., a Delaware corporation
(“ARS”), having an address of 3525 Del Mar Heights Rd., #855, San Diego, CA 92130, U.S., and ALFRESA PHARMA CORPORATION, a corporation organized under the
laws of Japan (“ALFRESA”), having an address of 2-2-9 Kokumachi, Chuo-ku, Osaka 540-8575, Japan. ARS and ALFRESA may be referred to herein individually as a “Party” or collectively as the “Parties”. 

RECITALS 

WHEREAS, ARS is developing its proprietary Composition referred to as
ARS-1, and owns or Controls certain ARS Technology (as each of these capitalized terms is defined below) relating to such Composition; 

WHEREAS, ALFRESA is engaged in the research, development and commercialization of pharmaceutical
products; and 
 WHEREAS, ALFRESA desires to obtain from ARS, and ARS desires to grant to ALFRESA, an
exclusive license to develop, register, import, manufacture and commercialize products containing ARS-1 in the ALFRESA Territory (as defined below), all subject to the terms and conditions of this Agreement.

 AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants
contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, ARS and ALFRESA hereby agree as follows: 
  

	1.	 DEFINITIONS 

1.1 “Affiliate” means, with respect to a Party, any entity that, directly or indirectly through one or more
intermediaries, controls, is controlled by or is under common control with such Party, but for only so long as such control exists. As used in this Section 1.1, “control” means (a) to possess,
directly or indirectly, the power to direct the management or policies of an entity, whether through ownership of voting securities, or by contract relating to voting rights or corporate governance; or (b) direct or indirect beneficial
ownership of more than fifty percent (50%) of the voting share capital or other equity interest in such entity. Notwithstanding the foregoing, for the purpose of this Agreement, as for ALFRESA, ALFRESA’s Affiliate or Affiliate of ALFRESA as the
case may be, shall only mean an entity which ALFRESA controls, and entities which control ALFRESA or which are under the common control with ALFRESA shall be excluded from ALFRESA’s Affiliates or Affiliates of ALFRESA as the case may be, except
that if ALFRESA is involved in a merger or acquisition transaction, then any such entity which controls or is under common control with ALFRESA after such merger or acquisition transaction and is engaged in the research, Development, manufacture,
testing, use, or importation, offer for sale or sale of any Composition or Product in the Territory shall be included as an Affiliate of ALFRESA.. 

1.2 “ALFRESA Data” has the meaning set forth in Section 10.1(a). 

1.3 “ALFRESA Indemnitee” has the meaning set forth in Section 12.1. 

1.4 “ALFRESA Know-How” means all
Know-How that ALFRESA or its Affiliates Control as of the Effective Date or during the Term that is necessary or reasonably useful for the research, Development, manufacture, testing, use, or importation of
any Composition, or the research, Development, manufacture, use, importation, offer for sale or sale of any Product, in each case in the Field. The ALFRESA Know-How includes the ALFRESA Data. 

  
 1 

 1.5 “ALFRESA Patents” means all Patents that ALFRESA or its
Affiliates Control as of the Effective Date or during the Term that would be infringed, absent a license or other right to practice granted under such Patents, by the research Development, manufacture, testing, use, or importation of any
Composition, or the research Development, manufacture, use, importation, offer for sale or sale of any Product, in each case in the Field (considering, for this purpose, pending patent applications to be issued with the then-pending claims). 

1.6 “ALFRESA Technology” means the ALFRESA Know-How and the ALFRESA
Patents, including ALFRESA’s interest in the Joint Inventions and Joint Patents. 
 1.7 “ALFRESA
Territory” means Japan. 
 1.8 “Alliance Manager” has the meaning set forth in
Section 3.7. 
 1.9 “Applicable Laws” means the applicable provisions of any and
all national, supranational, regional, state and local laws, treaties, statutes, rules, regulations, administrative codes, guidance, ordinances, judgments, decrees, directives, injunctions, orders, permits (including MAAs) of or from any court,
arbitrator, Regulatory Authority or governmental agency or authority having jurisdiction over or related to the subject item. 
 1.10
“ARS Collaborator” means any Third Party licensee of ARS with respect to the Development and Commercialization of Compositions and Products in any country outside the ALFRESA Territory. 

1.11 “ARS Data” has the meaning set forth in Section 10.1(a). 

1.12 “ARS Indemnitee” has the meaning set forth in Section 12.2. 

1.13 “ARS Know-How” means all
Know-How that ARS Controls as of the Effective Date or during the Term, including the Joint Inventions, that is necessary or reasonably useful for the research, Development, manufacture, testing, use, or
importation of any Composition, or the research, Development, manufacture, testing, use, or importation, offer for sale or sale of any Product, in each case in the Field in the ALFRESA Territory. The ARS
Know-How includes the ARS Data. For clarity, the ARS Know-How includes the know-how and data of ARS’s CMO to the extent that
these are necessary or reasonably useful for the manufacture of any Composition or Product; provided such Know-How is in ARS’s possession and ARS has the legal right to transfer such Know-How. 
 1.14 “ARS Patents” means all Patents in the ALFRESA Territory
that ARS Controls as of the Effective Date or during the Term that would be infringed, absent a license or other right to practice granted to ALFRESA under such Patents, by the research, Development, manufacture, use, or importation of any
Composition, or research, Development, manufacture, use, importation, offer for sale or sale of any Product, in the Field in the ALFRESA Territory (considering patent applications to be issued with the then-pending claims). The ARS Patents existing
as of the Effective Date are set forth in Exhibit 1 hereof. Such list may be amended and updated from time to time when a new ARS Patent subject to the license contemplated under this Agreement is filed. 

1.15 “ARS Technology” means the ARS Know-How, the ARS Patents,
including ARS’s interest in the Joint Inventions and Joint Patents. 
 1.16 “Business Day” means a day
other than a Saturday, Sunday or a bank or other public holiday in California, United States or in Osaka, Japan. 
 1.17
“Calendar Quarter” means each respective period of three (3) consecutive months ending on March 31, June 30, September 30, or December 31. 

  
 2 

 1.18 “Calendar Year” means each respective period of twelve
(12) consecutive months ending on December 31. 
 1.19 “Claim” has the meaning set forth in
Section 12.3. 
 1.20 “CMC” means chemistry, manufacturing, and control. 

1.21 “CMO” means a Third-Party company who has contracted with either Party to Manufacture, or engage in
Manufacturing activities, of Composition or the Product. 
 1.22 “Commercial Strategy” has the meaning set
forth in Section 6.1. 
 1.23 “Commercial Supply Agreement” has the meaning set
forth in Section 7.2(a). 
 1.24 “Commercialization” means the conduct of all
activities undertaken before and after Regulatory Approval relating to the promotion, marketing, sale and distribution (including importing, exporting, transporting, customs clearance, warehousing, invoicing, handling and delivering Products to
customers) of Products in the Field [***] including: (i) sales force efforts, detailing, advertising, medical education, planning, marketing, sales force training, and sales and distribution; (ii) scientific and medical affairs; and
(iii) post- approval clinical trials. “Commercialize” and “Commercializing” have correlative meanings. 

1.25 “Commercialization Plan” has the meaning set forth in Section 6.2. 

1.26 “Commercially Reasonable Efforts” means [***]. 

1.27 “Committee” means the JSC, JDC, JCC or any subcommittee established by the JSC, as applicable. 

1.28 “Composition” means (a) the combination of epinephrine + [***], or (b) [***]. 

1.29 “Confidential Disclosure Agreement” means that certain Confidential Disclosure Agreement between ARS and
ALFRESA dated as of [***]. 
 1.30 “Confidential Information” means all
Know-How and other proprietary scientific, marketing, financial or commercial information or data that is not publicly available, and that is generated by or on behalf of a Party or its Affiliates or which one
Party or any of its Affiliates has supplied or otherwise made available to the other Party or its Affiliates, whether made available orally, in writing, or in electronic or visual form, including information comprising or relating to concepts,
discoveries, inventions, data, designs or formulae in relation to this Agreement. All ARS Technology will be ARS’s Confidential Information, all ALFRESA Technology will be deemed ALFRESA’s Confidential Information, and all Joint Inventions
and Joint Patents will be deemed both Parties’ Confidential Information. 

  
 3 

 1.31 “Control” or “Controlled” means,
with respect to any Know-How, Patents or other intellectual property rights, the legal authority or right (whether by ownership, license or otherwise but without taking into account any rights granted by one
Party to the other Party pursuant to this Agreement) of a Party to grant access, a license or a sublicense of or under such Know-How, Patents or other intellectual property rights to the other Party, or to
otherwise disclose proprietary or trade secret information to such other Party, without breaching the terms of any agreement with a Third Party, or misappropriating the proprietary or trade secret information of a Third Party. 

1.32 “Cost of Goods” means, with respect to any Composition or Product, the [***] cost and expense to
manufacture or supply such Composition or Product, which means: (a) in the case of products and services acquired from Third Parties, [***]; and (b) in the case of manufacturing services performed by a Party or its Affiliates, including
manufacturing services to support products and services acquired from Third Parties as contemplated in subsection (a), [***]. Actual unit costs shall consist of [***], all calculated in accordance with U.S. generally accepted accounting
principles. Direct material costs shall include [***]. Direct labor costs shall include the cost of: [***] and [***]. Manufacturing overhead attributable [***]. 

1.33 “Data” means any and all scientific, technical, test, marketing or sales data pertaining to any
Composition or Product that is generated by or on behalf of ALFRESA or its Affiliates or Sublicensees, or by or on behalf of ARS or its Affiliates or, to the extent Controlled by ARS with a right to disclose to ALFRESA, ARS Collaborators, including
research data, clinical pharmacology data, CMC data (including analytical, manufacturing and quality control data and stability data), pre-clinical data, clinical data or submissions made in association with
an IND or MAA with respect to any Product. 
 1.34 “Develop” means to develop (including clinical, non-clinical and CMC development), analyze, test and conduct preclinical, clinical and all other regulatory trials for Product, [***]. “Developing” and “Development”
have correlative meanings. 
 1.35 “Development Costs” means those [***] costs reasonably documented
and actually incurred by or on behalf of a Party or any of its Affiliates in performing its obligations under and in accordance with the Agreement, that are [***]. These costs include [***].

1.36 “Development Plan” is described in Section 4.2. 

1.37 “Development Supply Agreement” has the meaning set forth in Section 7.1(a). 

  
 4 

 1.38 “Debarred” has the meaning set forth in
Section 11.2(b). 
 1.39 “Discontinued ARS Patent” has the meaning set forth in
Section 10.2(a)(ii). 
 1.40 “Discontinued ALFRESA Patent” has the meaning set
forth in Section 10.2(b)(ii). 
 1.41 “Discontinued Joint Patent” has the meaning
set forth in Section 10.2(c)(ii). 
 1.42 “Drug Product” has the meaning set forth
in Section 7.1(a). 
 1.43
“EPI-JP-01 Study” means the clinical trial conducted by ARS under the
EPI-JP-01 protocol synopsis that was provided to ALFRESA prior to the Effective Date. 

1.44 “EU” means the European Union and the United Kingdom. 

1.45 “Excluded Claim” has the meaning set forth in Section 15.3(f). 

1.46 “Exclusive License” has the meaning set forth in Section 2.1(a). 

1.47 “Executive Officers” has the meaning set forth in Section 3.5. 

1.48 “Export Control Laws” means all applicable U.S. laws and regulations relating to (a) sanctions and
embargoes imposed by the Office of Foreign Assets Control of the U.S. Department of Treasury or (b) the export or re-export of commodities, technologies, or services, including the Export Administration
Act of 1979, 24 U.S.C. §§ 2401-2420, the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701-1706, the Trading with the Enemy Act, 50U.S.C. §§ 1 et. seq., the Arms Export Control Act, 22 U.S.C. §§
2778 and 2779, and the International Boycott Provisions of Section 999 of the U.S. Internal Revenue Code of 1986 (as amended). 

1.49 “FCPA” means the U.S. Foreign Corrupt Practices Act (15 U.S.C.
Section 78dd-1, et. seq.), as amended; the UK Anti-Bribery Act, and all applicable local anti-bribery laws and regulations. 

1.50 “FDCA” has the meaning set forth in Section 11.2(b). 

1.51 “Field” means the treatment, management, prophylaxis or diagnosis of any diseases in humans. 

1.52 “First Commercial Sale” means, on a
Product-by-Product and country-by-country basis, the first sale by ALFRESA or any of its
Affiliates or Sublicensees to a Third Party for end use or consumption of a Product in the ALFRESA Territory after Regulatory Approval has been granted with respect to such Product in such country. Any sale of Product by a ALFRESA to its Affiliate
or Sublicensee shall not constitute a First Commercial Sale unless there is no subsequent resale of such Product by such Affiliate or Sublicensee. 

1.53 “GAAP” means the generally accepted accounting principles of the applicable country or jurisdiction,
consistently applied. 
 1.54 “Global Trial” means a clinical trial designed to obtain data to be used to
support filing for and obtaining Regulatory Approval of a Product in the Field in both (a) Japan and (b) either the U.S. or EU. 

1.55 “Governmental Authority” means any national, international, federal, state, provincial or local
government, or political subdivision thereof, or any multinational organization 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). 

  
 5 

 1.56 “ICH” means the International Conference on
Harmonization of Technical Requirements for Registration of Pharmaceuticals for Human Use. 
 1.57 “IND”
means an investigational new drug application or equivalent application filed with the applicable Regulatory Authority, which application is required to commence human clinical trials in the applicable country. 

1.58 “Indemnitee” has the meaning set forth in Section 12.3. 

1.59 “Indemnitor” has the meaning set forth in Section 12.3. 

1.60 “Infringement Claim” has the meaning set forth in Section 10.5. 

1.61 “Initiation” means, with respect to a clinical trial, the first dosing of the first subject in such
clinical trial. 
 1.62 “Inventions” means all inventions, whether or not patentable, discovered, made or
conceived as a result of performance of activities contemplated by this Agreement. 
 1.63 “JCC” and
“Joint Commercialization Committee” has the meaning set forth in Section 3.3. 

1.64 “JDC” and “Joint Development Committee” has the meaning set forth in
Section 3.2. 
 1.65 “Joint Invention” means any Invention discovered, made or
conceived jointly by one (1) or more employees or contractors of ALFRESA or its Affiliates and by one (1) or more employees or contractors of ARS. 

1.66 “Joint Patent” means any Patent to the extent it claims any Joint Invention. 

1.67 “JSC” and “Joint Steering Committee” has the meaning set forth in
Section 3.1. 
 1.68 “Know-How” means all
technical information, know-how and data, including inventions, discoveries, trade secrets, specifications, instructions, processes, formulae, compositions of matter, cells, cell lines, assays, animal models
and other physical, biological, or chemical materials, expertise and other technology applicable to formulations, compositions or products or to their manufacture, development, registration, use or marketing or to methods of assaying or testing them
or processes for their manufacture, formulations containing them or compositions incorporating or comprising them, and including all biological, chemical, pharmacological, biochemical, toxicological, pharmaceutical, physical and analytical, safety,
quality control, manufacturing, nonclinical and clinical data, regulatory documents, data and filings, instructions, processes, formulae, expertise and information, relevant to the research, development, manufacture, use, importation, offering for
sale or sale of, or which may be useful in studying, testing, developing, producing or formulating, products, or intermediates for the synthesis thereof. Know-How excludes Patents. 

1.69 “Losses” has the meaning set forth in Section 12.1. 

1.70 “MAA” means a marketing authorization application or equivalent application, and all amendments and
supplements thereto, filed with the applicable Regulatory Authority in any country or jurisdiction. 
 1.71
“Manufacture” or “Manufacturing” shall mean the activities required to manufacture Compositions or Products by ARS, itself or through its Affiliate or CMO, including test method development and
stability testing, formulation development, process development, manufacturing scale up, process validation, the manufacturing of the starting material, fill and finish activities and quality assurance/quality control. 

  
 6 

 1.72 “Manufacturing License Condition” means any event
identified in Section 2.1(b). 
 1.73 “Materials” has the meaning set forth in
Section 4.7. 
 1.74 “MHLW” means the Ministry of Health, Labour and Welfare, or
any successor agency thereto having the administrative authority to regulate the marketing of human pharmaceutical products or biological therapeutic products in Japan. 

1.75 “Milestone Event” means any event identified in Section 8.2. 

1.76 “Milestone Payment” means any payment identified in Section 8.2 to be made by
ALFRESA to ARS on the occurrence of a Milestone Event. 
 1.77 “NHI” means the National Health
Insurance system insurance programs, or any successor agency having the administrative authority to regulate the pricing and reimbursement of human pharmaceutical products or biological therapeutic products in Japan. 

1.78 “Patents” means (a) all national, regional and international patents, certificates of invention,
applications for certificates of invention, priority patent filings and patent applications, and (b) any renewals, divisions, continuations (in whole but not in part), or requests for continued examination of any of such patents, certificates
of invention and patent applications, and any all patents or certificates of invention issuing thereon, and any and all reissues, reexaminations, extensions, divisions, renewals, substitutions, confirmations, registrations, revalidations, revisions,
and additions of or to any of the foregoing. 
 1.79 “PMDA” means the Pharmaceuticals and Medical Devices
Agency or any successor thereto. 
 1.80 “Pricing and Reimbursement Approval” means, with respect to a
Product, the approval, agreement, determination or decision of any Regulatory Authority establishing the price or level of reimbursement for such Product, as required in a given country or jurisdiction prior to sale of such Product in such
jurisdiction. 
 1.81 “Product” means any pharmaceutical product containing a Composition as an active
ingredient in any dosage form or formulation. 
 1.82 “Provisional Exclusive License” has the meaning set
forth in Section 2.1(a). 
 1.83 “Public Official or Entity” means (a) any
officer, employee (including physicians, hospital administrators, or other healthcare professionals), agent, representative, department, agency, de facto official, representative, corporate entity, instrumentality or subdivision of any government,
military or international governmental organization, including any ministry or department of health or any state-owned or affiliated company or hospital, or (b) any candidate for political office, any political party or any official of a
political party. 
 1.84 “Regulatory Approval” means any and all approvals, licenses, registrations, permits,
notifications and authorizations (or waivers) of any Regulatory Authority that are necessary for the manufacture, use, storage, import, transport, promotion, marketing, distribution, offer for sale, sale or other commercialization of a Product in
any country or jurisdiction. 
 1.85 “Regulatory Authority” means any Governmental Authority that has
responsibility in its applicable jurisdiction over the testing, development, manufacture, use, storage, import, transport, promotion, marketing, distribution, offer for sale, sale or other commercialization of pharmaceutical products in a given
jurisdiction, including the MHLW and PMDA in Japan. For countries where governmental approval is required for pricing or reimbursement for a pharmaceutical product to be reimbursed by national health insurance (or its local equivalent), Regulatory
Authority shall also include any Governmental Authority whose review or approval of pricing or reimbursement of such product is required. 

  
 7 

 1.86 “Regulatory Filing” means all applications, filings,
submissions, approvals, licenses, registrations, permits, notifications and authorizations (or waivers) with respect to the testing, Development, manufacture or Commercialization of any Product made to or received from any Regulatory Authority in a
given country, including any INDs and MAAs. 
 1.87 “Safety Data” means Data related solely to any adverse
drug experiences and serious adverse drug experience as such information is reportable to Regulatory Authorities in or outside the ALFRESA Territory. Safety Data also includes “adverse events”, “adverse drug
reactions” and “unexpected adverse drug reactions” as defined in the ICH Harmonised Tripartite Guideline for Clinical Safety Data Management: Definitions and Standards for Expedited Reporting. 

1.88 “SEC” means the U.S. Securities and Exchange Commission, or any successor entity. 

1.89 “[***]” has the meaning set forth in Section 15.3(a). 

1.90 “[***]” has the meaning set forth in Section 15.3(a). 

1.91 “Sublicensee” means a Third Party to whom ALFRESA grants a sublicense to research, Develop, make, have
made, use, import, promote, distribute, offer for sale or sell any Product in the Field in the ALFRESA Territory (either independently from or in cooperation with ALFRESA), beyond the mere right to purchase Products from ALFRESA and its Affiliates.
In no event shall ARS or any of its Affiliates be deemed a Sublicensee. 
 1.92 “Tax Withholding Avoidance
Documents” means documents prepared by ARS in order for ARS obtain benefits under any applicable tax treaty, including the reduction or exemption from any withholding tax and the procurement of any available tax refunds, as described in
Section 9.2(b). 
 1.93 “Term” has the meaning set forth in
Section 14.1. 
 1.94 “Third Party” means any entity other than ARS or ALFRESA or
an Affiliate of ARS or ALFRESA, respectively. 
 1.95 “Transfer Price” means any event identified in
Section 7.2(a). 
 1.96 “U.S.” means the United States of America, including its
territories and possessions and the District of Columbia. 
 1.97 “Valid Claim” means (a) a claim of an
issued and unexpired patent that has not been revoked or held unenforceable, unpatentable or invalid by a decision of a court or other governmental agency of competent jurisdiction that is not appealable or has not been appealed within the time
allowed for appeal, and that has not been abandoned, disclaimed, denied or admitted to be invalid or unenforceable through reissue, re-examination or disclaimer or otherwise, or (b) a claim of a pending
patent application that has not been cancelled, withdrawn or abandoned or finally rejected by an administrative agency action from which no appeal can be taken. 
  

	2.	 GRANT OF LICENSES 

2.1 Licenses Granted to ALFRESA. Subject to the terms and conditions of this Agreement, ARS hereby grants to ALFRESA, as for ARS
Patents until expiration of the last-to-expire Valid Claim in such ARS Patents, and as for ARS Technology other than ARS Patents, during the Term: 

  
 8 

 (a) exclusive (even as to ARS, except as expressly set forth herein), royalty-bearing
licenses, which are defined as “Kari Senyou Jisshi Ken” in Article 34.2 of the Japanese Patent Act (hereinafter referred to as the “Provisional Exclusive License”) and “Senyou Jisshi Ken” in Article 77 of
the Japanese Patent Act (hereinafter referred to as the “Exclusive License”) with the right to grant sublicenses as provided in Section 2.2, under the ARS Technology to Develop, use and import
Compositions and Products in the Field and in the ALFRESA Territory and to promote, distribute, offer for sale and sell Products in the Field and in the ALFRESA Territory, which license includes the rights (i) to incorporate ARS Data in
Regulatory Filings with Regulatory Authorities in the ALFRESA Territory or in Commercialization materials and (ii) to cross-reference Regulatory Filings Controlled by ARS outside the ALFRESA Territory, in each case (i) and (ii) solely for
the purposes of (A) obtaining Regulatory Approval for Products in the Field in the ALFRESA Territory or (B) supporting Commercialization activities for Products in the Field in the ALFRESA Territory. 

(b) a non-exclusive, royalty-bearing license, with the right to grant sublicenses as provided
in Section 2.2 only to a Sublicensee that is granted a sublicense to Manufacture and Commercialize Products under the license granted in Section 2.1(a), under the ARS Technology to make and have
made Compositions and Products in the ALFRESA Territory pursuant to Section 7.2, 7.3 and 7.3, solely for the purpose of exercising the license in the ALFRESA Territory as granted in Section 2.1(a);
provided that the license in this Section 2.1(b) shall be subject to and effective only upon satisfaction of the following conditions: (i) demonstration by ALFRESA to the reasonable satisfaction of ARS that ALFRESA or
its Affiliate or CMO is able to manufacture Compositions and Products in a manner and at a level of quality that is no less than the manner and quality of manufacture of Compositions and Products by ARS or its Affiliates or CMOs; and
(ii) ALFRESA and ARS agree in writing to an amendment to this Agreement and the Commercial Supply Agreement that provides for payment by ALFRESA to ARS of a royalty payment for sales of Products in the ALFRESA Territory that is economically
equivalent to and in lieu of the payment of the Transfer Price (the “Manufacturing License Conditions”). 

(c) a non-exclusive, royalty-bearing license, with the right to grant sublicenses as provided
in Section 2.2 only to a Sublicensee that is granted a sublicense to Manufacture and Commercialize Products under the license granted in Section 2.1(a), under the ARS Technology to make and have
made Compositions and Products outside the ALFRESA Territory solely for the purpose of exercising the license in the ALFRESA Territory as granted in Section 2.1(a); provided that (i) the license in this
Section 2.1(c) shall be subject to and effective only upon satisfaction of the Manufacturing License Conditions; (ii) ALFRESA must obtain prior written approval from ARS when ALFRESA intends to manufacture or have
manufactured Compositions and Products outside the ALFRESA Territory; and (iii) neither ALFRESA nor any of its Affiliates or Sublicensees shall promote, distribute, sell or offer for sale any of the Composition and Products manufactured by or
for ALFRESA or its Affiliates or Sublicensees to any Third Party outside the ALFRESA Territory or any Third Party that to the knowledge of ALFRESA intends to use, promote distribute, sell or offer for sale such Composition and Products outside the
ALFRESA Territory. 
 (d) ALFRESA may, alone, apply for the registration of the Provisional Exclusive License and Exclusive License
on ARS Patents to the Japan Patent Office pursuant to the terms and conditions of this Agreement and ARS shall agree and approve such application and registration. All the fees and costs for such registration and application shall be borne by [***].
ARS shall cooperate with ALFRESA in the application and registration of the Provisional Exclusive License and Exclusive License and concurrently with the execution of this Agreement, shall provide all the documents (including but not limited to the
approval for such registration and application by the joint patent holder of ARS Patents) necessary for such application for registration. 

  
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 2.2 Sublicenses. ALFRESA shall have the right to grant sublicenses under the
licenses granted in Section 2.1 (i) to any Affiliate with the prior written notice to ARS, and (ii) to any Third Party in the ALFRESA Territory with the prior written consent of ARS, which consent shall be made or
denied by ARS within [***] of ALFRESA’s written request, [***]. All sublicenses granted under the licenses granted in Section 2.1 shall be in writing and shall be subject to, and consistent with, the terms and
conditions of this Agreement. ALFRESA shall be responsible for the compliance of its Sublicensees with the terms and conditions of this Agreement. When ALFRESA requests ARS’s consent to any sublicense, ALFRESA shall provide ARS with a full and
complete copy of such sublicense agreement. ALFRESA may redact from the copy of the sublicense agreement any financial terms and other conditions therein which shall not be necessary to verify the compliance with the terms and conditions of this
Agreement. Within [***] after entering into any such sublicense, ALFRESA shall deliver a fully executed and redacted (to the extent necessary) copy of the agreement to ARS. 

2.3 Licenses Granted to ARS. Subject to the terms and conditions of this Agreement, ALFRESA hereby grants to ARS: 

(a) an exclusive (even as to ALFRESA and its Sublicensees, except as expressly set forth herein and to the extent permitted by
Applicable Law), royalty-free, fully-paid, irrevocable, perpetual license, with the right to sublicense through multiple tiers, under the ALFRESA Technology to research, Develop, make, have made, use, import, promote, sell and offer for sale
Compositions and Products in the Field outside the ALFRESA Territory, which license includes the rights (i) to incorporate ALFRESA Data in Regulatory Filings with Regulatory Authorities outside the ALFRESA Territory and (ii) to
cross-reference Regulatory Filings Controlled by ALFRESA in the ALFRESA Territory, in each case solely for the purpose of (A) obtaining Regulatory Approval for Products in the Field outside the ALFRESA Territory or (B) supporting
Commercialization activities for Products in the Field outside the ALFRESA Territory; and 
 (b) a
non-exclusive, royalty-free, fully-paid, irrevocable, perpetual license, with the right to sublicense through multiple tiers, under the ALFRESA Technology to make and have made Compositions and Products in the
ALFRESA Territory solely for the purpose of exercising the license granted in Section 2.3(a) and the reserved rights in Section 2.4. 

2.4 Reserved Rights. ARS hereby expressly reserves (a) all rights to practice, and to grant licenses under, the ARS
Technology outside of the scope of the licenses granted in Section 2.1, for any and all purposes, (b) the right to conduct all activities to be conducted by ARS as contemplated by this Agreement, and as contemplated by
the Supply Agreement, and (c) the right to manufacture Compositions and Products in the ALFRESA Territory. Provided, that ARS must obtain prior written approval from ALFRESA when ARS intends to manufacture Composition and Products in the
ALFRESA Territory and that ARS shall not promote, distribute, sell or offer for sale any of the Composition and Products manufactured by or for ARS or its Affiliates or sublicensee to any Third Party in the ALFRESA Territory or any Third Party that,
to the knowledge of ARS, intends to use, promote, distribute, sell or offer for sale such Composition and Products in the ALFRESA Territory. Subject only to the rights expressly granted under Section 2.3, ALFRESA hereby
expressly reserves all rights to practice, and to grant licenses under, the ALFRESA Technology for any and all purposes. 
 2.5 No
Implied Licenses; Negative Covenant. Except as set forth in this Agreement, neither Party shall acquire any license or other intellectual property interest, by implication or otherwise, under or to any Patents,
Know-How or other intellectual property owned or controlled by the other Party. Neither Party shall, nor shall it permit any of its Affiliates or sublicensees to, practice any Patents or Know-How licensed to it by the other Party outside the scope of the licenses granted to it under this Agreement. 

  
 10 

 2.6 Disclosure of Know-How. ARS shall
[***] disclose and make available to ALFRESA, in whatever form ALFRESA may reasonably request (including by providing copies thereof), all ARS Know-How not previously provided to ALFRESA, promptly after the
earlier of the development, making, conception or reduction to practice of such ARS Know-How. ALFRESA shall and shall cause its Affiliates to [***] disclose and make available to ARS, in whatever form ARS may
reasonably request (including by providing copies thereof), any ALFRESA Know-How not previously provided to ARS, promptly after the earlier of the development, making, conception or reduction to practice of
such ALFRESA Know-How. 
  

	3.	 GOVERNANCE 

3.1 Joint Steering Committee. Promptly after the Effective Date, the Parties shall establish a joint steering committee (the
“Joint Steering Committee” or the “JSC”), composed of [***] of senior officers of each Party (initially [***]) to oversee and guide the strategic direction of the collaboration of the Parties under
this Agreement. The JSC shall in particular: 
 (a) coordinate the activities of the Parties under this Agreement, and provide a
forum for and facilitate communications between the two Parties under this Agreement; 
 (b) discuss and determine a strategy for the
Development and Commercialization of the Product in the ALFRESA Territory, and approve any (i) Development Plans, and ii) amendments to the Development Plan (including budgets therein); 

(c) review and coordinate strategy for Regulatory Filings for the Product in the ALFRESA Territory; 

(d) review and discuss the Commercialization Plan for Commercialization of the Product in the ALFRESA Territory; 

(e) facilitate exchange of ARS Data and ALFRESA Data; 

(f) direct and oversee operation of the JDC, JCC and any other joint subcommittee established by the JSC including attempts to resolve
any disputed matters of these committees; and 
 (g) perform such other functions as appropriate to further the purpose of this
Agreement, as expressly set forth in the Agreement or allocated to it by the Parties’ written agreement. 
 3.2 Joint
Development Committee. Promptly after the Effective Date, the Parties shall establish a joint development committee (the “Joint Development Committee” or the “JDC”), composed of [***]
representatives of each Party, to review and discuss the Development of Compositions and Products in the Field in the ALFRESA Territory (and if applicable pursuant to Section 3.3, outside the ALFRESA Territory for the
purpose of Regulatory Approval in the ALFRESA Territory), at the operational level. Each JDC representative shall have knowledge and expertise in the clinical development of products similar to Products. The JDC shall in particular: 

(a) coordinate and monitor the Development activities of the Parties, and report to the JSC on all significant Development activities
in the ALFRESA Territory; 
 (b) provide a forum for and facilitate communications and coordination between the Parties with respect
to the Development of Products in the ALFRESA Territory; 
 (c) review and approve any clinical trial protocols for the Products in
the ALFRESA Territory, including investigator-initiated clinical trial plans and protocols, and statistical analysis plans (and any amendments thereto); 

(d) review Data from clinical trials of the Product, including the
EPI-JP-01 Study; 

  
 11 

 (e) review the status of Product manufacturing and supply activities associated with
Development activities in the ALFRESA Territory; 
 (f) provide a forum for evaluation of Japanese regulatory actions, communications
and submissions for the Products, and pharmacovigilance and safety matters in Japan; and 
 (g) perform such other functions as may
be appropriate to further the purposes of this Agreement with respect to the activities leading up to Commercialization of Products, including endeavoring to resolve any disputes between the Parties arising from the deliberations of the JDC, or as
otherwise directed by the JSC. 
 3.3 Joint Commercialization Committee. At a time to be determined by the JSC but in no event
later than the commencement of the first filing of an MAA in the ALFRESA Territory, the Parties shall establish a joint commercialization committee (the “Joint Commercialization Committee” or the
“JCC”), composed of [***] representatives of each Party, to monitor and discuss the Commercialization of Products in the Field in the ALFRESA Territory at the operational level. Each JCC representative shall have knowledge
and expertise in the commercialization of products similar to Products. The JCC shall in particular: 
 (a) report to the JSC on
significant Commercialization activities by ALFRESA in the ALFRESA Territory; 
 (b) review and recommend the Commercialization Plans
and related activities; 
 (c) provide a forum for and facilitate communications and coordination between Parties with respect to
Commercialization in the ALFRESA Territory; 
 (d) review the status of material Product manufacturing and supply activities and
strategies associated with Commercialization in the ALFRESA Territory; 
 (e) review and discuss the major findings of ALFRESA’s
market research with respect to any Product in the ALFRESA Territory, if any; 
 (f) review and discuss the branding and product
positioning strategy for Products in the ALFRESA Territory and evaluate ALFRESA’s brand strategy for the Product in the ALFRESA Territory for consistency with the then-current global brand strategy for the Product; 

(g) discuss Product list price and status of reimbursement in the ALFRESA Territory; 

(h) perform such other functions as may be appropriate to further the purposes of this Agreement with respect to the Commercialization
of Products in the ALFRESA Territory, including endeavoring to resolve any disputes between the Parties arising from the deliberations of the JCC, or as otherwise directed by the JSC. 

3.4 Committee Membership and Meetings. 

(a) Committee Members. Each Committee representative shall have appropriate knowledge and expertise and sufficient seniority
within the applicable Party to make [***] arising within the scope of the applicable Committee’s responsibilities. Each Party may replace its representatives on any Committee on written notice to the other Party, but each Party shall strive to
maintain continuity in the representation of its Committee members. Each Party shall appoint [***] of its representatives on each Committee to act as a co-chairperson of such Committee. The co-chairpersons shall jointly prepare and circulate agendas to Committee members at least [***] before each Committee meeting and shall direct the preparation of reasonably detailed minutes for each Committee
meeting, which shall be approved by the co-chairpersons and circulated to Committee members within [***] of such meeting. 

  
 12 

 (b) Meetings. Each Committee shall hold meetings at such times as it elects to
do so, but in no event shall such meetings be held less frequently than [***], unless otherwise agreed by the Parties in writing. Upon reasonable written request by any Party to hold ad-hoc meetings, both
Parties agree to schedule such ad-hoc meetings within a reasonable time frame. Meetings of any Committee may be held in person, or by audio or video teleconference; provided that unless otherwise agreed by
both Parties, at least [***] per [***] for each Committee shall be held in person, and all in-person Committees shall be held at locations alternately selected by the Parties. Each Party shall be responsible
for all of its own expenses of participating in any Committee meetings. No action taken at any meeting of a Committee shall be effective unless at least one representative of each Party is participating. 

(c) Non-Member Attendance. Each Party may from time to time invite a reasonable number
of participants, in addition to its representatives, to attend the Committee meetings in a non-voting capacity; provided that if either Party intends to have any Third Party (including any consultant) attend
such a meeting, such Party shall provide at least [***] prior written notice to the other Party and obtain the other Party’s approval for such Third Party to attend such meeting [***]. Such Party shall ensure that such Third Party is bound by
confidentiality and non-use obligations consistent with the terms of this Agreement. 
 3.5
Decision-Making. All decisions of each Committee shall be made by [***], with each Party’s representatives collectively having [***] vote. If after reasonable discussion and good faith consideration of each Party’s view on a
particular matter before the JDC, JCC or another subcommittee of the JSC, the representatives of the Parties cannot reach an agreement as to such matter within [***] after such matter was brought to such Committee for resolution, such disagreement
shall be referred to the JSC for resolution. If after reasonable discussion and good faith consideration of each Party’s view on a particular matter before the JSC, the representatives of the Parties cannot reach an agreement as to such matter
within [***] after such matter was brought to the JSC for resolution or after such matter has been referred to the JSC, such disagreement shall be referred to the Chief Executive Officer of ARS and the Chief Executive Officer of ALFRESA or its
designee (collectively, the “Executive Officers”) for resolution as follows: 
 (a) If such matter relates to
[***], then the Executive Officers shall discuss in good faith a resolution of the matter that addresses both [***], and if the Executive Officers cannot resolve such matter within [***] after such matter has been referred to them, the [***] shall
be entitled to make the final decision regarding such matter; provided that such decision shall be made in good faith consideration of the other Party’s views on the matter, that such decision is not reasonably expected to directly affect
[***], and that such decision shall be consistent with the terms and conditions of this Agreement. 
 (b) If such matter relates to
[***], then the Executive Officers shall discuss in good faith a resolution of the matter, and if the Executive Officers cannot resolve such matter within [***] after such matter has been referred to them, the [***] shall be entitled to make the
final decision regarding such matter; provided that such decision shall be made in good faith consideration of the other Party’s views on the matter, that such decision is not reasonably expected to directly affect [***], and that such decision
shall be consistent with the terms and conditions of this Agreement. 
 3.6 Limitations on Authority. Each Committee shall
have only such powers as are expressly assigned to it in this Agreement, and such powers shall be subject to the terms and conditions of this Agreement. Without limiting the generality of the foregoing, no Committee will have the power to amend this
Agreement, and no decision of a Committee may be in contravention of any terms and conditions of this Agreement. 

  
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 3.7 Alliance Managers. Promptly after the Effective Date, each Party shall
appoint an individual to act as the alliance manager for such Party (the “Alliance Manager”). Each Alliance Manager shall be responsible for alliance management between the Parties on a day-to-day basis throughout the Term. Each Alliance Manager shall be permitted to attend meetings of the JSC and other Committees as appropriate as non-voting
participants. The Alliance Managers shall be the primary contact for the Parties regarding the day-to-day activities contemplated by this Agreement and shall facilitate
all such activities hereunder. Each Party may replace its Alliance Manager with an alternative representative at any time with prior written notice to the other Party. Any Alliance Manager may designate a substitute to temporarily perform the
functions of that Alliance Manager. Each Alliance Manager shall be charged with creating and maintaining a collaborative work environment within the JSC and its subcommittees. 

 

	4.	 DEVELOPMENT 

4.1 Development Responsibilities. 

(a) Development in the ALFRESA Territory. Subject to the terms and conditions of this Agreement, ARS (itself and with ARS
Collaborators, as applicable) shall be responsible for all clinical trials that are necessary for or otherwise support Regulatory Approval in the ALFRESA Territory two Products: i) a [***], or equivalent, Product corresponding to a [***], and ii) a
[***], or equivalent, Product corresponding to a [***]. [***] shall be responsible for the costs of the EPI-JP-01 Study and any duplication of the EPI-JP-01 Study if the EPI-JP-01 Study does not meet its objectives. [***] agree to [***] the
Development Costs of any additional Development activities beyond the EPI-JP-01 Study that are required specifically for approval of these two Products in the ALFRESA
Territory. Such additional Development activities required specifically for approval in the ALFRESA Territory and the Development Cost thereto shall be agreed to in writing by both ARS and ALFRESA, and [***] shall be responsible for conducting these
activities unless agreed to otherwise. [***] shall provide [***] an invoice and reasonable documentation for the costs incurred by [***] for such Development Activities, on a [***] basis, and [***] shall pay [***] such costs as set forth in the
invoice within [***] after receipt thereof, unless subject to a bona fide dispute. For clarity, [***] shall be responsible, at its sole cost and expense, for all clinical trials and activities related to post-approval marketing and commercialization
tests in the ALFRESA Territory. ALFRESA may reasonably request that [***] conduct or assist [***] with other Development activities in the ALFRESA Territory on [***]’s behalf, at [***]’s expense. If [***] agrees to conduct or assist with
any such activities (which [***] may accept or decline to do, in [***]’ sole discretion), the Parties shall amend the Development Plan accordingly, and [***] shall reimburse all reasonable internal (at a fully-burdened rate) and external costs
incurred by [***] to conduct such activities in accordance with the Development Plan; provided that items and costs of such Development activities shall be discussed and agreed upon in advance between the Parties. 

(b) Development Outside the ALFRESA Territory. Subject to Section 4.3, ARS (itself and with ARS Collaborators, as
applicable) shall be responsible, at its sole cost and expense, for all Development of Compositions and Products that support obtaining and maintaining Regulatory Approval outside the ALFRESA Territory. ARS, itself or through ARS Collaborators, may
conduct all such activities in its sole discretion. 
 4.2 Development Plan. Subject to Section 4.1(a) ARS
shall conduct only such clinical trials that are necessary for or otherwise support Regulatory Approval solely in the ALFRESA Territory for: i) a [***], or equivalent, Product corresponding to a [***], and ii) [***], or equivalent, Product
corresponding to a [***]. Any other Development activities for the ALFRESA Territory are the sole responsibility of [***], unless otherwise agreed to in writing by both Parties. The Parties intend that the plan for Development of Product in the
ALFRESA Territory (as 

  
 14 

 
such plan may be amended by the JSC, the “Development Plan”) will include detailed descriptions of each clinical trial described therein; including the design, enrollment
criteria, endpoints and protocols thereof, as well as the regulatory strategy for Products throughout the ALFRESA Territory, and ARS will include all such information in the Development Plan when available. From time to time, but at least every
[***], ARS will update the Development Plan and submit such updated plan to the JDC for review and discussion. The JDC will then submit the Development Plan to the JSC for review, discussion and approval. 

4.3 Global Trials. If the Parties agree to conduct a Global Trial, then the Parties and, if applicable, the relevant ARS
Collaborators shall discuss in good faith and determine the terms under which the Parties will conduct such Global Trial, including the allocation between the Parties of costs and expenses, decision-making process and authority for trial design and
protocols, management of budget overages, allocation of Development activities and responsibilities and data sharing procedures. ALFRESA shall determine, in its sole discretion, whether and to what extent it participates in any cost-sharing or other
activities related to Global Trials. ARS shall also determine, in its sole discretion, whether and to what extent it participates, and any of its ARS Collaborators participate, in any cost-sharing or other activities related to Global Trials. Upon
agreement to conduct a Global Trial, the Parties shall enter into a written agreement setting forth all such agreed terms. 
 4.4
Conduct of Development Activities. ARS shall perform its obligations under this Agreement, in compliance with all Applicable Laws, including the FCPA and good scientific and clinical practices under the Applicable Laws of the country in which
such activities are conducted. ALFRESA shall perform its obligations under this Agreement in compliance with all Applicable Laws, including the FCPA and good scientific and clinical practices under the Applicable Laws of the country in which such
activities are conducted. 
 4.5 Records and Updates. ARS shall maintain records, in sufficient detail and in good scientific
manner appropriate for patent and regulatory purposes, which shall fully and properly reflect all work done and results achieved by or on behalf of ARS in the performance of Development activities pursuant to this Agreement. ARS shall keep the JSC
regularly informed of the status of all Development activities with respect to Compositions and Products in the Field in the ALFRESA Territory conducted by it or on its behalf pursuant to this Agreement. Without limiting the foregoing, at least
every [***], ARS shall provide the JSC with summaries in reasonable detail of all data and results generated or obtained in the course of ARS’ performance of activities with respect to Compositions and Products in the Field in the ALFRESA
Territory. ALFRESA shall maintain records, in sufficient detail and in good scientific manner appropriate for patent and regulatory purposes, which shall fully and properly reflect all work done and results achieved by or on behalf of ALFRESA in the
performance of Development activities which ALFRESA agrees to perform pursuant to this Agreement. In addition, ALFRESA shall keep the JSC regularly informed of the status of all Development activities with respect to Compositions and Products
conducted by it or on its behalf pursuant to this Agreement. Without limiting the foregoing, at least every [***], ALFRESA shall provide the JSC with summaries in reasonable detail of all data and results generated or obtained by or on behalf of
ALFRESA in the performance of Development activities which ALFRESA agrees to perform pursuant to this Agreement. 
 4.6
Development Diligence. Both Parties shall use Commercially Reasonable Efforts to Develop Product in the Field throughout the ALFRESA Territory. Both Parties shall conduct all such activities in accordance with the Development Plan and
Applicable Laws. 
 4.7 Materials Transfer. In order to facilitate the Development activities contemplated by this Agreement,
either Party may provide to the other Party certain materials, including but not limited to, the drug substance and its related compounds including impurities, metabolites, references, standards and internal standards Controlled by the supplying
Party (collectively, “Materials”) free of charge for use by the other Party solely for the purpose of performing its Development activities. For avoidance of doubt, ARS is obliged to supply Drug Product in accordance with
Section 7.1 hereof. Except as otherwise provided for under this Agreement, all such Materials delivered to the other Party will remain the sole property of the supplying Party, will be used only in furtherance of the other Party’s
Development activities conducted in accordance 

  
 15 

 with this Agreement, will not be used or delivered to or for the benefit of any Third Party, without the
prior written consent of the supplying Party, and will be used in compliance with all Applicable Laws. The Materials supplied under this Agreement must be used by the recipient Party with prudence and appropriate caution in any experimental work
because not all of their characteristics may be known. ARS shall provide the certificate of analysis for the Materials and represent and warrant that the qualities and standards of the Materials meet the specifications specified in the certificate
of analysis. Except as expressly set forth in the preceding sentence, THE MATERIALS ARE PROVIDED “AS IS” AND WITHOUT ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION ANY IMPLIED WARRANTY OF
MERCHANTABILITY OR OF FITNESS FOR ANY PARTICULAR PURPOSE OR ANY WARRANTY THAT THE USE OF THE MATERIALS WILL NOT INFRINGE OR VIOLATE ANY PATENT OR OTHER PROPRIETARY RIGHTS OF ANY THIRD PARTY. 

 

	5.	 REGULATORY ACTIVITIES 

5.1 Conduct of Regulatory Activities. ALFRESA shall be solely responsible for formulating regulatory strategy and for preparing,
filing, obtaining and maintaining Regulatory Approvals for Products in the Field in the ALFRESA Territory. If the Regulatory Authority in the ALFRESA Territory requires reanalysis of any Product used in a clinical trial, ARS shall assist with such
reanalysis subject to reimbursement by ALFRESA of costs incurred by ARS for such reanalysis. ALFRESA shall be the holder of all Regulatory Approvals for Products in the Field in the ALFRESA Territory and shall have responsibility for interactions
with Regulatory Authorities with respect to Products in the Field in the ALFRESA Territory. ALFRESA shall use Commercially Reasonable Efforts to file MAAs and, as applicable, seek Pricing and Reimbursement Approval for and seek and maintain
Regulatory Approval for Products in the Field throughout the ALFRESA Territory. ALFRESA shall conduct all such activities in accordance with Applicable Laws. ALFRESA shall consult with ARS either directly or through the JDC regarding, and keep ARS
regularly informed of, the preparation, Regulatory Authority review and approval of submissions and communications with Regulatory Authorities with respect to Products in the Field in the ALFRESA Territory. In addition, ALFRESA shall promptly
provide ARS with copies of any material documents, information and correspondence received from a Regulatory Authority with an English translation thereof and, upon reasonable request by ARS, with copies of any other documents, reports and
communications from or to any Regulatory Authority relating to Compositions, Products or activities under this Agreement. Except as agreed otherwise by the Parties under Section 4.3, ALFRESA shall bear all expenses it
incurs to conduct all regulatory activities in the ALFRESA Territory under this Agreement. 
 5.2 ARS Activities. ARS agrees
to keep ALFRESA informed of the preparation, Regulatory Authority review and approval of submissions and communications with Regulatory Authorities with respect to Products in the Field outside the ALFRESA Territory. In addition, ARS shall, upon
reasonable request by ALFRESA, promptly provide ALFRESA with copies of any material documents, information and correspondence received from a Regulatory Authority outside the ALFRESA Territory, to the extent the requested items are in ARS’s
possession and for which ARS has the legal right to disclose and transfer. In the event that ARS Data shall be incorporated in the Regulatory Filing to obtain Regulatory Approvals in ALFRESA Territory, and ARS has been informed in writing of such
ARS Data that have been so incorporated, ARS shall, to the extent the requested items are in ARS’s possession and for which ARS has the legal right to disclose and transfer, promptly provide ALFRESA copies of any modification, correction and
revision of such ARS Data to fulfill ALFRESA’s obligation in Development and Regulatory Approval in the ALFRESA Territory. ALFRESA must fully disclose all such ARS Data that has been incorporated into the Regulatory Filing. Upon ALFRESA’s
reasonable request and expense, ARS shall assist ALFRESA to fulfill the requirements of any Regulatory Agency in the ALFRESA Territory related to ARS Data incorporated in the Regulatory Filing in the ALFRESA Territory, and ALFRESA shall reimburse
all reasonable internal (at a fully-burdened rate) and external costs incurred by ARS to conduct such activities, provided that items and costs of such activities shall be discussed and agreed upon in advance between the Parties. 

  
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 5.3 Inspections and Audits. 

(a) By Regulatory Authorities. In the event ALFRESA receives any correspondence, inquiry or request for an inspection or audit
from a Regulatory Authority which relates to ARS Data or Product, ALFRESA shall promptly notify ARS in writing of such correspondence, inquiry or request of any inspection or audit. ARS shall cooperate with ALFRESA, at ALFRESA’s expense, in
responding to such correspondence, inquiry or any inspection or audit concerning such ARS Data, and ALFRESA shall reimburse all reasonable internal (at a fully-burdened rate) and external costs incurred by ARS to conduct such activities; provided
that items and costs of such activities shall be discussed and agreed upon in advance between the Parties. 
 (b) By ALFRESA.
In the event that ARS Data shall be incorporated in the Regulatory Filing to obtain Regulatory Approvals in ALFRESA Territory, ARS shall permit ALFRESA or its authorized representatives, which are subject to ARS’ reasonable prior approval, to
conduct a reasonable examination or quality inspection of such ARS Data (but no more than [***]). 
 5.4 Adverse Event Reporting;
Pharmacovigilance Agreement. As between the Parties: (a) ARS shall be responsible for the timely reporting of all quality issues, complaints and Safety Data relating to Products to the appropriate Regulatory Authorities outside the ALFRESA
Territory and shall timely report to ALFRESA the content of the report made to the Regulatory Authorities; and (b) except as otherwise agreed in writing by the Parties, ALFRESA shall be responsible for the timely reporting of all quality
issues, complaints and Safety Data relating to Products to the relevant Regulatory Authorities in the ALFRESA Territory, in each case in accordance with Applicable Laws of the relevant countries and Regulatory Authorities. The Parties shall
cooperate with each other with respect to their respective pharmacovigilance responsibilities, and each Party shall be solely responsible for its costs relating to its respective pharmacovigilance responsibilities, unless agreed otherwise by the
Parties in writing. The Parties shall negotiate in good faith and enter into, in timely manner, a mutually acceptable pharmacovigilance agreement with respect to the Products. Until such pharmacovigilance agreement is established, ARS shall report
quality issues, complaints and Safety Data relating to clinical trials in the ALFRESA Territory up until the submission of the application to regulatory authorities in the ALFRESA Territory. Unless otherwise mutually agreed, such pharmacovigilance
agreement shall cover the exchange of safety information and appropriate management of pharmacovigilance activities to fulfill all legal and regulatory requirements both inside and outside of the ALFRESA Territory. 

 

	6.	 COMMERCIALIZATION 

6.1 Commercialization. ALFRESA shall Commercialize Products in the Field in the ALFRESA Territory during the Term, subject to
the terms and conditions of this Agreement. ALFRESA will perform all Product Commercialization activities, and [***] regarding such Product Commercialization, all at [***] cost. [***]: (a) establishing [***]; (b) establishing Product [***]; (c)
[***] orders; (d) [***]; (e) [***]; and (f) [***]. 
 6.2 Commercialization Plan. No later than [***] after the submission of
the MAA for Product approval to Regulatory Authorities in the ALFRESA Territory, ALFRESA shall prepare a preliminary, non-binding commercialization plan for the marketing, promotion and pricing of Products in
the Field in the ALFRESA Territory during the first [***] after First Commercial Sale in the ALFRESA Territory, which plan shall be reasonable in scope and detail and may be amended by ALFRESA (the “Commercialization Plan”).
ALFRESA shall update the Commercialization Plan on a yearly basis and shall promptly provide each such update and any material amendments to each Commercialization Plan to ARS through the JCC. Without limiting the provisions of this
Section 6.2, through the JCC, ALFRESA shall regularly consult with and provide updates to ARS regarding the Commercial Strategy and Commercialization of Products in the Field in the ALFRESA Territory. 

  
 17 

 6.3 Diligence. During the Term, ALFRESA shall use Commercially Reasonable
Efforts to market, promote and otherwise Commercialize Products in the Field throughout the ALFRESA Territory. Without limiting the foregoing, ALFRESA shall use Commercially Reasonable Efforts to achieve First Commercial Sale of a Product in the
ALFRESA Territory within a reasonable time, generally within [***] after the date on which ALFRESA is notified that the Product has received Regulatory Approval in the ALFRESA Territory. 

6.4 Mutual Agreement. Subject to Applicable Laws, (a) neither ALFRESA nor its Affiliates or Sublicensees will engage in any
advertising or promotional activities relating to any Product directed primarily to customers or other buyers or users of any Product located outside of the ALFRESA Territory or accept orders for Products from or sell Products into any country or
jurisdiction outside the ALFRESA Territory for its own account, and, if ALFRESA receives any order for any Product for any country or jurisdiction outside the ALFRESA Territory, it shall refer such orders to ARS, and (b) neither ARS, its
Affiliates, Licensees nor Sublicensees will engage in any advertising or promotional activities relating to any Product directed primarily to customers or other buyers or users of any Product located in the ALFRESA Territory or accept orders for
Products from or sell Products into the ALFRESA Territory for its own account, and, if ARS receives any order for any Product for the ALFRESA Territory, it shall refer such orders to ALFRESA. Each Party will use reasonable efforts to monitor and
prevent exports of Products from its own territory (the ALFRESA Territory as to ALFRESA, or outside the ALFRESA Territory as to ARS) for Commercialization in the other Party’s territory using methods permitted under Applicable Laws that are
commonly used in the industry for such purpose (if any). 
  

	7.	 MANUFACTURE AND SUPPLY 

7.1 Development Supply. 

(a) Obligations. Subject to the terms and conditions of the Development Supply Agreement, ARS, itself or through any Affiliate
or CMO, shall supply all Products, in the form of drug product, which is the vial containing the active substance and the sprayer delivery device (“Drug Product”) for all Development of Compositions and Products in the Field
in the ALFRESA Territory to be conducted by ALFRESA or its Affiliate in accordance with this Agreement. The Parties will negotiate in good faith and enter into a separate Drug Product supply agreement (the “Development Supply
Agreement”), along with a quality agreement, reasonably in advance of anticipated first Development supply of Drug Product to ALFRESA in the ALFRESA Territory. Unless agreed otherwise by the Parties in writing, all Drug Product supplied
by ARS under this Section 7.1 or the Development Supply Agreement shall be used solely to conduct Development in the Field in the ALFRESA Territory in accordance with the terms of this Agreement. 

(b) Price. All Drug Product supplied by ARS for Development use will be supplied at a price of [***]. ARS will invoice ALFRESA
within [***] after each shipment of Drug Product pursuant to this Section 7.1, and ALFRESA will pay each such invoice within [***] after receipt of the respective corresponding [***]. The price of such Drug Product may be
changed due to an unexpected cost increase, such as a substantial increase of the raw materials costs, labor costs or subcontractor costs, or to adjust for inflation. In such case, ARS shall notify ALFRESA of the [***] changed price and reason for
such change [***]. 
 7.2 Commercial Supply. 

(a) Commercial Supply Agreement. Unless and until elected otherwise by ALFRESA and the Manufacturing License Conditions have
been satisfied, ARS, itself or through its Affiliate or CMO, shall manufacture and supply ALFRESA’s and its Affiliates’ and Sublicensees’ requirements for Drug Product for commercial use in the ALFRESA Territory, pursuant to a
separate commercial supply 

  
 18 

 agreement to be negotiated in good faith and entered into between the Parties (the “Commercial
Supply Agreement”), along with a quality agreement, reasonably in advance of anticipated First Commercial Sale of Product in the ALFRESA Territory. In accordance with the terms of the Commercial Supply Agreement, ARS will supply Drug
Product at a [***] of either (i) [***] of the NHI price for the Product, if the [***], or (ii) if the [***], then [***] to a fixed unit price for each Product at such time instead of [***] (as may be adjusted as described below, the
“Transfer Price”). ARS will invoice ALFRESA within [***] after each shipment of Drug Product to ALFRESA pursuant to the Commercial Supply Agreement, and the payment terms for such invoice shall be determined in the Commercial
Supply Agreement. Upon the mutual written agreement by both Parties (not to be unreasonably withheld or delayed), the Transfer Price of the Drug Product may be changed due to unexpected cost increase, such as [***]. In such case, ARS shall notify
ALFRESA of the [***] changed Transfer Price and reason for such change [***]. For avoidance of doubt, ALFRESA is not obliged to agree on the [***] changed transfer price. Such notification of a changed Transfer Price shall be made in writing and
made within a reasonable time after ARS became aware that an adjustment would be needed, and then the Parties shall negotiate in good faith to agree on the revision of the Transfer Price. [***]. 

(b) ALFRESA’s Manufacture and Transition. At any time, ALFRESA may elect to assume responsibility for manufacturing and
supplying all of the Drug Product requirements for ALFRESA’s and its Affiliates’ and Sublicensees’ commercial use in the ALFRESA Territory; provided that (i) ALFRESA shall notify ARS in writing at least [***] prior to its
anticipated establishment of such Drug Product supply, (ii) ARS shall have the right to reasonably evaluate the manufacturing capabilities and plan of ALFRESA, (iii) ALFRESA shall keep ARS reasonably informed of its progress in
establishing such supply, and (iv) such assumption of responsibility for manufacture and supply shall not take place unless and until the Manufacturing Licensed Conditions have been met. Upon ARS’s receipt of such notice and satisfaction
of the conditions in the proviso of the preceding sentence, ARS and ALFRESA will in good faith prepare and agree on a schedule and plan (including manufacturing technology transfer expenses, which will be borne solely by ALFRESA) pursuant to which
ALFRESA (directly or through its Affiliate or CMOs) will assume all of such Drug Product manufacturing responsibility for commercial use in the ALFRESA Territory. 

For clarity, in case ALFRESA assumes full responsibility for the manufacturing and supplying of Drug Product as described in the foregoing
subsection (b), ARS shall not unreasonably refuse ALFRESA the right to use the CMO (including the CMO for the manufacturing of the starting material) that is the same as the one ARS used to manufacture Drug Product. The Parties agree to discuss in
good faith a joint purchasing arrangement, to the extent permitted by Applicable Law. 
 If ALFRESA assumes responsibility for manufacturing
and supplying Drug Product requirements per this Section 7.2(b), then ARS and ALFRESA agree that ARS will receive royalties on Product net sales in the ALFRESA Territory equivalent to the monetary value ARS would have
received by supplying Drug Product to ALFRESA at the Transfer Price on terms agreed in writing by ALFRESA and ARS. 
 7.3
Technical Transfer. If ALFRESA assumes responsibility for manufacturing and supplying Drug Product requirements pursuant to Section 7.2(b), then upon reasonable written request from ALFRESA and at ALFRESA’s
expense, ARS shall reasonably cooperate with ALFRESA or its designated Drug Product manufacturer, and provide ALFRESA or its designated Drug Product manufacturer, with technical assistance, and with respect to ARS
Know-How for manufacturing, that is necessary in order to 

  
 19 

 enable ALFRESA to use such ARS Technology to manufacture and produce the Composition and Drug Product. ARS
shall use Commercially Reasonable Efforts to complete such technical transfer within [***] after ARS’s receipt such request. If ALFRESA assumes responsibility for manufacturing and supplying Drug Product requirements pursuant to
Section 7.2(b), upon reasonable written request from ALFRESA and at ALFRESA’s expense, ARS shall reasonably cooperate with ALFRESA or its designated analytical testing facility, and provide ALFRESA or its designated
analytical testing facility, with technical assistance, with respect to ARS Know-How for manufacturing in order to enable ALFRESA to use such ARS Technology to analyze the Drug Product manufactured by ALFRESA
or its designated Drug Product manufacturer. ARS shall use Commercially Reasonable Efforts to complete such technical transfer within [***] after such request. ALFRESA shall reimburse all reasonable internal (at a fully-burdened rate) and external
costs incurred by ARS to conduct such activities under this Section 7.3, provided that items and costs of such activities shall be discussed and agreed upon in advance between the Parties. 

7.4 Information on Manufacture. To the extent ARS, itself or through any Affiliate or CMO, supplies Composition and Drug Product
to ALFRESA for Development and Commercialization under this Agreement, ARS shall make available to ALFRESA all information, in its possession and that ARS has the legal right to transfer, that is relevant and necessary to the Manufacture of
Composition and Drug Product, to enable ALFRESA to maintain or obtain the Regulatory Approval in the ALFRESA Territory. [***] shall use [***] to [***] that its [***] provide [***] access to and the right to use [***], to the extent that such
information is [***] for Development or Commercialization of Products in the Field for the ALFRESA Territory, including preparation and filing of MAAs for a Product with the applicable Regulatory Authorities in the ALFRESA Territory, in accordance
with this Agreement. ALFRESA shall reimburse all reasonable internal (at a fully-burdened rate) and external costs incurred by ARS to conduct such activities under this Section 7.4, provided that items and costs of such
activities shall be discussed and agreed upon in advance between the Parties. 
  

	8.	 FEES AND PAYMENTS 

8.1 Definitive Agreement Upfront Payment. ALFRESA shall make a one-time, non-refundable, non-creditable payment to ARS of two million U.S. dollars ($2,000,000) within [***] after the Effective Date. ALFRESA may use dollar for dollar credit it
receives for the payment of the Upfront Payment paid pursuant to the Letter of Intent entered into between the Parties on [***] that is worth [***] against the Definitive Agreement Upfront Payment in this Section 8.1. 

8.2 Milestone Payments. 

(a) Regulatory and Commercialization Milestone Payments. 

(i) Within [***] after the first achievement of each Milestone Event below (whether by ALFRESA or any of its Sublicensees), ALFRESA
shall pay to ARS the non-refundable, non-creditable Milestone Payment corresponding to such Milestone Event as shown below. 

 

			
	 Regulatory and Commercialization Milestone Events
	  	Milestone Payments
(in U.S. Dollars)
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]

  
 20 

 (ii) For clarity, the Milestone Payments set forth in this
Section 8.2(a) shall be payable only once, upon the first achievement of the applicable Milestone Event for the first Product in the Field in the ALFRESA Territory. Therefore, the maximum total amount payable under this
Section 8.2(a) is $13,000,000. 
  

	9.	 PAYMENT; RECORDS; AUDITS 

9.1 Exchange Rate; Manner and Place of Payment. All references to dollars and “$” herein shall refer to
U.S. dollars. All references to yen and “¥” herein shall refer to the Japanese yen. All payments hereunder shall be payable in U.S. dollars. When conversion of payments from any currency other than U.S. dollars is
required, Parties shall use the average rate of exchange for Japanese yen prevailing on the last day of each of the four calendar quarters during each year hereunder as published in The Wall Street Journal under the heading “Foreign
Exchange,” unless otherwise agreed upon in writing by the Parties. All payments owed under this Agreement shall be made by wire transfer in immediately available funds to a bank and account designated in writing by ARS, unless otherwise
specified in writing by ARS. 
 9.2 Taxes. 

(a) Cooperation and Coordination. The Parties acknowledge and agree that it is their mutual objective and intent to minimize, to
the extent feasible and in compliance with Applicable Laws, taxes payable with respect to their collaborative efforts under this Agreement and that they shall use commercially reasonable efforts to cooperate and coordinate with each other to achieve
such objective and intent. As such, ALFRESA shall not change the country from which its payments to ARS originate (which the Parties agree is Japan) without the prior written consent of ARS. The Parties shall cooperate to help ARS obtain benefits
under any applicable tax treaty, including the reduction or exemption from any withholding tax and the procurement of any available tax refunds. ARS represents that it is a US tax resident and accordingly, is exempt from withholding on this payment
under Article 12 of the Japan/US income tax treaty. ARS may extend the due date of the Upfront Payment to comply with applicable tax regulations. 

(b) Payment of Tax. ARS will pay any and all taxes levied on its income on account of any payments made to it under this
Agreement. If any taxes are required to be withheld by ALFRESA from any payment made to ARS under this Agreement, ARS will provide the Tax Withholding Avoidance Documents to ALFRESA prior to such payment to ARS for avoiding withholding taxes.
Provided, that ALFRESA does not guarantee that the tax withholding is available and applicable. In case the Tax Withholding Avoidance Documents are not available to ALFRESA at the due date of such payments to ARS, ALFRESA will (i) deduct such
taxes from the payment made to ARS, (ii) timely pay the taxes to the proper taxing authority, and (iii) send proof of such withholding tax payment to ARS and certify its receipt by the taxing authority within thirty (30) days
following such payment. ALFRESA shall file for the refund of any withholding taxes paid within (30) days following the receipt of the Tax Withholding Avoidance Documents from ARS. The ALFRESA refund filing shall request that the amount of
the refund be wired directly to an ARS authorized bank account. 
 9.3 Records; Audit. ALFRESA shall keep, and shall [***] its
Sublicensees to keep, complete and accurate records pertaining to the sale or other transfer or disposition for value of Products in sufficient detail to permit ARS to confirm the accuracy of all payments due hereunder. Such records shall be kept
for such period of time required by Applicable Laws, but no less than [***] following the end of the Calendar Year to which they pertain. ARS shall have the right to cause an independent, international, certified public accounting firm reasonably
acceptable to ALFRESA to audit such records to confirm payments for a period covering not more than [***] Calendar Years following the Calendar Year containing the Calendar Quarter to which they pertain. Such audits may be exercised during normal
business hours upon reasonable prior written notice to ALFRESA. Prompt adjustments shall be made by the Parties to reflect the results of such audit. ARS shall bear the full cost of such audit unless such audit discloses an underpayment by ALFRESA
of more than [***] of the amount of payments due under this Agreement for any applicable Calendar Quarter, in which case, ALFRESA shall bear the cost of such audit and shall promptly remit to ARS the amount of any underpayment plus such audit costs.
[***]. 

  
 21 

 9.4 Late Payments. In the event that any payment due under this Agreement is
not paid when due in accordance with the applicable provisions of this Agreement, the payment shall accrue interest from the date due at the rate of [***] per annum; provided, however, that in no event shall such rate exceed the maximum legal
annual interest rate. The payment of such interest shall not limit the Party entitled to receive payment from exercising any other rights and/or remedies it may have as a consequence of the lateness of any payment. 

 

	10.	 INTELLECTUAL PROPERTY 

10.1 Ownership. 

(a) Data. All Data generated in connection with any Development, regulatory, manufacturing or Commercialization activities with
respect to any Composition or Product conducted by or on behalf of ALFRESA or its Affiliates or Sublicensees (the “ALFRESA Data”) shall be the sole and exclusive property of ALFRESA or its Affiliates or Sublicensees, as
applicable; provided, however, ALFRESA is obligated to provide and shall provide all ALFRESA Data to ARS upon ARS’s reasonable request. For avoidance of doubt, ALFRESA shall remain the holder of all the rights and titles in and to the
ALFRESA Data provided pursuant to the immediately preceding sentence. All Data generated in connection with any Development, regulatory, manufacturing or Commercialization activities with respect to any Composition or Product conducted by or on
behalf of ARS and its Affiliates and ARS Collaborators (the “ARS Data”), shall be the sole and exclusive property of ARS or its Affiliates or ARS Collaborators, as applicable. 

(b) Inventions. Inventorship of any Inventions will be determined in accordance with the standards of inventorship and
conception under U.S. patent laws. The Parties will work together to resolve any issues regarding inventorship or ownership of Inventions. Ownership of Inventions will be allocated as follows: 

(i) Inventions discovered, made, or conceived as a result of performance under this Agreement solely by one (1) or more employees
or contractors of ARS or its Affiliates, and Patents claiming such Inventions, after the Effective Date and during the Term of this Agreement, shall be solely owned by ARS, and Inventions discovered, made, or conceived as a result of performance
under this Agreement solely by one (1) or more employees or contractors of ALFRESA or its Affiliates, and Patents claiming such Inventions, after the Effective Date and during the Term of this Agreement, shall be solely owned by ALFRESA. 

(ii) Joint Inventions and Joint Patents shall be jointly owned by ARS and ALFRESA. The proportional ratio in the ownership of the Joint
Invention shall be fifty percent to fifty percent (50%: 50%) in principle, provided, that such proportional ratio may be amended by mutual agreement between ARS and ALFRESA. Subject to the rights and licenses granted under this Agreement, each Party
shall have the right to use, and to grant licenses to use, any Joint Invention and Joint Patents in its own territory (ALFRESA in the ALFRESA Territory and ARS outside of the ALFRESA Territory) without the other Party’s written consent, and
without a duty to account to the other Party for such use or license, provided however, that each Party shall notify the other Party in writing on each such license granted to the Third Party, and each Party hereby waives any right it may have under
the laws of any country to require any such consent or accounting. 
 10.2 Patent Prosecution and Maintenance. 

(a) ARS Patents. 

(i) Subject to this Section 10.2(a), ARS shall have the sole right, to control the preparation, filing,
prosecution (including any interferences, reissue proceedings and re-examinations) and maintenance of all ARS Patents worldwide, at its sole cost and expense and by counsel of its own choice, provided, that as
for ALFRESA Territory, ARS shall be obliged to prepare, file, prosecute (including any interferences, reissue proceedings and re-examinations) and maintain all of ARS Patents at ARS’s cost. ARS shall keep
ALFRESA reasonably informed of progress with regard to the preparation, filing, prosecution and maintenance of ARS Patents, including content, timing and jurisdiction of the filing of such ARS Patents, and shall consult with, and consider in good
faith the requests and suggestions of, ALFRESA with respect to strategies for filing and prosecuting ARS Patents in the ALFRESA Territory; provided that ARS will make all final decisions regarding the ARS Patents. 

  
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 (ii) In the event that ARS desires to abandon or cease prosecution or maintenance of
any ARS Patent in the ALFRESA Territory (“Discontinued ARS Patent”), ARS shall provide reasonable prior written notice to ALFRESA of such intention to abandon (which notice shall, to the extent possible, be given no later
than [***] prior to the next deadline for any action that must be taken with respect to any such ARS Patent in the relevant patent office). In such case, upon ALFRESA’s written election provided to ARS no later than [***] after such notice from
ARS, ALFRESA shall have the right to assume prosecution and maintenance of such Discontinued ARS Patent at ALFRESA’s expense. When ALFRESA assumes prosecution and maintenance of such Discontinued ARS Patent and requires assistance or approval
from joint patent holder of ARS Patents in such prosecution and maintenance procedure, ARS shall procure that such joint patent holder of ARS Patents provides necessary assistance and approval. In such case, ALFRESA shall keep ARS regularly and
reasonably informed of progress with regard to the preparation, filing, prosecution and maintenance of each of such Discontinued ARS Patents, including content, timing and jurisdiction of the filing of such Discontinued ARS Patents, and shall
consult with, and consider in good faith the requests and suggestions of, ARS with respect to strategies for filing and prosecuting such Discontinued ARS Patents (particularly to avoid prosecution inconsistencies with ARS Patents in and outside the
ALFRESA Territory that ARS has not abandoned). If ALFRESA does not provide such election within such [***] after such notice from ARS, ARS may, in its sole discretion, continue prosecution and maintenance of such ARS Patent or discontinue
prosecution and maintenance of such ARS Patent. For avoidance of doubt, when ALFRESA assumes prosecution and maintenance procedure of Discontinued ARS Patent and such Discontinued ARS Patent is registered in Japan Patent Office, as a result of
abandonment of Discontinued ARS Patent, ALFRESA shall become the owner and patent holder of such Discontinued ARS Patent (co-owner if there is joint patent holder in such Discontinued ARS Patent), and for the
purpose of this Agreement such Discontinued ARS Patent shall be treated and regarded as ARS Patent, provided, that in such case, ARS and ALFRESA shall negotiate in good faith to amend the amount of Milestone Payments and/or transfer price of the
Drug Products in the Commercial Supply Agreement. 
 (b) ALFRESA Patents. 

(i) Subject to this Section 10.2(b), ALFRESA shall have the sole right, to control the preparation, filing,
prosecution (including any interferences, reissue proceedings and re-examinations) and maintenance of all ALFRESA Patents worldwide, at its sole cost and expense and by counsel of its own choice. ALFRESA shall
keep ARS reasonably informed of progress with regard to the preparation, filing, prosecution and maintenance of the ALFRESA Patents, including content, timing and jurisdiction of the filing of such ALFRESA Patents, and shall consult with, and
consider in good faith the requests and suggestions of, ARS with respect to strategies for filing and prosecuting ALFRESA Patents; provided that ALFRESA will make all final decisions regarding the ALFRESA Patents. If ALFRESA desires to not prepare,
file or prosecute ALFRESA Patents in countries outside the ALFRESA Territory, ALFRESA shall provide reasonable prior written notice to ARS of such intention (which notice shall, to the extent possible, be given no later than [***] prior to the next
deadline for any action that must be taken with respect to any such ALFRESA Patent in the relevant patent office). In such case, upon ARS’ written election provided to ALFRESA no later than [***] after such notice from ALFRESA, ARS may, in its
sole discretion and at its own expense, continue prosecution and maintenance of such ALFRESA Patent or discontinue prosecution and maintenance of such ALFRESA Patent outside of the ALFRESA Territory. 

  
 23 

 (ii) In the event that ALFRESA desires to abandon or cease prosecution or
maintenance of any ALFRESA Patent (“Discontinued ALFRESA Patent”), ALFRESA shall provide reasonable prior written notice to ARS of such intention to abandon (which notice shall, to the extent possible, be given no later than
[***] prior to the next deadline for any action that must be taken with respect to any such ALFRESA Patent in the relevant patent office). In such case, upon ARS’s written election provided to ALFRESA no later than [***] after such notice from
ALFRESA, ARS shall have the right to assume prosecution and maintenance of such Discontinued ALFRESA Patent at ARS’s expense. In such case, ARS shall keep ALFRESA regularly and reasonably informed of progress with regard to the preparation,
filing, prosecution and maintenance of each of such Discontinued ALFRESA Patents, including content, timing and jurisdiction of the filing of such Discontinued ALFRESA Patents, and shall consult with, and consider in good faith the requests and
suggestions of, ALFRESA with respect to strategies for filing and prosecuting such Discontinued ALFRESA Patents (particularly to avoid prosecution inconsistencies with ALFRESA Patents that ALFRESA has not abandoned). If ARS does not provide such
election within [***] after such notice from ALFRESA, ALFRESA may, in its sole discretion, continue prosecution and maintenance of such ALFRESA Patent or discontinue prosecution and maintenance of such ALFRESA Patent. 

(c) Joint Patents. 

(i) ARS shall have the first right, to prepare, file, prosecute (including any interferences, reissue proceedings and re-examinations) and maintain Joint Patents using a patent counsel selected by ARS and reasonably acceptable to ALFRESA. ALFRESA shall reimburse ARS for all external patent fees and costs incurred with respect to
the preparation, filing, prosecution and maintenance of Joint Patents in the ALFRESA Territory within [***] from the date of invoice for such costs and expenses provided by ARS. In the event that ALFRESA does not reimburse ARS for such external
patent fees and costs for any Joint Patent in the ALFRESA Territory, or ALFRESA notifies ARS in writing that it elects to cease reimbursing ARS for such external patent fees and costs for any Joint Patent in the ALFRESA Territory, ALFRESA shall
promptly execute such documents and perform such acts, at ALFRESA’s expense, as may be reasonably necessary to effect an assignment of ALFRESA’s entire right, title, and interest in and to such Joint Patent to ARS, and such Patent shall
cease to be either a Joint Patent or an ARS Patent and shall no longer be subject to the licenses and other rights granted by ARS to ALFRESA under this Agreement. ARS shall keep ALFRESA reasonably informed of progress with regard to the preparation,
filing, prosecution and maintenance of such Joint Patent (assigned to ARS) in the ALFRESA Territory; provided that ARS will make all final decisions regarding such Joint Patents that are assigned to ARS. 

(ii) In the event that ARS desires to abandon or cease prosecution or maintenance of any Joint Patent in the ALFRESA Territory (except
in the event the Parties mutually decide to abandon or cease prosecution, maintenance or enforcement of such Joint Patent) (“Discontinued Joint Patent”), ARS shall provide reasonable prior written notice to ALFRESA of such
intention to abandon (which notice shall, to the extent possible, be given no later than [***] prior to the next deadline for any action that must be taken with respect to any such Discontinued Joint Patent in the relevant patent office). In such
case, ALFRESA may elect to continue prosecution or maintenance of such Joint Patent in the ALFRESA Territory at its sole discretion and own expense, in which case, all of ARS’s rights in such Joint Patent in the ALFRESA Territory shall be
assigned to ALFRESA. ARS shall promptly execute such documents and perform such acts, at its own expense, as may be reasonably necessary to effect an assignment of its entire right, title, and interest in and to such Joint Patent in the ALFRESA
Territory to ALFRESA. Any such assignment shall be completed in a timely manner to allow ALFRESA to continue prosecution and maintenance of such Discontinued Joint Patent and such Discontinued Joint Patent so assigned and shall no longer be subject
to the licenses and other rights granted by ARS to ALFRESA under 

  
 24 

 
this Agreement. ALFRESA shall keep ARS reasonably informed of progress with regard to the preparation, filing, prosecution and maintenance of such Discontinued Joint Patent in the ALFRESA
Territory (particularly to avoid prosecution inconsistencies with ARS Patents and Joint Patents that ARS has not abandoned); provided that ALFRESA will make all final decisions regarding such Discontinued Joint Patents in the ALFRESA Territory that
are assigned to ALFRESA. 
 10.3 Cooperation of the Parties. Each Party agrees to cooperate fully in the preparation, filing,
prosecution and maintenance of Patents under Section 10.2 and in the obtaining and maintenance of any extensions, supplementary protection certificates and their equivalent with respect thereto respectively, at its own cost
(except as expressly set forth otherwise in this Article 10). Such cooperation includes: (a) executing all papers and instruments, or requiring its employees or contractors, to execute such papers and instruments, reasonably requested by
the other Party so as enable the other Party to apply for and to prosecute patent applications in any country as permitted by Section 10.2; and (b) promptly informing the other Party of any matters coming to such
Party’s attention that may affect the preparation, filing, prosecution or maintenance of any such patent applications. 
 10.4
Infringement by Third Parties. 
 (a) Notice. In the event that either ARS or ALFRESA becomes aware of any infringement
or threatened infringement by a Third Party of any ARS Patent, ALFRESA Patent or Joint Patent, or any declaratory judgment or equivalent action challenging any ARS Patent, ALFRESA Patent or Joint Patent in connection with any such infringement, it
will promptly notify the other Party in writing to that effect. Any such notice shall include evidence to support an allegation of infringement or threatened infringement, or declaratory judgment or equivalent action, filed by such Third Party. 

(b) ARS Patents. 

(i) Subject to this Section 10.4(b), ARS shall have the sole right, but not the obligation, as between ARS
and ALFRESA, to bring and control any action or proceeding with respect to infringement or challenge of any ARS Patent outside the ALFRESA Territory at its own expense and by counsel of its own choice. Subject to Section 10.4 (b), and to the
extent stipulated under the Provisional Exclusive License or Exclusive License, ALFRESA shall have the first right, as between ARS and ALFRESA, but not the obligation, to bring and control any action or proceeding with respect to infringement or
challenge of any ARS Patent in the ALFRESA Territory, at its own expense and by counsel of its own choice. In such case, ARS’s counsel will reasonably cooperate with ALFRESA and its counsel in strategizing, preparing and prosecuting any such
action or proceeding in the ALFRESA Territory. When ARS becomes a party to such action in the ALFRESA Terriotory, ARS shall have the right, at its own expense, to be represented in any such action, by counsel of ARS’s own choice, and ALFRESA
and its counsel will reasonably cooperate with ARS and its counsel in strategizing, preparing and prosecuting any such action or proceeding in the ALFRESA Territory. If ALFRESA fails to bring an action or proceeding with respect to infringement of
any ARS Patent in the ALFRESA Territory within (A) [***] following receipt or delivery (as applicable) of the notice of alleged infringement or (B) [***] before the time limit, if any, set forth in the appropriate laws and regulations for the filing
of such actions, whichever comes first, then following a discussion with ARS regarding the reasons why ALFRESA did not bring such action or proceeding, which reasons ARS shall consider in good faith, ARS shall have the right, but not the obligation,
to bring and control such action or proceeding in the ALFRESA Territory at its own expense and by counsel of its own choice, and ALFRESA shall have the right, at its own expense, to be represented in any such action or proceeding by counsel of its
own choice. ARS and its counsel will reasonably cooperate with ALFRESA and its counsel in strategizing, preparing and prosecuting any such action or proceeding in the ALFRESA Territory. 

(ii) Except as otherwise agreed by the Parties in writing as part of a cost-sharing arrangement, any recovery or damages realized as a
result of such action or proceeding with respect to ARS Patents shall be used first to reimburse the Parties’ documented out-of- pocket legal expenses incurred in
such action or proceeding on a pro rata basis, and any remaining compensatory, punitive, or other damages that were awarded in respect of Products (including awards made in respect of lost sales or lost profits with respect to Products) shall be
retained by the Party that brought and controlled such action or proceeding. 

  
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 (c) ALFRESA Patents. 

(i) ALFRESA shall have the sole right, as between ARS and ALFRESA, but not the obligation, to bring and control any action or
proceeding with respect to infringement or challenge of any ALFRESA Patent in the ALFRESA Territory at its own expense and by counsel of its own choice, subject to this Section 10.4(c)(i). Any recovery or damages realized
as a result of such action or proceeding by ALFRESA with respect to ALFRESA Patents in the ALFRESA Territory shall be used first to reimburse the Parties’ documented
out-of-pocket legal expenses incurred in such action or proceeding on a pro rata basis, and any remaining compensatory, punitive, or other damages that were awarded in
respect of Products (including awards made in respect of lost sales or lost profits with respect to Products) shall be retained by ALFRESA. 

(ii) Subject to this Section 10.4(c)(ii), ARS shall have the first right, as between ARS and ALFRESA, but
not the obligation, to bring and control any action or proceeding with respect to infringement or challenge of any ALFRESA Patent outside the ALFRESA Territory, at its own expense and by counsel of its own choice. ALFRESA shall have the right, at
its own expense, to be represented in any such action by counsel of its own choice, and ARS and its counsel will reasonably cooperate with ALFRESA and its counsel in strategizing, preparing and prosecuting any such action or proceeding outside the
ALFRESA Territory. If ARS fails to bring an action or proceeding with respect to infringement of any ALFRESA Patent outside the ALFRESA Territory within (A) [***] following receipt or delivery (as applicable) of the notice of alleged infringement or
(B) [***] before the time limit, if any, set forth in the appropriate laws and regulations for the filing of such actions, whichever comes first, then following a discussion with ARS regarding the reasons why ARS did not bring such action or
proceeding, which reasons ALFRESA shall consider in good faith, ALFRESA shall have the right, but not the obligation, to bring and control any such action outside the ALFRESA Territory at its own expense and by counsel of its own choice, and ARS
shall have the right, at its own expense, to be represented in any such action by counsel of its own choice. ALFRESA and its counsel will reasonably cooperate with ARS and its counsel in strategizing, preparing and prosecuting any such action or
proceeding outside the ALFRESA Territory. Except as otherwise agreed by the Parties as part of a cost-sharing arrangement, any recovery or damages realized as a result of such action or proceeding with respect to ALFRESA Patents outside the ALFRESA
Territory shall be used first to reimburse the Parties’ documented out-of-pocket legal expenses incurred in such action or proceeding on a pro rata basis, and any
remaining compensatory, punitive, or other damages that were awarded in respect of Products (including awards made in respect of lost sales or lost profits with respect to Products) shall be retained by the Party that brought and controlled such
action or proceeding. 
 (d) Joint Patents. 

(i) Subject to this Section 10.4(d)(i), ALFRESA shall have the first right, as between ALFRESA and ARS, but
not the obligation, to bring and control any action or proceeding with respect to infringement or challenge of any Joint Patent in the ALFRESA Territory, at its own expense and by counsel of its own choice, and ARS shall have the right, at its own
expense, to be represented in any such action by counsel of its own choice. ALFRESA and its counsel will reasonably cooperate with ARS and its counsel in strategizing, preparing and prosecuting any such action or proceeding in the ALFRESA Territory.
If ALFRESA fails to bring an action or proceeding with respect to infringement or challenge of any Joint Patent in the ALFRESA Territory within (A) [***] following the notice of alleged infringement or (B) [***] before the time limit, if any, set
forth in the appropriate laws and regulations for the filing of such actions, whichever comes first, then following a discussion with ALFRESA regarding the reasons why ALFRESA did not bring such action or proceeding, which reasons ARS shall consider
in good faith, ARS shall have the right, but not the obligation, to bring and control any such action at its own expense and by counsel of its own choice, and ALFRESA shall have the right, at its own expense, to be represented in any such action by
counsel of its own choice. ALFRESA and its counsel will reasonably cooperate with 

  
 26 

 
ARS and its counsel in strategizing, preparing and prosecuting any such action or proceeding in the ALFRESA Territory. Except as otherwise agreed by the Parties in writing as part of a
cost-sharing arrangement, any recovery or damages realized as a result of such action or proceeding with respect to Joint Patents in the ALFRESA Territory shall be used first to reimburse the Parties’ documented
out-of-pocket legal expenses incurred in such action or proceeding on a pro rata basis, and any remaining compensatory, punitive, or other damages were awarded in
respect of Products (including awards made in respect of lost sales or lost profits with respect to Products) shall be retained by the Party that brought and controlled such action or proceeding. 

(ii) Subject to this Section 10.4(d)(ii), ARS shall have the sole right, as between ARS and ALFRESA, but not
the obligation, to bring and control any action or proceeding with respect to infringement or challenge of any Joint Patent outside the ALFRESA Territory, at its own expense and by counsel of its own choice, and ALFRESA shall have the right, at its
own expense, to be represented in any such action by counsel of its own choice. Except as otherwise agreed by the Parties in writing as part of a cost-sharing arrangement, any recovery or damages realized as a result of such action or proceeding
with respect to Joint Patents outside the ALFRESA Territory shall be used first to reimburse the Parties’ documented out-of-pocket legal expenses incurred in such
action or proceeding on a pro rata basis, and any remaining compensatory, punitive, or other damages awarded in respect of Products (including awards made in respect of lost sales or lost profits with respect to Products) shall be retained by the
Party that brought and controlled such action or proceeding. 
 (e) Cooperation. In the event a Party brings an action in
accordance with this Section 10.4, the other Party shall cooperate fully, including, if required to bring such action, the furnishing of a power of attorney or being named as a party to such action. 

10.5 Infringement of Third Party Rights. Each Party shall promptly notify the other Party in writing of any allegation by a
Third Party that the manufacture, Development, importation, use, marketing, offer for sale or sale of any Composition or Product in the ALFRESA Territory infringes or may infringe the intellectual property rights of a Third Party (each an
“Infringement Claim”). The notice shall set forth the facts of the Infringement Claim in reasonable detail, to the extent such notifying Party has the right to disclose them. ALFRESA shall have the first right to control any
defense of any such Infringement Claim at its own expense and by counsel of its own choice, and ARS shall have the right, at its own expense, to be represented in any such action by counsel of its own choice. If ALFRESA fails to defend against such
Infringement Claim action, or notifies ARS that it does not intend to defend against such Infringement Claim action, within (A) [***] following the notice of alleged infringement or (B) [***] before the time limit, if any, set forth in the
appropriate laws and regulations for the response to such action, whichever comes first, ARS shall have the right, but not the obligation, to defend any such Infringement Claim action at its own expense and by counsel of its own choice, and ALFRESA
shall have the right, at its own expense, to be represented in any such action by counsel of its own choice. 
 10.6 Consent for
Settlement. Neither Party shall unilaterally enter into any settlement or compromise of any action or proceeding under this Article 10 that would in any manner alter, diminish, or be in derogation of the other Party’s rights under
this Agreement without the prior written consent of such other Party, which shall not be unreasonably withheld, conditioned or delayed. 

10.7 Trademarks. ALFRESA shall own and be responsible for all trademarks, trade names, branding or logos related to
Commercialization of Products in the Field in the ALFRESA Territory. Subject to consultation with ARS through the JDC, ALFRESA shall be responsible for selecting, registering, prosecuting, defending, and maintaining all such marks at ALFRESA’s
sole discretion, cost and expense. ARS shall not own all trademarks, trade names, branding or logos related to Commercialization of Products in the Field in the ALFRESA Territory and shall not, directly or indirectly through any Third Parties,
register or prosecute any trademarks, trade names, branding or logos related to Commercialization of Products in the Field in the ALFRESA Territory, without obtaining prior written approval by ALFRESA. 

  
 27 

 10.8 ARS Controlled Patents Outside the ALFRESA Territory. For clarity, ARS
reserves all rights to prepare, file, prosecute (including any interferences, reissue proceedings and re-examinations), maintain, defend and enforce all Patents owned or controlled by ARS related to
Compositions and Products outside the ALFRESA Territory (other than Joint Patents, which are subject to this Article 10). In the event that ARS becomes aware of any infringement or threatened infringement by a Third Party
of any ARS Patent outside the ALFRESA Territory, or any declaratory judgment or equivalent action challenging any ARS Patent in connection with any such infringement outside the ALFRESA Territory, ARS shall notify ALFRESA in writing to that effect.

  

	11.	 REPRESENTATIONS AND WARRANTIES 

11.1 Mutual Representations and Warranties. Each Party represents and warrants to the other Party that, as of the Effective
Date: (a) it is duly organized and validly existing under the laws of its jurisdiction of incorporation or formation, and has full corporate or other power and authority to enter into this Agreement and to carry out the provisions hereof,
(b) it is duly authorized to execute and deliver this Agreement and to perform its obligations hereunder, and the person or persons executing this Agreement on its behalf has been duly authorized to do so by all requisite corporate or
partnership action, (c) this Agreement is legally binding upon it, enforceable in accordance with its terms, and does not conflict with any agreement, instrument or understanding, oral or written, to which it is a party or by which it may be
bound, nor violate any material law or regulation of any court, governmental body or administrative or other agency having jurisdiction over it, and (d) it has the right to grant the licenses granted by it under this Agreement. 

11.2 Mutual Covenants. Each Party hereby covenants to the other Party as follows: 

(a) Each Party shall conduct, and shall use Commercially Reasonable Efforts to cause its Sublicensees, contractors, and consultants to
conduct, all of its activities contemplated under this Agreement in accordance with all applicable laws and regulations. 
 (b)
Neither Party will use in any capacity, in connection with the Development, manufacture or Commercialization of any Product, any individual or entity who has been Debarred. Each Party shall inform the other Party in writing immediately upon becoming
aware that any individual or entity who is performing hereunder is Debarred, or if any claim is pending or, to the best of such Party’s knowledge, is threatened, relating to the Debarment of such Party or any individual or entity used in any
capacity by such Party in connection with the Development, manufacture or Commercialization of any Product. “Debarred” means, with respect to an individual or entity, that such an individual or entity (a) is debarred by the FDA
pursuant to Section 306 of the United States Federal Food, Drug, and Cosmetic Act (“FDCA”), or is the subject of a conviction described in such section (or subject to a similar sanction of any other applicable Regulatory
Authority), (b) is the subject of an FDA debarment investigation or proceeding (or similar proceeding of any other applicable Regulatory Authority), or (c) has been charged with or convicted under U.S. Law for conduct relating to the
development or approval, or otherwise relating to the regulation, of any product under the Generic Drug Enforcement Act of 1992. 

11.3 Additional ARS Representations and Warranties. ARS represents and warrants to ALFRESA that, as of the Effective Date: 

(a) Exhibit 1 is a complete and correct list of all ARS Patent Rights in the ALFRESA Territory that are being licensed to
ALFRESA under Section 2.1; 
 (b) ARS is the owner or co-owner, as the case may be, of
all ARS Patents listed in Exhibit 1; 
 (c) ARS has obtained from all individuals and entities that participated with ARS in the
invention of any ARS Patents effective assignments of all ownership rights of such individuals and entities in such ARS Patents either pursuant to written agreements or by operation of law; 

(d) ARS has filed and prosecuted patent applications within the ARS Patents in Alfresa Territory and has complied with all duties of
disclosure with respect thereto under Applicable Laws; 

  
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 (e) all application, registration, maintenance and renewal fees in respect of the ARS
Patents have been paid and to ARS’s knowledge, all necessary documents and certificates have been filed with the relevant agencies for the purpose of maintaining such ARS Patents; 

(f) ARS has not received any written notice or does not otherwise have knowledge prior to Effective Date that ARS Patent or Product has
infringed or would infringe any Third Party Patents; 
 (g) ARS has not, of the Effective Date, granted any Third Party rights under
the ARS Technology or to Develop, Manufacture, register, use or Commercialize the Product in the Alfresa Territory that would interfere or be inconsistent with Alfresa’s rights hereunder, and there are no agreements or arrangements to which ARS
or any of its Affiliates is a party relating to the Product, ARS Patents or ARS Know-How that would limit the rights granted to Alfresa under this Agreement, except for the terms of License Agreement dated as
of [***] between ARS and [***] under which ARS licensed or acquired any ARS Patents or ARS Know-How from [***], as disclosed by ARS to ALFRESA; and no rights granted to Alfresa pursuant to this Agreement are
in violation of any agreement between ARS or any of its Affiliates and any Third Party; 
 (h) ARS does not own or Control any Patent
or other intellectual property right that dominates the subject matter of the claims set forth in the ARS Patents or that would otherwise prevent Alfresa from exploiting the license granted to it under the ARS Technology to Develop, Manufacture,
register, use or Commercialize the Product in the ALFRESA Territory under this Agreement; 
 (i) ARS has not received any written
notice and does not otherwise have knowledge that ARS Know-How would misappropriate the know-how of any Third Party; 

(j) ARS 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 any ARS Patents and ARS Know-how; 
 (k) To the best knowledge of ARS, no
officer or employee of ARS is subject to any agreement with any other Third Party which requires such officer or employee to assign any interest in any ARS Patent or ARS Know-how relating to the Product in the
Field and in the Alfresa Territory to any Third Party; 
 (l) ARS has taken all reasonable precautions to preserve the
confidentiality of the ARS Know-How that is existing and documented as of the Effective Date; 

(m) The documents containing ARS Patents, ARS Data and ARS Know-How disclosed or made available
by ARS to Alfresa are true and accurate copies of what they purport to be. ARS has made available to Alfresa all ARS Patent, ARS Data and ARS Know-How and other relevant information in ARS’ possession or
control relating to the Development, Manufacture and Commercialization of the Product. Without limiting the foregoing, ARS has disclosed to Alfresa any information known to ARS with respect to (i) the safety of the Product, and (ii) the
efficacy of the Product, and (iii) any then existing circumstance which would be, to the best knowledge of ARS, likely to prevent or restrict the Development, Manufacturing and/or Commercialization of the Products and Compositions in the
ALFRESA Territory; 
 (n) joint patent holder of ARS Patent acknowledges, agrees and approves to the grant of license pursuant to
this Agreement to ALFRESA and ALFRESA’s application for the registration of Provisional Exclusive License and Exclusive License to Japan Patent Office pursuant to this Agreement. 

11.4 Disclaimer. Except as expressly set forth in this Agreement, THE TECHNOLOGY AND INTELLECTUAL PROPERTY RIGHTS PROVIDED BY
EACH PARTY HEREUNDER ARE PROVIDED “AS IS” AND EACH PARTY EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING THE WARRANTIES OF DESIGN, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE,
NONINFRINGEMENT OF THE INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES, OR ARISING FROM A COURSE OF DEALING, USAGE OR TRADE PRACTICES, IN ALL CASES WITH RESPECT THERETO. Without limiting the foregoing, (a) neither Party represents or warrants
that any data obtained from conducting clinical trials in one country or jurisdiction will comply with the laws and regulations of any other country or jurisdiction, and (b) neither Party represents or warrants the success of any study or test
conducted by pursuant to this Agreement or the safety or usefulness for any purpose of the technology it provides hereunder. 

  
 29 

	12.	 INDEMNIFICATION 

12.1 Indemnification by ARS. ARS hereby agrees to defend, indemnify and hold harmless ALFRESA, its Sublicensees and their
respective directors, officers, employees and agents (each, an “ALFRESA Indemnitee”) from and against any and all liabilities, expenses and losses, including reasonable legal expenses and attorneys’ fees (collectively,
“Losses”), to which any ALFRESA Indemnitee may become subject as a result of any claim, demand, action or other proceeding by any Third Party to the extent such Losses arise out of: (a) the Development, use, handling,
storage, sale or other disposition of any Composition or Product by ARS or its Affiliates or ARS Collaborators (excluding any activities by or on behalf of ALFRESA or its Affiliates or Sublicensees), (b) the negligence or willful misconduct of any
ARS Indemnitee, or (c) the breach by ARS of any warranty, representation, covenant or agreement made by ARS in this Agreement; except, in each case (a)-(c), to the extent such Losses arise out of the negligence or willful misconduct of any
ALFRESA Indemnitee or the breach by ALFRESA of any warranty, representation, covenant or agreement made by ALFRESA in this Agreement. 

12.2 Indemnification by ALFRESA. ALFRESA hereby agrees to defend, indemnify and hold harmless ARS, its Affiliates and the ARS
Collaborators and their respective directors, officers, employees and agents (each, an “ARS Indemnitee”) from and against any and all Losses to which any ARS Indemnitee may become subject as a result of any claim, demand,
action or other proceeding by any Third Party to the extent such Losses arise out of: (a) the Development, use, handling, storage, sale or other disposition of any Composition or Product by ALFRESA or its Affiliates or Sublicensees (excluding
any activities by or on behalf of ARS or its Affiliates or ARS Collaborators), (b) the negligence or willful misconduct of any ALFRESA Indemnitee, or (c) the breach by ALFRESA of any warranty, representation, covenant or agreement made by
ALFRESA in this Agreement; except, in each case (a)-(c), to the extent such Losses arise out of the negligence or willful misconduct of any ARS Indemnitee or the breach by ARS of any warranty, representation, covenant or agreement made by ARS in
this Agreement. 
 12.3 Procedure. A Party that intends to claim indemnification under this Article 12 (the
“Indemnitee”) shall promptly notify the indemnifying Party (the “Indemnitor”) in writing of any Third Party claim, demand, action or other proceeding (each, a “Claim”) in
respect of which the Indemnitee intends to claim such indemnification, and the Indemnitor shall have sole control of the defense or settlement thereof. The Indemnitee may participate at its expense in the Indemnitor’s defense of and settlement
negotiations for any Claim with counsel of the Indemnitee’s own selection. The indemnity arrangement in this Article 12 shall not apply to amounts paid in settlement of any action with respect to a Claim, if such settlement is effected
without the consent of the Indemnitor, which consent shall not be withheld or delayed unreasonably. The failure to deliver written notice to the Indemnitor within a reasonable time after the commencement of any action with respect to a Third Party
Claim shall only relieve the Indemnitor of its indemnification obligations under this Article 12 if and to the extent the Indemnitor is actually prejudiced thereby. The Indemnitee shall cooperate fully with the Indemnitor and its legal
representatives in the investigation of any action with respect to a Claim covered by this indemnification. 
 12.4 Insurance.
Each Party, at its own expense, shall maintain product liability and other appropriate insurance (or self-insure) in an amount consistent with sound business practice and reasonable in light of its obligations under this Agreement during the Term.
Each Party shall provide a certificate of insurance (or evidence of self-insurance) evidencing such coverage to the other Party upon request. 

12.5 Limitation of Liability. EXCEPT FOR LIABILITY FOR BREACH OF ARTICLE 13 AND UNLESS OTHERWISE EXPRESSLY STATED IN THIS
AGREEMENT, NEITHER PARTY SHALL BE ENTITLED TO RECOVER FROM THE OTHER PARTY ANY SPECIAL, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES IN CONNECTION WITH THIS AGREEMENT OR ANY LICENSE GRANTED HEREUNDER; PROVIDED, HOWEVER, THAT THIS SECTION
12.5 SHALL NOT BE CONSTRUED TO LIMIT EITHER PARTY’S INDEMNIFICATION OBLIGATIONS UNDER THIS ARTICLE 12. 

  
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	13.	 CONFIDENTIALITY 

13.1 Confidential Information. Except to the extent expressly authorized by this Agreement or otherwise agreed in writing by the
Parties, the receiving Party shall keep confidential and shall not publish or otherwise disclose and shall not use for any purpose other than as expressly provided for in this Agreement any Confidential Information of the other (disclosing) Party
under this Agreement, and both receiving Parties shall keep confidential and, subject to Sections 13.2, 13.3 and 13.5, shall not publish or otherwise disclose the terms of this Agreement. Each receiving Party may use the
disclosing Party’s Confidential Information only to the extent required to accomplish the purposes of this Agreement, including exercising its rights or performing its obligations. Each receiving Party will use at least the same standard of
care as it uses to protect proprietary or confidential information of its own (but no less than reasonable care) to ensure that its employees, agents, consultants, contractors and other representatives do not disclose or make any unauthorized use of
the disclosing Party’s Confidential Information. Each receiving Party will promptly notify the disclosing Party upon discovery of any unauthorized use or disclosure of the disclosing Party’s Confidential Information. 

13.2 Exceptions. The obligations of confidentiality and restriction on use under Section 13.1 will not
apply to any information that the receiving Party can demonstrate through contemporaneous written records: (a) is now, or hereafter becomes, through no act or failure to act on the part of the receiving Party or its representatives, generally
known or available to the public; (b) is known by the receiving Party at the time of receiving such information, other than by previous disclosure of the disclosing Party, or its Affiliates, employees, agents, or contractors; (c) is
hereafter furnished to the receiving Party without restriction by a Third Party who has no obligation of confidentiality or limitations on use with respect thereto, as a matter of right; or (d) is independently discovered or developed by the
receiving Party without the use of Confidential Information belonging to the disclosing Party. 
 13.3 Authorized Disclosure.
Each receiving Party may disclose Confidential Information belonging to the disclosing Party as expressly permitted by this Agreement or if and to the extent such disclosure is reasonably necessary in the following instances: 

(a) filing, prosecuting, or maintaining Patents as permitted by this Agreement; 

(b) regulatory filings for Products (for ALFRESA, only in the ALFRESA Territory) that such Party has a license or right to Develop
hereunder in a given country or jurisdiction; 
 (c) prosecuting or defending litigation arising under this Agreement; 

(d) complying with applicable court orders or governmental regulations; and 

(e) disclosure to its and its Affiliates’ employees, contractors and agents, to ARS Collaborators (in the case of ARS) and to
Sublicensees (in the case of ALFRESA), in each case on a need-to-know basis in connection with the Development and manufacture of Compositions, and Development,
manufacture and Commercialization of Products in accordance with the terms of this Agreement, in each case under written obligations of confidentiality and non-use at least as stringent as those herein; and

 (f) disclosure to potential and actual investors, acquirers, licensees and other financial or commercial partners solely for the
purpose of evaluating or carrying out an actual or potential investment, acquisition or collaboration in such receiving Party, in each case under written or professional obligations of confidentiality and
non-use at least as stringent as those herein. 

  
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 Notwithstanding the foregoing, in the event a receiving Party is required to make a disclosure of the
disclosing Party’s Confidential Information pursuant to Section 12.3(c) or (d), and before making any such disclosure, it will, except where impracticable or prohibited, give prompt advance written notice to the
disclosing Party of such requirement and its intended disclosure, and shall cooperate with the disclosing Party’s efforts to limit or avoid such disclosure and/or to seek a protective order, confidential treatment of such Confidential
Information or other available remedy.. In any event, the Parties agree to take all reasonable action to avoid disclosure of a disclosing Party’s Confidential Information hereunder. Any information disclosed pursuant to
Section 12.3(c) or (d) shall remain Confidential Information and subject to the restrictions set forth in this Agreement, including the foregoing provisions of this Article 13. 

13.4 Publications. Each Party shall have the right to review and comment on any material proposed for public disclosure or
publication by the other Party regarding results of and other information regarding the other Party’s Development or Commercialization activities with respect to Products, whether by oral presentation, manuscript or abstract, or other means of
public disclosure, and including disclosures to the investment community, if such proposed public disclosure or publication might negatively affect Development and/or Commercialization of Products in the ALFRESA Territory (for ARS publications) or
outside the ALFRESA Territory (for ALFRESA publications), as the case may be. For the sake of clarity, any press release by a Party shall follow the process set forth in Section 13.5 below, and not the process contained in
this Section 13.4. Before any such material described in this Section 13.4 is submitted for publication or presentation of any such material is made, the receiving Party that proposed to publish or publicly disclose
such material shall deliver a complete copy to the disclosing Party prior to submitting the material to a publisher or initiating any other public disclosure. Each disclosing Party shall review any such material and give its comments to the
receiving Party as soon as practicable. With respect to oral presentation materials and abstracts, each disclosing Party shall make reasonable efforts to expedite review of such oral presentation materials and abstracts, and shall return its
comments if any, on such items as soon as practicable to the receiving Party. Each receiving Party shall comply with the disclosing Party’s request to delete references to the disclosing Party’s Confidential Information in any such
material and will delay any submission for publication or other public disclosure for a period of up to an additional ninety (90) days for the purpose of preparing and filing appropriate patent applications. 

13.5 Publicity; Public Disclosures. The Parties will issue an initial press release substantially in the form agreed to prior to
the Effective Date, on or as promptly as practicable following, the application for Regulatory Approval to PMDA. It is understood that each Party may desire or be required to issue subsequent press releases relating to this Agreement or activities
hereunder. The Parties will consult with each other reasonably and in good faith with respect to the text and timing of all press releases prior to the issuance thereof, to the extent practicable, provided that a Party may not unreasonably withhold,
condition or delay consent to such press releases, and that either Party may issue such press releases or make such disclosures to the SEC or other applicable agency as it determines, based on advice of counsel, are reasonably necessary to comply
with laws or regulations or for appropriate market disclosure. Each Party shall provide the other Party with advance notice of legally required disclosures to the extent practicable. The Parties will consult with each other on the provisions of this
Agreement to be redacted in any filings made by a Party with the SEC or as otherwise required by Applicable Laws; provided that each Party shall have the right to make any such filing as it reasonably determines necessary under Applicable Laws. In
addition, following the initial press release announcing this Agreement, either Party shall be free to disclose, without the other Party’s prior written consent, the existence of this Agreement, the identity of the other Party and those terms
of the Agreement which have already been publicly disclosed in accordance herewith. 
 13.6 Prior Confidentiality Agreement.
As of the Effective Date, the terms of this Article 13 shall supersede any prior non-disclosure, secrecy or confidentiality agreement between the Parties (or their Affiliates) relating to the subject of
this Agreement, including the Confidentiality Agreement. Any information disclosed pursuant to any such prior agreement shall be deemed Confidential Information for purposes of this Agreement. 

13.7 Equitable Relief. Given the nature of the Confidential Information and the competitive damage that a Party may suffer upon
unauthorized disclosure, use or transfer of its Confidential Information to any Third Party, the Parties agree that monetary damages may not be a sufficient remedy for any breach of this Article 13. In addition to all other remedies, a Party
shall be entitled to seek specific performance and injunctive and other equitable relief as a remedy for any breach or threatened breach of this Article 13. 

  
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	14.	 TERM AND TERMINATION 

14.1 Term. This Agreement shall commence on the Effective Date and, unless terminated earlier as provided in this Article
14 or by mutual written agreement of the Parties, shall continue until the latest of (i) expiration of the last-to-expire Valid Claim of the ARS Patents and
Joint Patents covering the composition, method of manufacture or method of use in the Field of any Product in the ALFRESA Territory; or (ii) [***] after the First Commercial Sale of any Product in the ALFRESA Territory (the
“Term”). Upon expiration (but not termination) of this Agreement, ALFRESA’s licenses under Section 2.1 will become perpetual, irrevocable, non-exclusive,
fully paid-up and royalty free. 
 14.2 Termination for Cause. 

(a) Material Breach. Each Party shall have the right to terminate this Agreement in its entirety upon written notice of
termination delivered to the other Party, if such other Party materially breaches this Agreement and has not cured such breach within [***] ([***] with respect to any payment breach) after receipt of written notice from the non-breaching Party describing such breach and demanding its cure. 
 (b) Bankruptcy. Each
Party shall have the right to terminate this Agreement in its entirety upon written notice to the other Party if such other Party makes a general assignment for the benefit of creditors, files a voluntary insolvency petition in bankruptcy, petitions
for or acquiesces in the appointment of any receiver, trustee or similar officer to liquidate or conserve its business or any substantial part of its assets, commences under the laws of any jurisdiction any proceeding involving its dissolution,
liquidation or any other similar proceeding for the release of financially distressed debtors or becomes a party to any proceeding or action of the type described above and such proceeding is not dismissed within [***] after the commencement
thereof. 
 14.3 Termination for Patent Challenge. ARS shall have the right to terminate this Agreement in its entirety upon
written notice to ALFRESA if ALFRESA or any of its Affiliates or Sublicensees directly, or indirectly through any Third Party, (a) commences any interference or opposition proceeding with respect to, or opposes any extension of or the grant of
a supplementary protection certificate with respect to, any ARS Patent, or (b) institutes, actively participates as an adverse party in, or otherwise provides material support to, any action, suit or other proceeding to invalidate any ARS
Patent or to obtain a ruling that any claim within any ARS Patent is unenforceable or not patentable. 
 14.4 Termination by
ALFRESA. (a) Invalidity of ARS Patents. ALFRESA shall have the right to terminate this Agreement upon written notice to ARS when an examiner or trial makes final and biding decision to refuse to grant any ARS Patent to
ARS or when a trial decision to the effect that the ARS Patent is to be invalidated has become final and binding by giving notice to ARS with the immediate effect. (b) Termination without Cause. ALFRESA shall have the right to terminate this
Agreement at any time for any reason or for no reason upon [***] written notice to ARS. 
 14.5 Effects of Termination for in
Certain Situations. Upon any termination of this Agreement by ARS pursuant to Section14.2, 14.3 or the termination of this Agreement by ALFRESA pursuant to 14.4, the following will apply: 

(a) Termination of Licenses and Other Rights. All licenses granted to ALFRESA will automatically terminate, all other rights and
obligations of the Parties under this Agreement will terminate, and all sublicenses under the ARS Technology granted from ALFRESA to any Sublicensee will automatically terminate, in each case on the effective date of termination. 

  
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 (b) Assignments. ARS shall notify ALFRESA within [***] after the effective
date of termination whether it wishes to obtain the assignments set forth in Sections 14.5(b)(i)-(iii). All such assignments under Sections 14.5(b)(i)-(iii) will be without cost to ARS. 

(i) Regulatory Filings. As promptly as practicable (and in any event within [***]) after such notice, ALFRESA shall:
(A) to the extent not previously provided to ARS, deliver to ARS true, correct and complete copies of all Regulatory Filings (including Regulatory Approvals) for Products in the Field in the ALFRESA Territory, and provide to ARS all ALFRESA Know-How not previously disclosed to ARS; (B) and hereby does, effective upon such termination, transfer and assign, or cause to be transferred or assigned, to ARS or its designee (or to the extent not so
assignable, take all reasonable actions to make available to ARS or its designee all of the benefits of) all Regulatory Filings (including Regulatory Approvals) for Products in the Field in the ALFRESA Territory, whether held in the name of ALFRESA
or its Affiliate or Sublicensee; and (C) take such other actions and execute such other instruments, assignments and documents as may be necessary to effect, evidence, register and record the transfer, assignment or other conveyance of rights
under this Section 14.5(b)(i) to ARS; 
 (ii) ALFRESA Technology. ALFRESA shall, and hereby does,
effective upon such termination, assign to ARS all of ALFRESA’s and its Affiliates’ right, title and interest in and to the ALFRESA Technology, and ALFRESA shall promptly take such actions and execute such instruments, assignments and
documents as may be necessary to effect, evidence, register and record such assignment, at ARS’s cost; 
 (iii) Marks.
ALFRESA shall, and hereby does, effective on such termination that occurs during the period until the latest of (i) expiration of the last-to-expire Valid Claim of
the ARS Patents and Joint Patents covering the composition, method of manufacture or method of use in the Field of any Product in the ALFRESA Territory; or (ii) 10 years after the First Commercial Sale of any Product in the ALFRESA Territory, assign
to ARS all of ALFRESA’s and its Affiliates’ right, title and interest in and to any and all Product-specific trademarks used by ALFRESA and its Affiliates in the ALFRESA Territory, including all goodwill therein, and ALFRESA shall promptly
take such actions and execute such instruments, assignments and documents as may be necessary to effect, evidence, register and record such assignment, at ARS’s cost; 

(c) Wind-Down. ALFRESA shall, as directed by ARS, either wind-down any ongoing Development activities of ALFRESA and its
Sublicensees with respect to any Compositions or Products in the Field in the ALFRESA Territory in an orderly fashion or promptly transfer such Development activities to ARS or its designee, in compliance with all Applicable Laws; 

(d) Transition Assistance. ALFRESA shall, at ARS’s cost, provide reasonable consultation and assistance for a period of no
more than [***] for the purpose of transferring or transitioning to ARS all ALFRESA Know-How not already in ARS’s possession and, at ARS’s request, all then-existing commercial arrangements relating
specifically to Compositions and Products that ALFRESA is able, using Commercially Reasonable Efforts, to transfer or transition to ARS, in each case, to the extent reasonably necessary or useful for ARS to commence Developing, manufacturing, or
Commercializing Products in the ALFRESA Territory. The foregoing shall include transferring, upon request of ARS, any agreements with Third Party suppliers or vendors that specifically cover the supply or sale of Compositions or Products in the
ALFRESA Territory. If any such contract between ALFRESA and a Third Party is not assignable to ARS (whether by such contract’s terms or because such contract does not relate specifically to Compositions or Products) but is otherwise reasonably
necessary or useful for ARS to commence Developing, manufacturing, or Commercializing Products in the ALFRESA Territory, or if ALFRESA manufactures the Product itself (and thus there is no contract to assign), then ALFRESA shall reasonably cooperate
with ARS to negotiate for the continuation of services or supply from such entity, or ALFRESA shall supply such Composition or Product, as applicable, to ARS for a reasonable period (not to exceed [***]) until ARS establishes an alternate, validated
source of such services or supply of finished, packaged, labeled Product for the ALFRESA Territory. The cost to ARS for such supply from ALFRESA shall be negotiated and agreed with each other, but no greater than the cost to ALFRESA for such supply.

  
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 (e) Remaining Inventories. ALFRESA shall promptly deliver, at no charge, to
ARS all of the inventory of Compositions and Products held by ALFRESA as of the date of termination at a price equal to ALFRESA’s actual cost to acquire or manufacture such inventory. 

14.6 Effects of Material Breach by ARS. If ARS materially breaches this Agreement and has not cured such breach within [***]
after notice of such breach from ALFRESA (or, in the event the breach is not one that can be cured within [***], has not implemented a plan to cure such breach within [***]) ALFRESA shall have the right to seek the following remedies; 

(a) In the case that ALFRESA will exercise its right to terminate this Agreement pursuant to Section 14.2(a),
Section 14.5 (a)-(e) will apply, provided that, ARS shall reimburse all reasonable internal (at a fully-burdened rate) and external costs incurred by ALFRESA to conduct ARS-requested activities under
Section 14.5(b)-(e), notwithstanding anything to the contrary in Section 14.5(b)-(e). 

(b) In the case that ALFRESA will not exercise its right to terminate this Agreement pursuant to
Section 14.2(a), this Agreement shall survive and remain in full force and effect. 
 14.7 Confidential
Information. Upon termination of this Agreement in its entirety, except to the extent that a receiving Party obtains or retains the right to use the disclosing Party’s Confidential Information, each receiving Party shall promptly return to
the disclosing Party, or delete or destroy, all relevant records and materials in such receiving Party’s possession or control containing Confidential Information of the disclosing Party; provided that such receiving Party may keep one copy of
such materials for archival purposes only subject to continuing confidentiality obligations. All ALFRESA Know-How assigned to ARS after the termination of this Agreement as set forth in
Section 14.5 and 14.6(a) will be deemed ARS’s Confidential Information and no longer ALFRESA’s Confidential Information. 

14.8 Survival. Expiration or termination of this Agreement shall not relieve the Parties of any obligation or right accruing
prior to such expiration or termination. Except as set forth below or elsewhere in this Agreement, the obligations and rights of the Parties under the following provisions of this Agreement shall survive expiration or termination of this Agreement:
[To be populated] 
 14.9 Exercise of Right to Terminate. The use by either Party hereto of a termination right provided for
under this Agreement shall not give rise to the payment of damages or any other form of compensation or relief to the other Party with respect thereto; provided, however, that termination of this Agreement shall not preclude either Party from
claiming any other damages, compensation or relief that it may be entitled to upon such termination. 
 14.10 Damages; Relief.
Subject to Section 14.8, termination of this Agreement shall not preclude either Party from claiming any other damages, compensation or relief that it may be entitled to upon such termination. 

14.11 Rights in Bankruptcy. All rights and licenses granted under or pursuant to this Agreement by one Party to the other Party
are, and will otherwise be deemed to be, for purposes of Section 365(n) of the U.S. Bankruptcy Code or comparable provision of applicable bankruptcy or insolvency laws, licenses of right to “intellectual property” as
defined under Section 101 of the U.S. Bankruptcy Code or comparable provision of applicable bankruptcy or insolvency laws. A Party that is a licensee of such rights under this Agreement will retain and may fully exercise all of its rights and
elections under the U.S. Bankruptcy Code or comparable provision of applicable bankruptcy or insolvency laws. In the event of the commencement of a bankruptcy proceeding by or against a Party to this Agreement under the U.S. Bankruptcy Code or
comparable provision of applicable bankruptcy or insolvency laws, the other Party will be entitled to a complete 

  
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duplicate of (or complete access to, as appropriate) any such intellectual property and all embodiments of such intellectual property that are necessary for use and exploitation of such other
Party’s licenses and rights hereunder, and same, if not already in its possession, will be promptly delivered to it (a) upon any such commencement of a bankruptcy or insolvency proceeding upon its written request therefor, unless the
bankrupt Party elects to continue to perform all of its obligations under this Agreement, or (b) if not delivered under (a) above, following the rejection of this Agreement by or on behalf of the bankrupt Party upon written request
therefor by the other Party. In the event where any Third Party other than the bankrupt Party (including but not limited to CMO) owns or possesses a complete duplicate of (or complete access to, as appropriate) any such intellectual property and all
embodiments of such intellectual property that are necessary for use and exploitation of such other Party’s licenses and rights hereunder, and same, the bankrupt Party shall procure such Third Party to deliver such complete duplicate to the
other Party, upon such other Party’s written request. 
  

	15.	 DISPUTE RESOLUTION 

15.1 Objective. The Parties recognize that disputes as to matters (i) arising under, or relating to, this Agreement or
(ii) either Party’s rights and obligations hereunder may arise from time to time. It is the objective of the Parties to establish procedures to facilitate the resolution of such disputes in an expedient manner by mutual cooperation and
without resort to litigation. To accomplish this objective, the Parties agree to follow the procedures set forth in this Article 15 to resolve any such dispute if and when it arises. 

15.2 Resolution by Executive Officers. Except as otherwise provided in Article 3, if an unresolved dispute as to matters
arising under or relating to this Agreement or either Party’s rights and obligations hereunder arises, either Party may refer such dispute to the Executive Officers, who shall meet in person or by telephone within [***] after such referral to
attempt in good faith to resolve such dispute. If such matter cannot be resolved by discussion of such Executive Officers within such [***] period (as may be extended by mutual written agreement), such dispute shall be resolved in accordance with
Section 15.3. 
 15.3 Arbitration. 

(a) If the Parties do not resolve a dispute as provided in Section 15.2, and a Party wishes to pursue the
matter, each such dispute that is not an Excluded Claim (defined below) shall be resolved by binding arbitration administered by [***] in accordance with the Arbitration Rules of [***] for the time being in force, which rules are deemed to be
incorporated by reference in this clause. The arbitration award rendered in any such arbitration will be final and not appealable and may be executed by any court of competent jurisdiction. If either Party intends to commence binding arbitration of
such dispute, such Party will provide written notice to the other Party informing the other Party of such intention and the issues to be resolved. Within [***] after the receipt of such notice, the other Party may, by written notice to the Party
initiating binding arbitration, add additional issues to be resolved. 
 (b) The arbitration shall be conducted by a [***] appointed
in accordance with the SIAC Rules, none of whom shall be a current or former employee or director, or a then-current stockholder, of either Party, their respective Affiliates or any Sublicensee. The place of arbitration shall be [***] and all
proceedings and communications shall be in English. 
 (c) It is the intention of the Parties that discovery, although permitted as
described herein, will be limited except in exceptional circumstances. The arbitrators will permit such limited discovery necessary for an understanding of any legitimate issue raised in the arbitration, including the production of documents. No
later than [***] after selection of the arbitrators, the Parties and their representatives shall hold a preliminary meeting with the arbitrators, to mutually agree upon and thereafter follow procedures seeking to assure that the arbitration will be
concluded within [***] from such meeting. Failing any such mutual agreement, the arbitrators will design and the Parties shall follow procedures to such effect. 

  
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 (d) Either Party may apply to the arbitrators for interim injunctive relief until the
arbitration award is rendered or the controversy is otherwise resolved. Either Party also may, without waiving any remedy under this Agreement, seek from any court having jurisdiction any injunctive or provisional relief necessary to protect the
rights or property of that Party pending the arbitration award. The arbitrators shall have no authority to award punitive or any other non- compensatory damages. The award shall be in writing and shall
describe the basis for the award and the arbitrators’ decision(s). The arbitrators shall have the power to order that all or part of the legal or other costs incurred by a Party in connection with the arbitration be paid by the other Party.
Each Party shall bear an equal share of the arbitrators’ and any administrative fees of arbitration. 
 (e) Except to the extent
necessary to confirm or enforce an award or as may be required by Applicable Law, neither a Party nor an arbitrator may disclose the existence, content, or results of an arbitration without the prior written consent of both Parties. In no event
shall an arbitration be initiated after the date when commencement of a legal or equitable proceeding based on the dispute, controversy or claim would be barred by the applicable [***] of limitations. 

(f) As used in this Section, the term “Excluded Claim” means a dispute, controversy or claim that concerns
(i) the validity, enforceability or infringement of a patent, trademark or copyright or (ii) any antitrust, anti-monopoly or competition law or regulation, whether or not statutory. 

 

	16.	 GENERAL PROVISIONS 

16.1 Governing Law. This Agreement, and all questions regarding the existence, validity, interpretation, breach or performance
of this Agreement, shall be governed by, and construed and enforced in accordance with, the laws of the State of New York, United States, without reference to its conflicts of law principles. The application of the U.N. Convention on Contracts for
the International Sale of Goods (1980) is excluded. 
 16.2 Entire Agreement; Modification. This Agreement is both a
final expression of the Parties’ agreement and a complete and exclusive statement with respect to all of its terms. This Agreement supersedes all prior and contemporaneous agreements and communications, whether oral, written or otherwise,
concerning any and all matters contained herein. This Agreement may only be modified or supplemented in a writing expressly stated for such purpose and signed by the Parties to this Agreement. 

16.3 Relationship Between the Parties. The Parties’ relationship, as established by this Agreement, is solely that of
independent contractors. This Agreement does not create any partnership, joint venture or similar business relationship between the Parties. Neither Party is a legal representative of the other Party, and neither Party can assume or create any
obligation, representation, warranty or guarantee, express or implied, on behalf of the other Party for any purpose whatsoever. 

16.4 Non-Waiver. The failure of a Party to insist upon strict performance of any
provision of this Agreement or to exercise any right arising out of this Agreement shall neither impair that provision or right nor constitute a waiver of that provision or right, in whole or in part, in that instance or in any other instance. Any
waiver by a Party of a particular provision or right shall be in writing, shall be as to a particular matter and, if applicable, for a particular period of time and shall be signed by such Party. 

16.5 Assignment. Except as expressly provided hereunder, neither this Agreement nor any rights or obligations of a Party
hereunder may be assigned or otherwise transferred by either Party without the prior written consent of the other Party (which consent shall not be unreasonably withheld, conditioned or delayed); provided, however, that either Party may, upon
the prior notice to the other Party, assign or otherwise transfer this Agreement in its entirety without the other Party’s consent: 

  
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 (a) in connection with the transfer or sale to a Third Party of all or substantially
all of the business or assets of such Party relating to Products, whether by merger, consolidation, divesture, restructure, sale of stock, sale of assets or otherwise, provided that in the event of any such transaction (whether this Agreement is
actually assigned or is assumed by the acquiring Party by operation of law (e.g., in the context of a reverse triangular merger)), intellectual property rights of the acquiring party to such transaction (if other than one of the Parties to
this Agreement) shall not be included in the technology licensed hereunder; or 
 (b) to an Affiliate, provided that the assigning
Party shall remain liable and responsible to the non-assigning Party hereto for the performance and observance of all such duties and obligations by such Affiliate. 

The rights and obligations of the Parties under this Agreement shall be binding upon and inure to the benefit of the successors and permitted assigns of the
Parties specified above, and the name of a Party appearing herein will be deemed to include the name of such Party’s successors and permitted assigns to the extent necessary to carry out the intent of this section. Any assignment not in
accordance with this Section 16.5 shall be null and void. 
 16.6 Severability. If, for any reason,
any part of this Agreement is adjudicated invalid, unenforceable or illegal by a court of competent jurisdiction, such adjudication shall not, to the extent feasible, affect or impair, in whole or in part, the validity, enforceability, or legality
of any remaining portions of this Agreement. All remaining portions shall remain in full force and effect as if the original Agreement had been executed without the invalidated, unenforceable or illegal part. 

16.7 Notices. Any notice to be given under this Agreement must be in writing and delivered either in person, or by (a) air
mail (postage prepaid) requiring return receipt, (b) overnight courier, or (c) facsimile or electronic mail (with written confirmation of the recipient) thereafter by any of the foregoing, to the Party to be notified at its address(es)
given below, or at any address such Party may designate by prior written notice to the other in accordance with this Section 16.7. Notice shall be deemed sufficiently given for all purposes upon the earliest of:
(i) the date of actual receipt; (ii) if air mailed, [***] after the date of postmark; (iii) if delivered by overnight courier, the next day the overnight courier regularly makes deliveries, (iv) if sent by facsimile, the date of
confirmation of receipt if during the recipient Party’s normal business hours, otherwise the next business day, (v) if notice is given by electronic mail, a hard copy shall be provided via air mail (postage prepaid) requiring return
receipt, or courier service; the receipt of such hard copy by the receiving Party shall constitute notice here under. 
 If to ALFRESA,
notices must be addressed to: 
 Alfresa Pharma Corporation 

2-2-9 Kokumachi,
Chuo-ku, 
 Osaka 540-8575, Japan 

with a copy to: 
 Alfresa Pharma
Corporation 
 2-2-9 Kokumachi, Chuo-ku, 
 Osaka 540-8575, Japan 

If to ARS, notices must be addressed to: 

ARS Pharmaceuticals, Inc. 
 3525
Del Mar Heights Rd., #855 
 San Diego, CA 92130, USA 

Attention: Chief Executive Officer Facsimile: 

with a copy to: 
 ARS
Pharmaceuticals, Inc. 
 3525 Del Mar Heights Rd., #855 

San Diego, CA 92130, USA 

Attention: Chief Business Officer Facsimile: 

  
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 16.8 Force Majeure. Each Party shall be excused from liability for the failure
or delay in performance of any obligation under this Agreement or delay or failure of transportation or supply of raw materials (other than failure to make payment when due) by reason of any event beyond such Party’s reasonable control
including but not limited to Acts of God, fire, flood, explosion, earthquake, epidemic, pandemic, or other natural forces, war, civil unrest, acts of terrorism, accident, destruction or other casualty, , or any other event similar to those
enumerated above. Such excuse from liability shall be effective only to the extent and duration of the event(s) causing the failure or delay in performance and provided that the affected Party has not directly or indirectly caused such event(s) to
occur. Notice of a Party’s failure or delay in performance due to force majeure must be given in writing to the other Party within [***] after its occurrence. All delivery dates under this Agreement that have been affected by force majeure
shall be tolled for the duration of such force majeure. In no event shall any Party be required to prevent or settle any labor disturbance or dispute. 

16.9 Interpretation. The headings of clauses contained in this Agreement preceding the text of the sections, subsections and
paragraphs hereof are inserted solely for convenience and ease of reference only and shall not constitute any part of this Agreement, or have any effect on its interpretation or construction. All references in this Agreement to the singular shall
include the plural where applicable. Unless otherwise specified, references in this Agreement to any Article shall include all Sections, subsections and paragraphs in such Article, references to any Section shall include all subsections and
paragraphs in such Section, and references in this Agreement to any subsection shall include all paragraphs in such subsection. The word “including” and similar words means including without limitation. The word “or” means
“and/or” unless the context dictates otherwise because the subject of the conjunction are mutually exclusive. The words “herein,” “hereof” and “hereunder” and other words of similar import refer to this
Agreement as a whole and not to any particular Section or other subdivision. All references to days in this Agreement mean calendar days, unless otherwise specified. Ambiguities and uncertainties in this Agreement, if any, shall not be interpreted
against either Party, irrespective of which Party may be deemed to have caused the ambiguity or uncertainty to exist. This Agreement has been prepared in the English language and the English language shall control its interpretation. In addition,
all notices required or permitted to be given hereunder, and all written, electronic, oral or other communications between the Parties regarding this Agreement shall be in the English language. 

16.10 Counterparts; Electronic or Facsimile Signatures. This Agreement may be executed in any number of counterparts, each of
which shall be an original, but all of which together shall constitute one instrument. This Agreement may be executed and delivered electronically or be executed by facsimile or PDF signature or other electronic signature means, and upon such
delivery such electronic delivery or facsimile, PDF or electronic signature(s) will be deemed to have the same effect as if the original signature had been delivered to the other Party. 

[SIGNATURE PAGE FOLLOWS] 

  
 39 

 IN WITNESS WHEREOF, the
Parties hereto have caused this COLLABORATION AND LICENSE AGREEMENT to be executed and entered into by their duly authorized representatives as of the Effective Date.

  

													
	ARS PHARMACEUTICALS, INC.	  	    	  	ALFRESA PHARMA CORPORATION
					
	By:	  	 /s/ Richard Lowenthal
	  		  	By:	  	 /s/ Koichi Shimada

	Name: Richard Lowenthal	  		  	Name: Koichi Shimada
	Title: President & Chief Executive Officer	  		  	Title: President & CEO
	Date: 4/30/2020	  		  	Date: 4/29/2020

 SIGNATURE PAGE TO COLLABORATION
AND LICENSE AGREEMENT

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