Document:

EX-10.1

 Exhibit 10.1 

SECURITIES PURCHASE AGREEMENT 

This SECURITIES PURCHASE AGREEMENT (this “Agreement”) is made and entered into as of March 28, 2019 by and among Aileron
Therapeutics, Inc., a Delaware corporation (the “Company”), and the Investors identified on Exhibit A attached hereto (each an “Investor” and collectively the “Investors”). 

RECITALS 

A.    The Company and the Investors are executing and delivering this Agreement in reliance upon the exemption from
securities registration afforded by the provisions of Regulation D (“Regulation D”), as promulgated by the U.S. Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended; and 

B.    The Investors wish to purchase from the Company, and the Company wishes to sell and issue to the Investors, upon the
terms and subject to the conditions stated in this Agreement, (i) (A) shares (the “Shares”) of the Company’s Common Stock, par value $0.001 per share (the “Common Stock”) and (B) warrants in the form attached
hereto as Exhibit B to purchase Common Stock (each, a “Common Warrant” and collectively, the “Common Warrants”) and/or (ii) (A) pre-funded warrants in the form attached hereto
as Exhibit C to purchase common stock (each, a “Pre-Funded Warrant” and collectively, the “Pre-Funded Warrants”) and (B) Common Warrants.

 C.    Contemporaneously with the sale of the Shares and Common Warrants, the parties hereto will execute and deliver
a Registration Rights Agreement, in the form attached hereto as Exhibit D (the “Registration Rights Agreement”), pursuant to which the Company will agree to provide certain registration rights in respect of the
Shares and the Common Warrant Shares (as defined below) under the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, and applicable state securities laws. 

In consideration of the mutual promises made herein and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows: 
 1.    Definitions. For the purposes of this
Agreement, the following terms shall have the meanings set forth below: 
 “Affiliate” means, with respect to any Person,
any other Person which directly or indirectly through one or more intermediaries Controls, is controlled by, or is under common Control with, such Person. 

“Board” means the Company’s Board of Directors. 

“Business Day” means a day, other than a Saturday or Sunday, on which banks in New York City are open for the general
transaction of business. 
 “Closing” has the meaning set forth in Section 3.1. 

 “Closing Date” has the meaning set forth in Section 3.1. 

“Closing Securities” means the Shares and the Common Warrants. 

“Common Stock Equivalents” means any securities of the Company which would entitle the holder thereof to acquire at any time
Common Stock, including without limitation, any debt, preferred stock, rights, options, warrants or other instrument that is at any time convertible into or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock. 

“Common Warrants” has the meaning set forth in the recitals to this Agreement. 

“Common Warrant Shares” means the shares of Common Stock issuable upon exercise of the Common Warrants. 

“Company Intellectual Property” has the meaning set forth in Section 4.14. 

“Company’s Knowledge” means the actual knowledge of the executive officers (as defined in Rule 405 under the 1933
Act) of the Company. 
 “Control” (including the terms “controlling”, “controlled by” or “under
common control with”) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 

“Disclosure Schedules” has the meaning set forth in Section 4. 

“Disclosure Time” means, (i) if this Agreement is signed on a day that is not a Trading Day or after 9:00 a.m. (New York
City time) and before midnight (New York City time) on any Trading Day, 9:01 a.m. (New York City time) on the Trading Day immediately following the date hereof and (ii) if this Agreement is signed between midnight (New York City time) and 9:00
a.m. (New York City time) on any Trading Day, no later than 9:01 a.m. (New York City time) on the date hereof. 
 “Draft Form 10-K” means the draft of the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 as provided to the Investors prior to the execution
of this Agreement. 
 “Environmental Laws” has the meaning set forth in Section 4.15. 

“Exempt Issuance” means the issuance of (a) Common Warrant Shares, (b) the
Pre-Funded Warrants Shares, (c) Common Stock or Common Stock Equivalents pursuant to any Company stock-based compensation plans approved by the Company’ stockholders or in accordance with Nasdaq
Stock Market Rule 5635(c)(4), (d) Common Stock upon the exercise or exchange of or conversion of any Common Stock Equivalents issued and outstanding on the date of this Agreement, (e) Common Stock or Common Stock Equivalents in connection with
a transaction with an unaffiliated third party approved by the Board that includes a bona fide commercial relationship with the Company (including any joint venture, marketing or distribution arrangement, strategic alliance, collaboration agreement
or corporate partnering, 

  
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intellectual property license agreement or acquisition agreement with the Company), (f) Common Stock or Common Stock Equivalents in connection with a merger with, or acquisition of, an
unaffiliated third party approved by the Board and (g) shares of Common Stock or Common Stock Equivalents issued to banks, equipment lessors or other financial institutions, or to real property lessors, pursuant to a debt financing, equipment
leasing or real property leasing transaction approved by the Board. 
 “FDA” has the meaning set forth in
Section 4.30. 
 “GAAP” has the meaning set forth in Section 4.17. 

“Losses” has the meaning set forth in Section 8.2. 

“Major Investor” means any Investor that, individually or together with such Investor’s Affiliates, has purchased
Securities with an aggregate purchase price of at least $5,000,000 under this Agreement. 
 “Material Adverse Effect” means
a material adverse effect on (i) the assets, liabilities, results of operations, financial condition or business of the Company, (ii) the legality or enforceability of any of the Transaction Documents or Closing Securities or
(iii) the ability of the Company to perform its obligations under the Transaction Documents. 
 “Material Contract”
means any contract, instrument or other agreement to which the Company is a party or by which it is bound that has been filed or was required to have been filed as an exhibit to the SEC Filings pursuant to Item 601(b)(4) or Item 601(b)(10) of Regulation S-K. 
 “Nasdaq” means The Nasdaq Global Market. 

“New Securities” means, collectively, equity securities of the Company, whether or not currently authorized, as well as
options or warrants to purchase such equity securities, or securities of any type whatsoever that are convertible or exchangeable into or exercisable for such equity securities. 

“Person” means an individual, corporation, partnership, limited liability company, trust, business trust, association, joint
stock company, joint venture, sole proprietorship, unincorporated organization, governmental authority or any other form of entity not specifically listed herein. 

“Placement Agent” means William Blair & Company, L.L.C. 

“Pre-Funded Warrants” has the meaning set forth in the recitals to this Agreement.

 “Pre-Funded Warrant Shares” means the shares of Common Stock issuable upon
exercise of the Pre-Funded Warrants. 
 “Press Release” has the meaning set forth
in Section 9.7. 

  
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 “Principal Trading Market” means the Trading Market on which the Common
Stock is primarily listed on and quoted for trading, which, as of the date of this Agreement and the Closing Date, shall be The Nasdaq Global Market. 

“Registration Rights Agreement” has the meaning set forth in the recitals to this Agreement. 

“Required Investors” has the meaning set forth in the Registration Rights Agreement. 

“Rule 144” means Rule 144 promulgated under the 1933 Act. 

“SEC Filings” means (i) all documents and reports filed by the Company with the SEC pursuant to the 1934 Act, including
pursuant to Section 13(a) or 15(d) thereof, since January 1, 2019 and (ii) the Draft Form 10-K. 

“Securities” means the Shares, the Common Warrants, the Pre-Funded Warrants and the
Warrant Shares. 
 “Shares” has the meaning set forth in the recitals to this Agreement. 

“Short Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the 1934 Act (but shall not be
deemed to include the location and/or reservation of borrowable shares of Common Stock). 
 “Subscription Amount” means, as
to an Investor, the aggregate amount to be paid for the Closing Securities purchased hereunder as specified opposite such Investor’s name on Exhibit A attached hereto, under the column entitled “Aggregate Purchase Price of Closing
Securities,” in U.S. Dollars and in immediately available funds. 
 “Trading Day” means (i) a day on which the
Common Stock is listed or quoted and traded on its Principal Trading Market (other than the OTC Bulletin Board), or (ii) if the Common Stock is not listed on a Trading Market (other than the OTC Bulletin Board), a day on which the Common Stock
is traded in the over-the-counter market, as reported by the OTC Bulletin Board, or (iii) if the Common Stock is not quoted on any Trading Market, a day on which
the Common Stock is quoted in the over-the-counter market as reported in the “pink sheets” by Pink Sheets LLC (or any similar organization or agency succeeding
to its functions of reporting prices); provided, that in the event that the Common Stock is not listed or quoted as set forth in (i), (ii) and (iii) hereof, then Trading Day shall mean a Business Day. 

“Trading Market” means whichever of the New York Stock Exchange, the NYSE American (formerly the American Stock Exchange),
the Nasdaq Global Select Market, the Nasdaq Global Market, the Nasdaq Capital Market or the OTC Bulletin Board on which the Common Stock is listed or quoted for trading on the date in question. 

“Transfer Agent” means Computershare Trust Company, N.A. 

“Transaction Documents” means this Agreement, the Common Warrants, the Pre-Funded
Warrants and the Registration Rights Agreement. 

  
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 “Warrants” means the Common Warrants and the
Pre-Funded Warrants. 
 “Warrant Shares” means the Common Warrant Shares and the Pre-Funded Warrant Shares. 
 “1933 Act” means the Securities Act of 1933, as amended, or
any successor statute, and the rules and regulations promulgated thereunder. 
 “1934 Act” means the Securities Exchange
Act of 1934, as amended, or any successor statute, and the rules and regulations promulgated thereunder. 

2.    Purchase and Sale. 

2.1.    On the Closing Date, upon the terms and subject to the conditions set forth herein, the Company will issue and
sell, and the Investors will purchase, severally and not jointly, (i) (A) the number of Shares set forth opposite the name of such Investor under the heading “Number of Shares to be Purchased” on Exhibit A attached hereto and
(B) a Common Warrant to purchase one share of Common Stock for every one Share purchased at Closing and (ii) the number of Pre-Funded Warrants set forth opposite the name of such Investor under the
heading “Number of Shares to be Purchased” on Exhibit A attached hereto, if any, and (ii) a Common Warrant to purchase one share of Common Stock for every one Pre-Funded Warrant purchased
at Closing. The purchase price per Share and associated Common Warrant shall be $2.01. The purchase price per Pre-Funded Warrant and associated Common Warrant shall be $2.01. 

2.2.    The Pre-Funded Warrants shall have an exercise price equal to $0.01 per Pre-Funded Warrant Share and shall be exercisable for one share of Common Stock (subject to adjustment as provided therein). The Common Warrants shall have an exercise price equal to $2.00 per Common Warrant Share
(subject to adjustment as provided therein). 
 3.    Closing. 

3.1.    Upon the satisfaction of the conditions set forth in Section 6, the completion of the
purchase and sale of the Closing Securities (the “Closing”) shall occur remotely via exchange of executed documents and funds on April 2, 2019 (the “Closing Date”). 

3.2.    On the Closing Date, each Investor shall deliver or cause to be delivered to the Company the Subscription Amount
via wire transfer of immediately available funds pursuant to the wire instructions delivered to such Investor by the Company on or prior to the Closing Date. 

3.3.    At or before the Closing, the Company shall deliver or cause to be delivered 

(a)    to each Investor purchasing Shares the following: 

(i)    a number of Shares, in the form of a certificate registered in the name of the Investor or via book entry to the
applicable account registered in the name of the 

  
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Investor at the Transfer Agent, as may be requested by the Investor, equal to the number of Shares set forth opposite the name of such Investor under the heading “Number of Shares to be
Purchased” on Exhibit A attached hereto; and 
 (ii)    a Common Warrant, registered in the name of such
Investor, to purchase up to the number of Common Warrant Shares set forth opposite the name of such Investor under the heading “Number of Common Warrant Shares Underlying Common Warrant Purchased” on Exhibit A attached hereto.

 (b)    to each Investor purchasing Pre-Funded Warrants the following: 

(i)    a Pre-Funded Warrant, registered in the name of such Investor, to purchase
up to the number of Pre-Funded Warrant Shares set forth opposite the name of such Investor under the heading “Number of Pre-Funded Warrant Shares Underlying Pre-Funded Warrant Purchased” on Exhibit A attached hereto; and 

(ii)    a Common Warrant, registered in the name of such Investor, to purchase up to the number of Common Warrant Shares
set forth opposite the name of such Investor under the heading “Number of Common Warrant Shares Underlying Common Warrant Purchased” on Exhibit A attached hereto. 

4.    Representations and Warranties of the Company. The Company hereby represents and warrants to the Investors
that, except (a) as set forth in the schedules delivered herewith (collectively, the “Disclosure Schedules”) and arranged in numbered and lettered sections corresponding to the numbered and lettered sections contained in this
Section 4 or (b) or disclosed in the SEC Filings (excluding exhibits and information incorporated therein): 

4.1.    Organization, Good Standing and Qualification. The Company is a corporation duly organized, validly existing
and in good standing under the laws of the jurisdiction of its incorporation and has all requisite corporate power and authority to carry on its business as now conducted and to own or lease its properties. The Company is duly qualified to do
business as a foreign corporation and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property makes such qualification or leasing necessary unless the failure to so qualify has not had
and would not reasonably be expected to have a Material Adverse Effect. 
 4.2.    Authorization. The Company has
the requisite corporate power and authority and has taken all requisite corporate action necessary for, and no further action on the part of the Company, its officers, directors and stockholders is necessary for, (i) the authorization,
execution and delivery of the Transaction Documents, (ii) the authorization of the performance of all obligations of the Company hereunder or thereunder, and (iii) the authorization, issuance (or reservation for issuance) and delivery of
the Closing Securities. The Transaction Documents constitute the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium and similar laws of general applicability, relating to or affecting creditors’ rights generally and to general equitable principles. 

  
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 4.3.    Capitalization. The Company is authorized under its
Certificate of Incorporation to issue 150,000,000 shares of Common Stock. The Company’s disclosure of its issued and outstanding capital stock in its most recent SEC Filing containing such disclosure was accurate in all material respects as of
the date indicated in such SEC Filing. All of the issued and outstanding shares of the Company’s capital stock have been duly authorized and validly issued and are fully paid and nonassessable; none of such shares were issued in violation of
any pre-emptive rights; and such shares were issued in compliance in all material respects with applicable state and federal securities law and any rights of third parties. No Person is entitled to pre-emptive or similar statutory or contractual rights with respect to the issuance by the Company of any securities of the Company. There are no outstanding warrants, options, convertible securities or other
rights, agreements or arrangements of any character under which the Company is or may be obligated to issue any equity securities of any kind and except as contemplated by this Agreement. Except for the Registration Rights Agreement, there are no
voting agreements, buy-sell agreements, option or right of first purchase agreements or other agreements of any kind among the Company and any of the securityholders of the Company relating to the securities
of the Company held by them. Except as provided in the Registration Rights Agreement, no Person has the right to require the Company to register any securities of the Company under the 1933 Act, whether on a demand basis or in connection with the
registration of securities of the Company for its own account or for the account of any other Person. 
 The issuance and sale of the
Closing Securities hereunder will not obligate the Company to issue shares of Common Stock or other securities to any other Person (other than the Investors) and will not result in the adjustment of the exercise, conversion, exchange or reset price
of any outstanding security. 
 The Company does not have outstanding stockholder purchase rights or “poison pill” or any similar
arrangement in effect giving any Person the right to purchase any equity interest in the Company upon the occurrence of certain events. 

4.4.    Valid Issuance. The Shares have been duly and validly authorized and, when issued and paid for pursuant to
this Agreement, will be validly issued, fully paid and nonassessable, and shall be free and clear of all encumbrances and restrictions (other than those created by the Investors), except for restrictions on transfer set forth in the Transaction
Documents or imposed by applicable securities laws. The Common Warrant Shares have been duly and validly authorized and reserved for issuance and, upon exercise of the Common Warrants in accordance with their terms, including the payment of any
exercise price therefor, will be validly issued, fully paid and nonassessable and will be free and clear of all encumbrances and restrictions (other than those created by the Investors), except for restrictions on transfer set forth in the
Transaction Documents or imposed by applicable securities laws. The Pre-Funded Warrant Shares have been duly and validly authorized and reserved for issuance and, upon exercise of the Pre-Funded Warrants in accordance with their terms, including the payment of any exercise price therefor, will be validly issued, fully paid and nonassessable and will be free and clear of all encumbrances and
restrictions (other than those created by the Investors), except for restrictions on transfer set forth in the Transaction Documents or imposed by applicable securities laws. 

  
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 4.5.    Consents. Subject to the accuracy of the representations
and warranties of each Investor set forth in Section 5 hereof, the execution, delivery and performance by the Company of the Transaction Documents and the offer, issuance and sale of the Closing Securities require no consent of, action by or in
respect of, or filing with, any Person, governmental body, agency, or official other than filings that have been made pursuant to applicable state securities laws and post-sale filings pursuant to applicable state and federal securities laws and the
rules and regulations of Nasdaq which the Company undertakes to file within the applicable time periods and other than the registration statement required to be filed by the Registration Rights Agreement. The Company has taken all action necessary
to exempt (i) the issuance and sale of the Closing Securities and (ii) the other transactions contemplated by the Transaction Documents from the provisions of any stockholder rights plan or other “poison pill” arrangement, any
anti-takeover, business combination or control share law or statute binding on the Company, including Section 203 of the General Corporation Law of the State of Delaware, or to which the Company or any of its assets and properties is subject
that is or could reasonably be expected to become applicable to the Investors as a result of the transactions contemplated hereby, including without limitation, the issuance of the Closing Securities and the acquisition, ownership, disposition or
voting of the Shares or the Warrant Shares by the Investors or the exercise of any right granted to the Investors pursuant to this Agreement or the other Transaction Documents. 

4.6.    Use of Proceeds. The net proceeds of the sale of the Closing Securities hereunder shall be used by the
Company for working capital and general corporate purposes. 
 4.7.    No Material Adverse Change. Since
December 31, 2018, except as identified and described in the SEC Filings, there has not been: 
 (i)    any change
in the assets, liabilities, financial condition or operating results of the Company from that reflected in the financial statements included in the Draft Form 10-K as provided to Investors prior to execution
of this Agreement, except for changes in the ordinary course of business which have not had and would not reasonably be expected to have a Material Adverse Effect, individually or in the aggregate; 

(ii)    any declaration or payment by the Company of any dividend, or any authorization or payment by the Company of any
distribution, on any of the capital stock of the Company, or any redemption or repurchase by the Company of any securities of the Company; 

(iii)    any material damage, destruction or loss, whether or not covered by insurance, to any assets or properties of
the Company; 
 (iv)    any waiver, not in the ordinary course of business, by the Company of a material right or of a
material debt owed to it; 
 (v)    any satisfaction or discharge of any lien, claim or encumbrance or payment of any
obligation by the Company, except in the ordinary course of business and which is not material to the assets, properties, financial condition, operating results or business of the Company (as such business is presently conducted); 

  
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 (vi)    any change or amendment to the Company’s Certificate of
Incorporation or Bylaws, or material change to any material contract or arrangement by which the Company or is bound or to which any of its assets or properties is subject; 

(vii)    any material labor difficulties or, to the Company’s Knowledge, labor union organizing activities with
respect to employees of the Company; 
 (viii)    any material transaction entered into by the Company other than in
the ordinary course of business; 
 (ix)    the loss of the services of any key employee, or material change in the
composition or duties of the senior management of the Company; 
 (x)    any transaction disclosable under Item 404 of
Regulation S-K; 
 (xi)    the loss or, to the Company’s Knowledge,
threatened loss of any customer which has had or would reasonably be expected to have a Material Adverse Effect; or 

(xii)    any other event or condition of any character that has had or would reasonably be expected to have a Material
Adverse Effect. 
 4.8.    SEC Filings. 

(a)    The Company has filed all reports, schedules, certifications, forms, statements and other documents (including all
exhibits, amended and supplements thereto) required to be filed or furnished by the Company under the 1934 Act, including pursuant to Section 13(a) or 15(d) thereof, for the one year preceding the date hereof. As of their respective dates, or,
if amended or supplemented, as of the date of the last such amendment or supplement filed prior to date hereof, each of the SEC Filings complied in all material respects with the applicable requirements of the 1933 Act, the 1934 Act and the
Sarbanes-Oxley Act of 2002, and the applicable rules and regulations promulgated thereunder, as the case may be, each as in effect on the date so filed. 

4.9.    No Conflict, Breach, Violation or Default. The execution, delivery and performance of the Transaction
Documents by the Company and the issuance and sale of the Closing Securities in accordance with the provisions thereof will not, (i) conflict with or result in a breach or violation of (a) any of the terms and provisions of, or constitute
a default under, the Company’s Certificate of Incorporation or the Company’s Bylaws, both as in effect on the date hereof (true and complete copies of which have been made available to the Investors through the Electronic Data Gathering,
Analysis, and Retrieval system (the “EDGAR system”)), or (b) assuming the accuracy of the representations and warranties in Section 5, any applicable statute, rule, regulation or order of any governmental agency or body or any
court, domestic or foreign, having jurisdiction over the Company or any of its assets or properties, or (ii) except for such violations, conflicts or defaults as would not reasonably be expected, individually or in the aggregate, to have a
Material Adverse Effect, conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any lien, encumbrance or other adverse claim upon any of the properties
or assets of the Company or give to others any rights of termination, amendment, acceleration or cancellation 

  
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(with or without notice, lapse of time or both) of, any Material Contract. This Section does not relate to matters with respect to tax status, which are the subject of Section 4.10, employee
relations and labor matters, which are the subject of Section 4.13, and environmental laws, which are the subject of Section 4.15. 

4.10.    Tax Matters. The Company has timely prepared and filed all tax returns required to have been filed by it
with all appropriate governmental agencies and timely paid all taxes shown thereon or otherwise owed by the Company. The charges, accruals and reserves on the books of the Company in respect of taxes for all fiscal periods are adequate in all
material respects, and there are no material unpaid assessments against the Company nor, to the Company’s Knowledge, any basis for the assessment of any additional taxes, penalties or interest for any fiscal period or audits by any federal,
state or local taxing authority except for any assessment which is not material to the Company. All taxes and other assessments and levies that the Company is required to withhold or to collect for payment have been duly withheld and collected and
paid to the proper governmental entity or third party when due. There are no tax liens or claims pending or, to the Company’s Knowledge, threatened against the Company or any of its assets or property. There are no outstanding tax sharing
agreements or other such arrangements between the Company and any other corporation or entity. 
 4.11.    Title to
Properties. The Company has good and marketable title to all real properties and all other properties and assets owned by it, in each case free from liens, encumbrances and defects, except such as would not reasonably be expected, individually
or in the aggregate, to have a Material Adverse Effect; and the Company holds any leased real or personal property under valid and enforceable leases with no exceptions, except such as would not reasonably be expected, individually or in the
aggregate, to have a Material Adverse Effect. 
 4.12.    Certificates, Authorities and Permits. The Company
possesses adequate certificates, authorities or permits issued by appropriate governmental agencies or bodies necessary to conduct the business now operated by it, except where failure to so possess would not reasonably be expected, individually or
in the aggregate, to result in a Material Adverse Effect. The Company has not received any written notice of proceedings relating to the revocation or modification of any such certificate, authority or permit that would reasonably be expected to
have a Material Adverse Effect, individually or in the aggregate, on the Company. 
 4.13.    Labor Matters. 

(a)    The Company is not party to or bound by any collective bargaining agreements or other agreements with labor
organizations. To the Company’s knowledge, Company has not violated in any material respect any laws, regulations, orders or contract terms, affecting the collective bargaining rights of employees, labor organizations or any laws, regulations
or orders affecting employment discrimination, equal opportunity employment, or employees’ health, safety, welfare, wages and hours. 

(b)    No material labor dispute with the employees of the Company, or with the employees of any principal supplier,
manufacturer, customer or contractor of the Company, exists or, to the knowledge of the Company, is threatened or imminent. 

  
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 4.14.    Intellectual Property. Except as expressly contemplated
by the SEC Filings, the Company owns, possesses, licenses or has other rights to use, the patents and patent applications, copyrights, trademarks, service marks, trade names, service names and trade secrets described in the SEC Filings as necessary
or material for use in connection with its business and which the failure to so have would have or reasonably be expected to result in a Material Adverse Effect (collectively, the “Company Intellectual Property”). There is no pending or,
to the Company’s Knowledge, threatened action, suit, proceeding or claim by any Person that the Company’s business as now conducted infringes or otherwise violates any patent, trademark, copyright, trade secret or other proprietary rights
of another. To the Company’s Knowledge, there is no existing infringement by another Person of any of the Intellectual Property Rights that would have or would reasonably be expected to have a Material Adverse Effect. The Company has taken
reasonable security measures to protect the secrecy, confidentiality and value of all of its Intellectual Property Rights, except where failure to do so would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. 
 4.15.    Environmental Matters. The Company is not in violation of any statute, rule, regulation,
decision or order of any governmental agency or body or any court, domestic or foreign, relating to the use, disposal or release of hazardous or toxic substances or relating to the protection or restoration of the environment or human exposure to
hazardous or toxic substances (collectively, “Environmental Laws”), has not released any hazardous substances regulated by Environmental Law on to any real property that it owns or operates, has not received any written notice or claim it
is liable for any off-site disposal or contamination pursuant to any Environmental Laws, which violation, release, notice, claim, or liability would reasonably be expected, individually or in the aggregate, to
have a Material Adverse Effect,; and to the Company’s Knowledge, there is no pending or threatened investigation that would reasonably be expected to lead to such a claim. 

4.16.    Legal Proceedings. There are no legal, governmental or regulatory investigations, actions, suits or
proceedings pending to which the Company is or may reasonably be expected to become a party or to which any property of the Company is or may reasonably be expected to become the subject that, individually or in the aggregate, would reasonably be
expected to have a Material Adverse Effect. 
 4.17.    Financial Statements. The financial statements included
in each SEC Filing filed prior to the date hereof comply in all material respects with applicable accounting requirements and the rules and regulations of the SEC with respect thereto as in effect at the time of filing and present fairly, in all
material respects, the financial position of the Company as of the dates shown and its results of operations and cash flows for the periods shown, subject in the case of unaudited financial statements to normal, immaterial year-end audit adjustments, and such financial statements have been prepared in conformity with United States generally accepted accounting principles applied on a consistent basis during the periods involved
(“GAAP”) (except as may be disclosed therein or in the notes thereto, and except that the unaudited financial statements may not contain all footnotes required by GAAP, and, in the case of quarterly financial statements, as permitted by
Form 10-Q under the 1934 Act). Except as set forth in the financial statements of the Company included in the SEC Filings filed prior to the date hereof, the Company has not incurred any liabilities,
contingent or otherwise, except those incurred in the ordinary course of business, consistent (as to amount and nature) with past practices since the date of such financial statements, none of which, individually or in the aggregate, have had or
would reasonably be expected to have a Material Adverse Effect. 

  
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 4.18.    Insurance Coverage. The Company maintains in full force
and effect insurance coverage that is customary for comparably situated companies for the business being conducted and properties owned or leased by the Company, and the Company reasonably believes such insurance coverage to be adequate against all
liabilities, claims and risks against which it is customary for comparably situated companies to insure. 

4.19.    Compliance with Nasdaq Continued Listing Requirements. The Company is in compliance with applicable Nasdaq
continued listing requirements and the execution, delivery and performance by the Company of the Transaction Documents and the offer, issuance and delivery of the Closing Securities will not violate applicable Nasdaq continued listing requirements.
There are no proceedings pending or, to the Company’s Knowledge, threatened against the Company relating to the continued listing of the Common Stock on Nasdaq and the Company has not received any notice of, nor to the Company’s Knowledge
is there any reasonable basis for, the delisting of the Common Stock from Nasdaq. 
 4.20.    Brokers and
Finders. Other than the Placement Agent, no Person will have, as a result of the transactions contemplated by the Transaction Documents, any valid right, interest or claim against or upon the Company or an Investor for any commission, fee or
other compensation pursuant to any agreement, arrangement or understanding entered into by or on behalf of the Company. No Investor shall have any obligation with respect to any fees, or with respect to any claims made by or on behalf of other
Persons for fees, in each case of the type contemplated by this Section 4.20 that may be due in connection with the transactions contemplated by this Agreement or the Transaction Documents. 

4.21.    No Directed Selling Efforts or General Solicitation. Neither the Company nor any Person acting on its
behalf has conducted any general solicitation or general advertising (as those terms are used in Regulation D) in connection with the offer or sale of any of the Closing Securities. 

4.22.    No Integrated Offering. Neither the Company nor any Person acting on its behalf has, directly or
indirectly, made any offers or sales of any Company security or solicited any offers to buy any Company security, under circumstances that would adversely affect reliance by the Company on Section 4(2) for the exemption from registration for
the transactions contemplated hereby or would require registration of the Closing Securities under the 1933 Act. 

4.23.    Private Placement. Assuming the accuracy of the representations and warranties of the Investors set forth
in Section 5, the offer and sale of the Closing Securities to the Investors as contemplated hereby is exempt from the registration requirements of the 1933 Act. The issuance and sale of the Closing Securities does not contravene the rules and
regulations of Nasdaq. 
 4.24.    Questionable Payments. Neither the Company nor, to the
Company’s Knowledge, any of its current or former directors, officers, employees, agents or other Persons acting on behalf of the Company, has on behalf of the Company in connection with its business:

  
 12 

 
(a) used any corporate funds for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity; (b) made any direct or indirect unlawful
payments to any governmental officials or employees from corporate funds; (c) established or maintained any unlawful or unrecorded fund of corporate monies or other assets which is in violation of law; (d) made any false or fictitious
entries on the books and records of the Company; or (e) made any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment of any nature. 

4.25.    Transactions with Affiliates. None of the executive officers or directors of the Company and, to the
Company’s Knowledge, none of the employees of the Company is presently a party to any transaction with the Company (other than as holders of stock options and/or warrants, and for services as employees, officers and directors), including any
contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, or otherwise requiring payments to or from any officer, director or such employee or, to the
Company’s Knowledge, any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee or partner. 

4.26.    Internal Controls. The Company has established and maintains disclosure controls and procedures (as
defined in Rules 13a-15 and 15d-15 under the 1934 Act), which are designed to ensure that material information relating to the Company is made known to the
Company’s principal executive officer and its principal financial officer by others within those entities. Since the end of the Company’s most recent audited fiscal year, there have been no significant deficiencies or material weakness in
the Company’s internal control over financial reporting (whether or not remediated) and no change in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the
Company’s internal control over financial reporting. The Company is not aware of any change in its internal controls over financial reporting that has occurred during its most recent fiscal quarter that has materially affected, or is reasonably
likely to materially affect, the Company’s internal control over financial reporting. 

4.27.    Disclosures. Neither the Company nor any Person acting on its behalf has provided the Investors or their
agents or counsel with any information that constitutes or would reasonably be expected to constitute material, non-public information which according to applicable law, rule or regulation was required to have
been disclosed publicly by the Company, but which has not been so disclosed, other than with respect to the transactions contemplated hereby and except as will be disclosed in the Press Release (as defined below). The SEC Filings do not contain any
untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein, in light of the circumstances under which they were made, not misleading. The Company understands and confirms that the
Investors will rely on the foregoing representations in effecting transactions in securities of the Company.

4.28.    Required Filings. Since December 31, 2018, no event or circumstance has occurred or information
exists with respect to the Company or its business, properties, operations or financial condition, which, under applicable law, rule or regulation, requires public disclosure or announcement by the Company but which have not been so publicly
announced or disclosed (assuming for this purpose that the SEC Filings are being incorporated by reference into an effective registration statement filed by the Company under the 1933 Act). 

  
 13 

 4.29.    Investment Company. The Company is not required to be
registered as, and is not an Affiliate of, and immediately following the Closing will not be required to register as, an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 

4.30.    Tests and Preclinical and Clinical Trials. The studies, tests and preclinical and clinical trials
conducted by or, to the Company’s Knowledge, on behalf of the Company that are described in the SEC Filings were and, if still pending, are being, conducted in all material respects in accordance with the protocols submitted to the U.S. Food
and Drug Administration (the “FDA”) or any foreign governmental body exercising comparable authority, procedures and controls pursuant to, where applicable, accepted professional and scientific standards, and all applicable laws and
regulations; the descriptions of the studies, tests and preclinical and clinical trials conducted by or, to the Company’s Knowledge, on behalf of the Company, and the results thereof, contained in the SEC Filings are accurate and complete in
all material respects; the Company is not aware of any other studies, tests or preclinical and clinical trials, the results of which call into question the results described in the SEC Filings; and the Company has not received any notices or
correspondence from the FDA, any foreign, state or local governmental body exercising comparable authority or any Institutional Review Board requiring the termination, suspension, material modification or clinical hold of any studies, tests or
preclinical or clinical trials conducted by or on behalf of the Company. 
 4.31.    Manipulation of
Price. The Company has not, and, to the Company’s Knowledge, no Person acting on its behalf has taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security
of the Company to facilitate the sale or resale of any of the Securities. 
 4.32.    Anti-Bribery and Anti-Money
Laundering Laws. Each of the Company and any of its officers, directors, supervisors, managers, agents, or employees, are and have at all times been in compliance with and its participation in the offering will not violate: (A) anti-bribery
laws, including but not limited to, any applicable law, rule, or regulation of any locality, including but not limited to any law, rule, or regulation promulgated to implement the OECD Convention on Combating Bribery of Foreign Public Officials in
International Business Transactions, signed December 17, 1997, including the U.S. Foreign Corrupt Practices Act of 1977, as amended, the U.K. Bribery Act 2010, or any other law, rule or regulation of similar purposes and scope or
(B) anti-money laundering laws, including but not limited to, applicable federal, state, international, foreign or other laws, regulations or government guidance regarding anti-money laundering, including, without limitation, Title 18 US. Code
section 1956 and 1957, the Patriot Act, the Bank Secrecy Act, and international anti-money laundering principles or procedures by an intergovernmental group or organization, such as the Financial Action Task Force on Money Laundering, of which the
United States is a member and with which designation the United States representative to the group or organization continues to concur, all as amended, and any Executive order, directive, or regulation pursuant to the authority of any of the
foregoing, or any orders or licenses issued thereunder. 

  
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 4.33.    Shell Company Status. The Company is not, and has never
been, an issuer identified in, or subject to, Rule 144(i). 
 5.    Representations and Warranties of the
Investors. Each of the Investors hereby severally, and not jointly, represents and warrants to the Company that: 

5.1.    Organization and Existence. Such Investor is a validly existing corporation, limited partnership or limited
liability company and has all requisite corporate, partnership or limited liability company power and authority to enter into and consummate the transactions contemplated by the Transaction Documents and to carry out its obligations hereunder and
thereunder, and to invest in the Securities pursuant to this Agreement. 
 5.2.    Authorization. The execution,
delivery and performance by such Investor of the Transaction Documents to which such Investor is a party have been duly authorized and each has been duly executed and when delivered will constitute the valid and legally binding obligation of such
Investor, enforceable against such Investor in accordance with their respective terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability, relating to or affecting
creditors’ rights generally. 
 5.3.    Purchase Entirely for Own Account. The Securities to be received by
such Investor hereunder will be acquired for such Investor’s own account, not as nominee or agent, and not with a view to the resale or distribution of any part thereof in violation of the 1933 Act, and such Investor has no present intention of
selling, granting any participation in, or otherwise distributing the same in violation of the 1933 Act without prejudice, however, to such Investor’s right at all times to sell or otherwise dispose of all or any part of such Securities in
compliance with applicable federal and state securities laws. Nothing contained herein shall be deemed a representation or warranty by such Investor to hold the Securities for any period of time. Such Investor is not a broker-dealer
registered with the SEC under the 1934 Act or an entity engaged in a business that would require it to be so registered. 

5.4.    Investment Experience. Such Investor acknowledges that it can bear the economic risk and complete loss of
its investment in the Securities and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment contemplated hereby. 

5.5.    Disclosure of Information. Such Investor has had an opportunity to receive, review and understand all
information related to the Company requested by it and to ask questions of and receive answers from the Company regarding the Company, its business and the terms and conditions of the offering of the Securities, and has conducted and completed its
own independent due diligence. Such Investor acknowledges that copies of the SEC Filings are available on the EDGAR system. Based on the information such Investor has deemed appropriate, and without reliance upon any Placement Agent, it has
independently made its own analysis and decision to enter into the Transaction Documents. Such Investor is relying exclusively on its own sources of information, investment analysis and due diligence (including professional advice it deems
appropriate) with respect to the execution, delivery and performance of the Transaction Documents, the Securities and the business, condition (financial and otherwise), management, operations, properties and prospects of the Company, including but

  
 15 

 
not limited to all business, legal, regulatory, accounting, credit and tax matters. Neither such inquiries nor any other due diligence investigation conducted by such Investor shall modify, limit
or otherwise affect such Investor’s right to rely on the Company’s representations and warranties contained in this Agreement. 

5.6.    Restricted Securities. Such Investor understands that the Securities are characterized as “restricted
securities” under the U.S. federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such laws and applicable regulations such securities may be resold without
registration under the 1933 Act only in certain limited circumstances. 
 5.7.    Accredited Investor. Such
Investor is (a) an “accredited investor” within the meaning of Rule 501 under the 1933 Act and has executed and delivered to the Company a questionnaire in substantially the form attached hereto as Exhibit E (the “Investor
Questionnaire”), which such Investor represents and warrants is true, correct and complete. Such investor has sufficient knowledge and experience in investing in private equity transactions to properly evaluate the risks and merits of its
purchase of the Securities. Such Investor has determined based on its own independent review and such professional advice as it deems appropriate that its purchase of the Securities and participation in the transactions contemplated by the
Transaction Documents (i) are fully consistent with its financial needs, objectives and condition, (ii) comply and are fully consistent with all investment policies, guidelines and other restrictions applicable to such Investor,
(iii) have been duly authorized and approved by all necessary action, (iv) do not and will not violate or constitute a default under such Investor’s charter, bylaws or other constituent document or under any law, rule, regulation,
agreement or other obligation by which such Investor is bound and (v) are a fit, proper and suitable investment for such Investor, notwithstanding the substantial risks inherent in investing in or holding the Securities. 

5.8.    Placement Agent. Such Investor hereby acknowledges and agrees that (a) the Placement Agent is acting
solely as placement agent in connection with the execution, delivery and performance of the Transaction Documents and is not acting as an underwriter or in any other capacity and is not and shall not be construed as a fiduciary for such Investor,
the Company or any other person or entity in connection with the execution, delivery and performance of the Transaction Documents, (b) the Placement Agent has not made and will not make any representation or warranty, whether express or
implied, of any kind or character and has not provided any advice or recommendation in connection with the execution, delivery and performance of the Transaction Documents, (c) the Placement Agent will not have any responsibility with respect
to (i) any representations, warranties or agreements made by any person or entity under or in connection with the execution, delivery and performance of the Transaction Documents, or the execution, legality, validity or enforceability (with
respect to any person) thereof, or (ii) the business, affairs, financial condition, operations, properties or prospects of, or any other matter concerning the Company, and (d) the Placement Agent will not have any liability or obligation
(including without limitation, for or with respect to any losses, claims, damages, obligations, penalties, judgments, awards, liabilities, costs, expenses or disbursements incurred by such Investor, the Company or any other person or entity),
whether in contract, tort or otherwise, to such Investor, or to any person claiming through it, in respect of the execution, delivery and performance of the Transaction Documents. 

  
 16 

 5.9.    No General Solicitation. Such Investor did not learn of
the investment in the Securities as a result of any general solicitation or general advertising. 
 5.10.    Brokers
and Finders. No Person will have, as a result of the transactions contemplated by the Transaction Documents, any valid right, interest or claim against or upon the Company or an Investor for any commission, fee or other compensation pursuant to
any agreement, arrangement or understanding entered into by or on behalf of such Investor. 
 5.12 Short Sales and Confidentiality Prior
to the Date Hereof. Other than consummating the transactions contemplated hereunder, such Investor has not, nor has any Person acting on behalf of or pursuant to any understanding with such Investor, directly or indirectly executed any purchases
or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that such Investor was first contacted by the Company, the Placement Agent or any other Person regarding the transactions contemplated
hereby and ending immediately prior to the date hereof. Notwithstanding the foregoing, in the case of an Investor that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Investor’s
assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Investor’s assets, the representation set forth above shall only apply with respect to the
portion of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement. Other than to other Persons party to this Agreement and their representatives, such Investor has
maintained the confidentiality of all non-public disclosures made to it in connection with this transaction (including the existence and terms of this transaction). Notwithstanding the foregoing, for avoidance
of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to the identification of the availability of, or securing of, available shares to borrow in order to effect Short Sales or
similar transactions in the future. 
 5.13 No Government Recommendation or Approval. Such Investor understands that no United States
federal or state agency, or similar agency of any other country, has reviewed, approved, passed upon, or made any recommendation or endorsement of the Company or the purchase of the Securities. 

5.15    No Rule 506 Disqualifying Activities. Such Investor has not taken any of the actions set forth in, and is
not subject to, the disqualification provisions of Rule 506(d)(1) of the 1933 Act. 
 5.16    Residency. Such
Investor is a resident of the jurisdiction specified below its address on the Schedule of Investors. 

6.    Conditions to Closing. 

6.1.    Conditions to the Investors’ Obligations. The obligation of each Investor to purchase Closing
Securities at the Closing is subject to the fulfillment to such Investor’s satisfaction, on or prior to the Closing Date, of the following conditions, any of which may be waived by such Investor (as to itself only): 

(a)    The representations and warranties made by the Company in Section 4 hereof shall be true and correct in all
material respects as of the date hereof and on the Closing 

  
 17 

 
Date, except to the extent any such representation or warranty expressly speaks as of an earlier date, in which case such representation or warranty shall be true and correct in all material
respects as of such earlier date. The Company shall have performed in all material respects all obligations and covenants herein required to be performed by it on or prior to the Closing Date. 

(b)    The Company shall have obtained any and all consents, permits, approvals, registrations and waivers necessary for
consummation of the purchase and sale of the Closing Securities and the consummation of the other transactions contemplated by the Transaction Documents, all of which shall be in full force and effect. 

(c)    The Company shall have executed and delivered the Registration Rights Agreement. 

(d)    The Company shall have filed with Nasdaq a Notification Form: Listing of Additional Shares for the listing of the
Shares and the Warrant Shares. 
 (e)    No judgment, writ, order, injunction, award or decree of or by any court, or
judge, justice or magistrate, including any bankruptcy court or judge, or any order of or by any governmental authority, shall have been issued, and no action or proceeding shall have been instituted by any governmental authority, enjoining or
preventing the consummation of the transactions contemplated hereby or in the other Transaction Documents. 
 (f)    The
Company shall have received gross proceeds of at least $25 million from the sale of the Closing Securities. 

(g)    The Company shall have delivered a Certificate, executed on behalf of the Company by its Chief Executive Officer or
its Chief Financial Officer, dated as of the Closing Date, certifying to the fulfillment of the conditions specified in subsections (a), (b), (d), (e), (f), (i) and (j) of this Section 6.1. 

(h)    The Company shall have delivered a Certificate, executed on behalf of the Company by its Secretary, dated as of the
Closing Date, certifying the resolutions adopted by the Board approving the transactions contemplated by this Agreement and the other Transaction Documents and the issuance of the Closing Securities, certifying the current versions of the
Certificate of Incorporation and Bylaws of the Company and certifying as to the signatures and authority of persons signing the Transaction Documents and related documents on behalf of the Company. 

(i)    The Board shall have, effective as of the Closing, (i) elected Nolan Sigal to the Board as a Class II
director (with an initial term expiring at the Company’s 2019 annual meeting of stockholders, which is to be held on June 19, 2019), (ii) determined to nominate Dr. Sigal for election as a Class II director at the 2019 annual
meeting of stockholders (with an initial term expiring at the Company’s 2022 annual meeting of stockholders) and to recommend that the Company’s stockholders vote “for” Dr. Sigal at the 2019 annual meeting of stockholders,
(iii) appointed Dr. Sigal to the compensation committee and the nominating and governance committee of the Board and (iv) adopted written policies to require that the approval of the following matters by the Board will require a vote
of at least two-thirds of the independent and disinterested members of the Board to (a) any increase in the Company’s aggregate indebtedness for borrowed money to any amount exceeding
$2 million; (b) any transaction with Affiliates or related party transactions, (c) any increase in the size of the Board and (d) any amendment to the policies contemplated by clauses (a), (b) and (c). 

  
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 (j)    The Investors shall have received an opinion from Wilmer Cutler
Pickering Hale and Dorr LLP, the Company’s counsel, dated as of the Closing Date, in form and substance reasonably acceptable to the Placement Agent and addressing such legal matters as the Investors may reasonably request. 

(k)    No stop order or suspension of trading shall have been imposed by Nasdaq, the SEC or any other governmental or
regulatory body with respect to public trading in the Common Stock. 
 6.2.    Conditions to Obligations of the
Company. The Company’s obligation to sell and issue Closing Securities at the Closing is subject to the fulfillment to the satisfaction of the Company on or prior to the Closing Date of the following conditions, any of which may be waived
by the Company: 
 (a)    The representations and warranties made by the Investors in Section 5 hereof shall be true
and correct in all material respects as of the date hereof, and shall be true and correct in all material respects on the Closing Date with the same force and effect as if they had been made on and as of said date. The Investors shall have performed
in all material respects all obligations and covenants herein required to be performed by them on or prior to the Closing Date. 

(b)    The Investors shall have executed and delivered the Registration Rights Agreement and each Investor Questionnaire.

 (c)    Any Investor purchasing Closing Securities at the Closing shall have paid in full its Subscription Amount to
the Company. 
 6.3.    Termination of Obligations to Effect Closing; Effects. 

(a)    The obligations of the Company, on the one hand, and the Investors, on the other hand, to effect the Closing shall
terminate as follows: 
 (i)    Upon the mutual written consent of the Company and Investors that agreed to purchase a
majority of the Closing Securities to be issued and sold pursuant to this Agreement; 
 (ii)    By the Company if any
of the conditions set forth in Section 6.2 shall have become incapable of fulfillment, and shall not have been waived by the Company; 

(iii)    By an Investor (with respect to itself only) if any of the conditions set forth in Section 6.1 shall have
become incapable of fulfillment, and shall not have been waived by the Investor; or 

  
 19 

 (iv)    By either the Company or any Investor (with respect to itself
only) if the Closing has not occurred on or prior to fifth Trading Day following the date of this Agreement; 
 provided, however, that, except in the case
of clause (i) above, the party seeking to terminate its obligation to effect the Closing shall not then be in breach of any of its representations, warranties, covenants or agreements contained in this Agreement or the other Transaction
Documents if such breach has resulted in the circumstances giving rise to such party’s seeking to terminate its obligation to effect the Closing. 

(b)    In the event of termination by the Company or any Investor of its obligations to effect the Closing pursuant to
this Section 6.3, written notice thereof shall be given to the other Investors by the Company and the other Investors shall have the right to terminate their obligations to effect the Closing upon written notice to the Company and the other
Investors. Nothing in this Section 6.3 shall be deemed to release any party from any liability for any breach by such party of the terms and provisions of this Agreement or the other Transaction Documents or to impair the right of any party to
compel specific performance by any other party of its obligations under this Agreement or the other Transaction Documents. 

7.    Covenants and Agreements of the Company. 

7.1.    No Conflicting Agreements. The Company will not take any action, enter into any agreement or make any
commitment that would conflict or interfere in any material respect with the Company’s obligations to the Investors under the Transaction Documents. 

7.2.    Nasdaq Listing; Depository Trust Company. The Company will use commercially reasonable efforts to continue
the listing and trading of its Common Stock on Nasdaq and, in accordance, therewith, will use commercially reasonable efforts to comply in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules of such
market or exchange, as applicable. The Company will use commercially reasonable efforts to maintain the eligibility of its Common Stock for electronic transfer through the Depository Trust Company or another established clearing corporation. 

7.3.    Termination of Covenants. The provisions of Sections 7.1 and 7.2 shall terminate and be of no further
force and effect on the date on which the Company’s obligations under the Registration Rights Agreement to register or maintain the effectiveness of any registration covering the Registrable Securities (as such term is defined in the
Registration Rights Agreement) shall terminate. 
 7.4.    Annual Meeting; Board of Directors. The Company will
hold its 2019 annual meeting of stockholders on June 19, 2019. The Company will reduce the size of the Board to seven directors at such annual meeting, unless otherwise approved by a vote of at least a
two-thirds of the independent and disinterested members of the Board. 

7.5.    Transfer Restrictions. 

(a)    The Securities may only be disposed of in compliance with state and federal securities laws. In connection with any
transfer of Securities other than pursuant to an 

  
 20 

 
effective registration statement or Rule 144, to the Company or to an Affiliate of an Investor or in connection with a pledge as contemplated in Section 7.5(b), the Company may require the
transferor thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such
transfer does not require registration of such transferred Securities under the 1933 Act. As a condition of transfer, any such transferee shall agree in writing to be bound by the terms of this Agreement and the Registration Rights Agreement and
shall have the rights and obligations of an Investor under this Agreement and the Registration Rights Agreement. 

(b)    The Investors understands that, unless provided otherwise in this Agreement, a Common Warrant or a Pre-Funded Warrant, any of the Shares and Warrant Shares, whether certificated or in book-entry form, will be endorsed with the following legend: 

THIS SECURITY HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT
WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES. 

An Investor may from time to time pledge pursuant to a bona fide margin agreement with a registered broker-dealer or grant a security interest
in some or all of the Securities to a financial institution that is an “accredited investor” as defined in Rule 501(a) under the 1933 Act and who agrees to be bound by the provisions of this Agreement and, if required under the terms of
such arrangement, such Investor may transfer pledged or secured Securities to the pledgees or secured parties in compliance with applicable law. Such a pledge or transfer would not be subject to approval of the Company and no legal opinion of legal
counsel of the pledgee, secured party or pledgor shall be required in connection therewith. Further, no notice shall be required of such pledge. At the applicable Investor’s expense, the Company will execute and deliver such reasonable
documentation as a pledgee or secured party of Securities may reasonably request in connection with a pledge or transfer of the Securities. 

(c)    Notwithstanding Section 7.5(b), upon the written request of an Investor, any legend (including the legend set
forth in Section 7.5(b) hereof) on the Shares or Warrant Shares held by such Investor may be removed (i) while a registration statement (including the Registration Statement) covering the resale of such security is effective under the 1933
Act, (ii) following any sale of such Shares or Warrant Shares pursuant to Rule 144, (iii) if such Shares or Warrant Shares are eligible for sale under Rule 144 without the requirement to be in compliance

  
 21 

 
with Rule 144(c)(1), or (iv) if such legend is not required under applicable requirements of the 1933 Act (including judicial interpretations and pronouncements issued by the staff of the
Commission), subject in the case of clauses (ii), (iii) and (iv) to receipt from the Investor by the Company and the Transfer Agent of customary representations reasonably acceptable to the Company and the Transfer Agent in connection with such
request. Upon such request, the Company shall (A) deliver to the Transfer Agent irrevocable instructions to the Transfer Agent to remove the legend, and (B) cause its counsel to deliver to the Transfer Agent one or more legal opinions to
the effect that the removal of such legend in such circumstances may be effected under the 1933 Act if required by the Transfer Agent to effect the removal of the legend in accordance with the provisions of this Agreement. If all or any portion of a
Common Warrant is exercised and (i) a registration statement (including the Registration Statement) covering the resale of such security is then effective under the 1933 Act, (ii) the Warrant Shares issuable upon such exercise are then
eligible for sale under Rule 144 and without the requirement to be in compliance with Rule 144(c)(1), or (iii) if a legend is not required under applicable requirements of the 1933 Act (including judicial interpretations and pronouncements
issued by the staff of the Commission), then such Warrant Shares shall be issued free of all legends, subject in the case of clauses (ii) and (iii) to receipt from the Investor by the Company and the Transfer Agent of customary representations
reasonably acceptable to the Company and the Transfer Agent in connection therewith. The Company agrees that following the effective date of a registration statement covering the resale of the Shares and Warrant Shares or at such time as such legend
is no longer required under this Section 7.5(c), it will, no later than two Trading Days following the delivery by an Investor to the Company or the Transfer Agent of a request for legend removal and in the case of a Shares or Warrant Shares
evidenced by a physical certificate, the delivery of the physical certificate, and if relying on Rule 144, receipt from the Investor by the Company and the Transfer Agent of customary representations reasonably acceptable to the Company and the
Transfer Agent in connection therewith (such second Trading Day, the “Legend Removal Date”), deliver or cause to be delivered to such Investor, as may be requested by the Investor, a certificate or book-entry position evidencing such
Shares and Warrant Shares that is free from all restrictive and other legends or by crediting the account of the Investor’s or its designee’s account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system
if the Company is then a participant in such system. The Company may not make any notation on its records or give instructions to the Transfer Agent that enlarge the restrictions on transfer set forth in Section 7(b). 

(d)    If the Company fails to deliver any such Shares or Warrant Shares free from all restrictive legends on or before
the applicable Legend Removal Date and if after the Legend Removal Date, due to the Company’s continuing failure to deliver such Shares or Warrant Shares, such Investor purchases (in an open market transaction or otherwise) shares of Common
Stock to deliver in satisfaction of a sale by such Investor of all or any portion of the Shares or Warrant Shares anticipated receiving from the Company without any restrictive legend, then the Company shall pay in cash to the Investor in an amount
equal to the excess of such Investor’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased (the “Buy-In Price”) over the product of
(A) such number of shares of Common Stock the Company was required to deliver to such Investor by the Legend Removal Date multiplied by (B) the lowest closing sale price of the Common Stock on any Trading Day during the period commencing
on the date of the delivery by such Investor to the Company such shares of Common Stock and ending on the date of such delivery and payment under this clause (ii). 

  
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 (e)    Each Investor, severally and not jointly with the other
Investors, agrees with the Company (i) that such Investor will sell any Shares or Warrant Shares pursuant to either the registration requirements of the 1933 Act, including any applicable prospectus delivery requirements, or an exemption
therefrom, (ii) that if Shares or Warrant Shares are sold pursuant to a Registration Statement, they will be sold in compliance with the plan of distribution set forth therein, (iii) that if, after the effective date of the registration
statement covering the resale of the Shares and the Warrant Shares, such registration statement ceases to be effective and the Company has provided notice to such Investor to that effect, such Investor will sell Shares only in compliance with an
exemption from the registration requirements of the 1933 Act; and acknowledges that the removal of the restrictive legend from the Shares and Warrant Shares due to the effectiveness of a registration statement as set forth in Section 7.5(c) is
predicated upon the Company’s reliance upon this Agreement. 
 7.6.    Subsequent Equity Sales. 

(a)    From the date hereof until thirty (30) days after the effective date of the registration statement covering the
resale of the Shares, without the consent of the Required Investors, the Company shall not (A) issue shares of Common Stock or Common Stock Equivalents or (B) file with the SEC a registration statement under the 1933 Act relating to any
shares of Common Stock or Common Stock Equivalents, except pursuant to the Registration Rights Agreement. Notwithstanding the foregoing, the provisions of this Section 7.6(a) shall not apply to (i) the issuance of the Securities hereunder,
(ii) the issuance of Common Stock or Common Stock Equivalents upon the conversion or exercise of any securities of the Company outstanding on the date hereof or outstanding pursuant to clause (iii) or (iv) below, (iii) the issuance of
any Common Stock or Common Stock Equivalents pursuant to any Company stock-based compensation plans approved by the Company’s stockholders or in accordance with Nasdaq Stock Market Rule 5635(c)(4), (iv) the issuance of any Common Stock or
Common Stock Equivalents in connection with a transaction with an unaffiliated third party approved by the Board that includes a bona fide commercial relationship with the Company (including any joint venture, marketing or distribution arrangement,
strategic alliance, collaboration agreement or corporate partnering, intellectual property license agreement or acquisition agreement with the Company); provided, however, that the aggregate number of shares of Common Stock issued pursuant to clause
(iv) during the restricted period shall not exceed 10% of the total number of shares of Common Stock issued and outstanding immediately following the Closing. 

(b)    The Company shall not, and shall use its commercially reasonable efforts to ensure that no Affiliate of the Company
shall, sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the 1933 Act) that will be integrated with the offer or sale of the Securities in a manner that would require the
registration under the 1933 Act of the sale of the Securities to the Investors, or that will be integrated with the offer or sale of the Securities for purposes of the rules and regulations of any trading market such that it would require
stockholder approval prior to the closing of such other transaction unless stockholder approval is obtained before the closing of such subsequent transaction. 

  
 23 

 7.7.    Preemptive Rights. 

(a)    Subject to the terms and conditions of this Section 7.7 and any applicable securities laws, if the Company
proposes to offer or sell any New Securities (a “Subsequent Financing”) for cash consideration, indebtedness or a combination thereof, then each Major Investor shall have the right to purchase the same securities as are offered in the
Subsequent Financing and at the same price as the securities offered in the Subsequent Financing and on the same other terms as such securities are offered to other investors in the Subsequent Financing in an amount of the Subsequent Financing up to
the Major Investor’s Pro-Rata Share (as defined below); provided that if the Subsequent Financing is an offering that is registered under the 1933 Act, the Major Investor will have the right to purchase
New Securities in a side-by-side private placement. For purposes of this Agreement, each Major Investor’s “Pro-Rata
Share” shall be equal to the number of Shares and Warrant Shares held by such Major Investor and its Affiliates plus the number of Warrant Shares then issuable upon exercise of the Warrants held by such Major Investor and its Affiliates
immediately prior to the closing of the Subsequent Financing (based upon documentation or written representation reasonably satisfactory to the Company), divided by the total number of shares of Common Stock outstanding (assuming full conversion
and/or exercise, as applicable, of all Warrants) immediately prior to the closing of the Subsequent Financing. 

(b)    At least five (5) Trading Days prior to the entering into a definitive agreement for a Subsequent Financing,
the Company shall deliver to the Major Investors a confidential notice of its intention to effect a Subsequent Financing (the “Subsequent Financing Notice”) describing in reasonable detail the proposed terms of such Subsequent Financing,
such Major Investor’s Pro-Rate Share and the estimated date and time at which the Company expects to enter into an definitive agreement for the sale of securities in the Subsequent Financing. 

(c)    If a Major Investor desires to participate in a Subsequent Financing, then such Major Investor must provide a
written notice to the Company by not later than 5:30 p.m. (New York City time) on the third (3rd) Trading Day after such Major Investor has received a Subsequent Financing Notice, stating the amount of such Major Investor’s elected
participation. If the Company receives no such notice from a Major Investor within the time period set forth herein, such Major Investor shall be deemed to have notified the Company that it does not elect to purchase any securities in
connection with such Subsequent Financing and the Company shall be free to sell such securities in the Subsequent Financing. The closing of any purchase of New Securities by a Major Investor shall occur concurrently with the sale of New
Securities in the Subsequent Financing and it shall be a condition to the participation of the Major Investor in the Subsequent Financing that the Major Investor further agree to execute such other documents and agreements as may reasonably be
requested of a Major Investor by the Company in connection with a Subsequent Financing. 
 (d)    Notwithstanding
anything to the contrary in this Section 7.7 and unless otherwise agreed by each Major Investor that has elected to participate in such Subsequent Financing, in the event the Company determines to abandon a Subsequent Financing, the Company
shall, or shall cause the managing underwriter(s) or placement agent(s), as the case may be, to confirm such abandonment to each such Major Investor in the same manner and on the same day as such abandonment is communicated to other potential
investors. If, by the 

  
 24 

 
twentieth (20th) day following delivery of the Subsequent Financing Notice, no public disclosure regarding a transaction with respect to the Subsequent Financing has been made, such Subsequent
Financing shall be deemed to have been abandoned and the applicable Major Investors shall be deemed to not be in possession of any material, non-public information with respect to the proposed Subsequent
Financing by the Company, unless the Company advises the applicable Major Investors that the Subsequent Financing has not been abandoned. The Company understands and confirms that the Major Investors may rely on this Section 7.7(d) when
effecting transactions in securities of the Company 
 (e)    The rights set forth in this Section 7.7 shall remain
in effect with respect to a particular Major Investor as long as such Major Investor and its Affiliates collectively own fifty percent (50%) or more of the number of shares of Common Stock owned by the Investor and its Affiliates immediately
following the Closing. 
 (f)    Notwithstanding the foregoing, this Section 7.7 shall not apply in respect of an
Exempt Issuance and all rights of a Major Investor pursuant to this Section 7.7 shall terminate upon the occurrence of a Fundamental Transaction as defined in the Common Warrant. 

7.8.    Short Sales and Confidentiality After the Date Hereof. Each Investor covenants that neither it nor any
Affiliates acting on its behalf or pursuant to any understanding with it will execute any Short Sales during the period from the date hereof until the earlier of such time as (i) the transactions contemplated by this Agreement are first
publicly announced or (ii) this Agreement is terminated in full. Each Investor covenants that until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company, such Investor will maintain the
confidentiality of all disclosures made to it in connection with this transaction (including the existence and terms of this transaction). 

7.9.    Public Information. At any time during the period commencing from the six (6) month anniversary of the
Closing Date and ending at such time that all of the Shares and Warrant Shares of an Investor, if a registration statement is not available for the resale of all of the Shares and Warrant Shares of an Investor, may be sold without restriction or
limitation pursuant to Rule 144 and without the requirement to be in compliance with Rule 144(c)(1), if the Company shall (i) fail for any reason to satisfy the requirements of Rule 144(c)(1), including, without limitation, the failure to
satisfy the current public information requirements under Rule 144(c) or (ii) if the Company has ever been an issuer described in Rule 144(i)(1)(i) or becomes such an issuer in the future, and the Company shall fail to satisfy any condition set
forth in Rule 144(i)(2) (each, a “Public Information Failure”) then, as partial relief for the damages to any holder of Securities by reason of any such delay in or reduction of its ability to sell the Shares and Warrant Shares (which
remedy shall not be exclusive of any other remedies available at law or in equity), the Company shall pay to such Investor or its designee an amount in cash equal to one percent (1.0%) of the aggregate Purchase Price of such holder’s Securities
on the day of a Public Information Failure and on every thirtieth day (pro-rated for periods totaling less than thirty days) thereafter until the earlier of (i) the date such Public Information Failure is
cured and (ii) such time that such Public Information Failure no longer prevents a holder of Securities from selling such Shares and Warrant Shares pursuant to Rule 144 without any restrictions or limitations. The payments to which a holder
shall be entitled pursuant to this Section 4(p) are referred to herein as “Public Information Failure Payments.” Public Information Failure 

  
 25 

 
Payments shall be paid on the earlier of (I) the last day of the calendar month during which such Public Information Failure Payments are incurred and (II) the third Business Day after
the event or failure giving rise to the Public Information Failure Payments is cured. In the event the Company fails to make Public Information Failure Payments in a timely manner, such Public Information Failure Payments shall bear interest at the
rate of 1.0% per month (prorated for partial months) until paid in full. 
 8.    Survival and Indemnification.

 8.1.    Survival. The representations, warranties, covenants and agreements contained in this Agreement shall
survive the Closing of the transactions contemplated by this Agreement for the applicable statute of limitations. 

8.2.    Indemnification. The Company agrees to indemnify and hold harmless each Investor and its Affiliates and
their respective directors, officers, trustees, members, managers, employees and agents, and their respective successors and assigns, from and against any and all losses, claims, damages, liabilities and expenses (including without limitation
reasonable attorney fees and disbursements and other expenses reasonably incurred in connection with investigating, preparing or defending any action, claim or proceeding, pending or threatened and the costs of enforcement thereof) (collectively,
“Losses”) to which such Person may become subject (i) as a result of any breach of representation, warranty, covenant or agreement made by or to be performed on the part of the Company under the Transaction Documents or
(ii) arising from the Company’s fraud, gross negligence and willful misconduct in connection with the execution, delivery and performance by the Company of the Transaction Documents and the offer, issuance and sale of the Closing
Securities, and will reimburse any such Person for all such amounts as they are incurred by such Person. 

8.3.    Conduct of Indemnification Proceedings. Any person entitled to indemnification hereunder
shall (i) give prompt notice to the Company of any claim with respect to which it seeks indemnification and (ii) permit the Company to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party;
provided that any person entitled to indemnification hereunder shall have the right to employ separate counsel and to participate in the defense of such claim, but the fees and expenses of such counsel shall be at the expense of such person
unless (a) the Company has agreed to pay such fees or expenses, (b) the Company shall have failed to assume the defense of such claim and employ counsel reasonably satisfactory to such person or (c) in the reasonable judgment of any
such person, based upon written advice of its counsel, a conflict of interest exists between such person and the Company with respect to such claims (in which case, if the person notifies the Company in writing that such person elects to employ
separate counsel at the expense of the Company, the Company shall not have the right to assume the defense of such claim on behalf of such person); and provided, further, that the failure of any indemnified party to give notice as
provided herein shall not relieve the Company of its obligations hereunder, except to the extent that such failure to give notice shall materially adversely affect the Company in the defense of any such claim or litigation. It is understood that the
Company shall not, in connection with any proceeding in the same jurisdiction, be liable for fees or expenses of more than one separate firm of attorneys at any time for all such indemnified parties. The Company will not, except with the consent of
the indemnified party, which consent shall not be unreasonably withheld, conditioned or delayed, 

  
 26 

 
consent to entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release
from all liability in respect of such claim or litigation. No indemnified party will, except with the consent of the Company, consent to entry of any judgment or enter into any settlement. 

9.    Miscellaneous. 

9.1.    Successors and Assigns. This Agreement may not be assigned by a party hereto without the prior written
consent of the Company or each of the Investors, as applicable, provided, however, that an Investor may assign its rights and delegate its duties hereunder in whole or in part to an Affiliate or to a third party acquiring some or all of its
Securities in a transaction complying with applicable securities laws without the prior written consent of the Company or the other Investors, provided such assignee agrees in writing to be bound by the provisions hereof that apply to Investors. The
provisions of this Agreement shall inure to the benefit of and be binding upon the respective permitted successors and assigns of the parties. Without limiting the generality of the foregoing, in the event that the Company is a party to a merger,
consolidation, share exchange or similar business combination transaction in which the Common Stock is converted into the equity securities of another Person, from and after the effective time of such transaction, such Person shall, by virtue of
such transaction, be deemed to have assumed the obligations of the Company hereunder, the term “Company” shall be deemed to refer to such Person and the term “Securities” shall be deemed to refer to the securities received by the
Investors in connection with such transaction. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective permitted successors and assigns any rights, remedies, obligations,
or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 

9.2.    Counterparts; Faxes; E-mail. This Agreement may be executed in one
or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. This Agreement may also be executed via facsimile or e-mail, which shall
be deemed an original. 
 9.3.    Titles and Subtitles. The titles and subtitles used in this Agreement are used
for convenience only and are not to be considered in construing or interpreting this Agreement. 

9.4.    Notices. Unless otherwise provided, any notice required or permitted under this Agreement shall be given in
writing and shall be deemed effectively given as hereinafter described (i) if given by personal delivery, then such notice shall be deemed given upon such delivery, (ii) upon delivery, if given by facsimile, so long as the sender receives
a machine generated notice of delivery, (iii) upon delivery, if delivered by e-mail so long as the send does not receive an automatically generated notice of delivery failure, (iv) if given by mail,
then such notice shall be deemed given upon the earlier of (A) receipt of such notice by the recipient or (B) three days after such notice is deposited in first class mail, postage prepaid, and (v) if given by an internationally
recognized overnight air courier, then such notice shall be deemed given one Business Day after delivery to such carrier. All notices shall be addressed to the party to be notified at the address as follows, or at such other address as such party
may designate by ten days’ advance written notice to the other party: 

  
 27 

 If to the Company: 

Aileron Therapeutics, Inc. 
 490
Arsenal Way 
 Watertown, Massachusetts 02472 

Attention: Chief Financial Officer 

Email: ddougherty@aileronrx.com 

With a copy to: 
 Wilmer Cutler
Pickering Hale and Dorr LLP 
 60 State Street 

Boston, Massachusetts 02109 

Attention: Stuart M. Falber 

Email: stuart.falber@wilmerhale.com 

If to the Investors: 
 to the addresses set
forth on the signature pages hereto. 
 9.5.    Expenses. The parties hereto shall pay their own costs and
expenses in connection herewith regardless of whether the transactions contemplated hereby are consummated; it being understood that each of the Company and each Investor has relied on the advice of its own respective counsel. 

9.6.    Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term of this
Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and (a) prior to the Closing, Investors that agreed to purchase a majority of the
Shares to be issued and sold pursuant to this Agreement and (b) following the Closing, the Required Investors. Notwithstanding the foregoing, this Agreement may not be amended and the observance of any term of this Agreement may not be waived
with respect to any Investor without the written consent of such Investor unless such amendment or waiver applies to all Investors in the same fashion. Any amendment or waiver effected in accordance with this paragraph shall be binding upon
(i) prior to Closing, each Investor and (ii) following the Closing, each holder of any Securities purchased under this Agreement at the time outstanding, and in each case, each future holder of all such Securities and the Company. 

9.7.    Publicity. Except as set forth below, no public release or announcement concerning the transactions
contemplated hereby shall be issued by the Investors without the prior consent of the Company (which consent shall not be unreasonably withheld), except for such disclosure to Affiliates or limited partners on a
non-public basis consistent with public disclosure by the Company and as such release or announcement may be required by law or the applicable rules or regulations of any securities exchange or securities
market, in which case the Investors shall allow the Company, to the extent reasonably practicable in the circumstances, reasonable time to comment on such release or announcement in advance of such issuance. The Company shall not include the name of
any Investor in any press release or public announcement 

  
 28 

 
(which, for the avoidance of doubt, shall not include any SEC Filing) without the prior written consent of such Investor. By the Disclosure Time, the Company shall issue a press release
disclosing all material terms of transactions contemplated by this Agreement (the “Press Release”). No later than 5:30 p.m. (New York City time) on the first Business Day following the date this Agreement is executed, the Company will file
a Current Report on Form 8-K (the “8-K Filing”) attaching the press release described in the foregoing sentence as well as copies of the Transaction Documents.
In addition, the Company will make such other filings and notices in the manner and time required by the SEC or Nasdaq. The parties acknowledge that from and after the issuance of the Press Release, no Investor shall be in possession of any
material, nonpublic information received from the Company or any of its respective officers, directors, employees or agents, with respect to the transactions contemplated hereby that is not disclosed in the Press Release. The Company shall not, and
shall cause each of its officers, directors, employees and agents, not to, provide any Investor with any such material, nonpublic information regarding the Company from and after the filing of the Press Release without the express prior written
consent of such Investor. 
 9.8.    Severability. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof but shall be interpreted as if it were written so as to be
enforceable to the maximum extent permitted by applicable law, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted by
applicable law, the parties hereby waive any provision of law which renders any provision hereof prohibited or unenforceable in any respect. 

9.9.    Entire Agreement. This Agreement, including the signature pages, Exhibits and the Disclosure Schedules, and
the other Transaction Documents constitute the entire agreement among the parties hereof with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, both oral and written, between the parties with
respect to the subject matter hereof and thereof. 
 9.10.    Further Assurances. The parties shall execute and
deliver all such further instruments and documents and take all such other actions as may reasonably be required to carry out the transactions contemplated hereby and to evidence the fulfillment of the agreements herein contained. 

9.11.    Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by, and
construed in accordance with, the internal laws of the State of New York without regard to the choice of law principles thereof. Each of the parties hereto irrevocably submits to the exclusive jurisdiction of the courts of the State of New York
located in New York County and the United States District Court for the Southern District of New York for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Agreement and the transactions contemplated hereby.
Service of process in connection with any such suit, action or proceeding may be served on each party hereto anywhere in the world by the same methods as are specified for the giving of notices under this Agreement. Each of the parties hereto
irrevocably consents to the jurisdiction of any such court in any such suit, action or proceeding and to the laying of venue in such court. Each party hereto irrevocably waives any 

  
 29 

 
objection to the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such court
has been brought in an inconvenient forum. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.

 9.12.    Independent Nature of Investors’ Obligations and Rights. The obligations of each Investor under
any Transaction Document are several and not joint with the obligations of any other Investor, and no Investor shall be responsible in any way for the performance of the obligations of any other Investor under any Transaction Document. The decision
of each Investor to purchase Closing Securities pursuant to the Transaction Documents has been made by such Investor independently of any other Investor. Nothing contained herein or in any Transaction Document, and no action taken by any Investor
pursuant thereto, shall be deemed to constitute the Investors as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Investors are in any way acting in concert or as a group with respect to
such obligations or the transactions contemplated by the Transaction Documents. Each Investor acknowledges that no other Investor has acted as agent for such Investor in connection with making its investment hereunder and that no Investor will be
acting as agent of such Investor in connection with monitoring its investment in the Securities or enforcing its rights under the Transaction Documents. Each Investor shall be entitled to independently protect and enforce its rights, including,
without limitation, the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Investor to be joined as an additional party in any proceeding for such purpose. The Company
acknowledges that each of the Investors has been provided with the same Transaction Documents for the purpose of closing a transaction with multiple Investors and not because it was required or requested to do so by any Investor. 

9.13.    Limitation of Liability. Notwithstanding anything herein to the contrary, the Company acknowledges and
agrees that the liability of an Investor arising directly or indirectly under any Transaction Document of any and every nature whatsoever shall be satisfied solely out of the assets of such Investor and that no trustee, officer, other investment
vehicle or any other Affiliate of such Investor or any investor, shareholder or holder of shares of beneficial interest of such Investor shall be personally liable for any liabilities of such Investor. 

[remainder of page intentionally left blank] 

  
 30 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized
officers to execute this Agreement as of the date first above written. 
  

					
	COMPANY:	 	AILERON THERAPEUTICS, INC.
			
		 	By:	 	 /s/ Manuel C. Alves Aivado

		 	Name:	 	Manuel C. Alves Aivado
		 	Title:	 	Chief Executive Officer

					
	INVESTOR:	 	SATTER MEDICAL TECHNOLOGY PARTNERS, L.P.
			
		 	By:	 	Satter Medical Technology GP, L.P.
		 	Its:	 	General Partner
			
		 	By:	 	Satter Medical Technology UGP, LLC
		 	Its:	 	General Partner
			
		 	By:	 	Muneer A. Satter Revocable Trust
		 	Its:	 	Managing Member
			
		 	By:	 	 /s/ Muneer A. Satter

		 	Name:	 	Muneer A. Satter
		 	Title:	 	Trustee
		
	INVESTOR:	 	ARMISTICE CAPITAL MASTERFUND LLC
			
		 	By:	 	 /s/ Anthony Cordone

		 	Name:	 	Anthony Cordone
		 	Title:	 	CFO
		
	INVESTOR:	 	Jennison Global Healthcare Master Fund, Ltd.
			
		 	By:	 	Jennison Associates LLC, as the Investment Manager of Jennison Global Healthcare Master Fund, Ltd.
			
		 	By:	 	 /s/ David Chan

		 	Name:	 	David Chan
		 	Title:	 	Managing Director of Jennison Associates LLC
		
	INVESTOR:	 	Prudential Sector Funds, Inc. - PGIM Jennison Health Sciences Fund
			
		 	By:	 	Jennison Associates LLC, as the Subadvisor of Prudential Sector Funds, Inc. - PGIM Jennison - Health Sciences Fund
			
		 	By:	 	 /s/ David Chan

		 	Name:	 	David Chan
		 	Title:	 	Managing Director of Jennison Associates LLC
		
	INVESTOR:	 	Jenop Global Healthcare Fund Limited
			
		 	By:	 	Jennison Associates LLC, as the Investment Manager of Jenop Global Healthcare Fund Limited
			
		 	By:	 	 /s/ David Chan

		 	Name:	 	David Chan
		 	Title:	 	Managing Director of Jennison Associates LLC
	INVESTOR:	 	
			
		 	By:	 	 /s/ Scott Kapnick

		 	Name:	 	Scott Kapnick
		 	Title:	 	
		
	INVESTOR:	 	SABBY VOLATILITY WARRANT MASTER FUND, LTD.
			
		 	By:	 	 /s/ Robert Grundstein

		 	Name:	 	Robert Grundstein
		 	Title:	 	COO of Investment Manager
		
	INVESTOR:	 	SIGMA EMERGING MARKETS LTD.
			
		 	By:	 	 /s/ Rafael Urquia II

		 	Name:	 	Rafael Urquia II
		 	Title:	 	Secretary
		
	INVESTOR:	 	CVF, LLC
			
		 	By:	 	 /s/ Gerrit Adams

		 	Name:	 	Gerrit Adams
		 	Title:	 	Senior Associate
		
	INVESTOR:	 	Empery Asset Master, LTD
			
		 	By:	 	Empery Asset Management, LP, its authorized agent
			
		 	By:	 	 /s/ Brett S. Director

		 	Name:	 	Brett S. Director
		 	Title:	 	General Counsel of Empery Asset Management, LP
		
	INVESTOR:	 	Empery Tax Efficient, LP
			
		 	By:	 	Empery Asset Management, LP, its authorized agent
			
		 	By:	 	 /s/ Brett S. Director

		 	Name:	 	Brett S. Director
		 	Title:	 	General Counsel of Empery Asset Management, LP
		
	INVESTOR:	 	Empery Tax Efficient II, LP
			
		 	By:	 	Empery Asset Management, LP, its authorized agent
			
		 	By:	 	 /s/ Brett S. Director

		 	Name:	 	Brett S. Director
		 	Title:	 	General Counsel of Empery Asset Management, LP
		
	INVESTOR:	 	Lincoln Park Capital Fund, LLC
			
		 	By:	 	Lincoln Park Capital LLC
			
		 	By:	 	Rockledge Capital Corporation
			
		 	By:	 	 /s/ Joshua Scheinfeld

		 	Name:	 	Joshua Scheinfeld
		 	Title:	 	President
		
	INVESTOR:	 	DAFNA Lifescience LP
			
		 	By:	 	 /s/ Fariba Ghodsian

		 	Name:	 	Fariba Ghodsian
		 	Title:	 	C.I.O.
		
	INVESTOR:	 	DAFNA Lifescience Select LP
			
		 	By:	 	 /s/ Fariba Ghodsian

		 	Name:	 	Fariba Ghodsian
		 	Title:	 	C.I.O.
		
	INVESTOR:	 	Intracoastal Capital LLC
			
		 	By:	 	 /s/ Keith Goodman

		 	Name:	 	Keith Goodman
		 	Title:	 	Authorized Signatory
		
	INVESTOR:	 	CVI Investments Inc.
			
		 	By:	 	Heights Capital Management Its Authorized Agent
			
		 	By:	 	 /s/ Martin Kobinger

		 	Name:	 	Martin Kobinger
		 	Title:	 	Investment Manager
	INVESTOR:	 	
			
		 	By:	 	 /s/ Josef von Rickenbach

		 	Name:	 	Josef von Rickenbach
		 	Title:	 	Mg. Dir.
		
	INVESTOR:	 	Terry J. Gottlieb Revocable Trust
			
		 	By:	 	 /s/ Terry Gottlieb

		 	Name:	 	Terry Gottlieb
		 	Title:	 	Trustee

			
	Investor Information	 	
		
	Entity Name:	 	
		
	Contact Person:	 	
		
	Address:	 	
		
	City:	 	
		
	State:	 	
		
	Zip Code:	 	
		
	Telephone:	 	
		
	Facsimile:	 	
		
	Email:	 	
		
	Tax ID # or Social Security #:	 	
		
	Name in which Securities should be issued:	 	

  
 33 

 EXHIBIT A 

Schedule of Investors 
  

																									
	 Investor Name and Address
	 	Number of
Shares to
be
Purchased	 	 	Number of
Common Warrant
Shares
Underlying
Common
Warrants
Purchased	 	 	Number of
Pre-Funded
Warrants to be
Purchased	 	 	Number
of
Pre-Funded
Warrant
Shares Underlying
Pre-Funded
Warrants
Purchased	 	 	Number of Common
Warrant Shares
Underlying
Common Warrants
Purchased	 	 	Aggregate
Purchase Price of
Closing Securities	 
	Satter Medical Technology Partners, L.P. 
676 N. Michigan Avenue, Suite 4000 
Chicago IL, 60611	 	 	3,731,343	 	 	 	3,731,343	 	 	 	0	 	 	 	0	 	 	 	0	 	 	$	7,499,999.43	 
							
	Armistice Capital Masterfund LLC 
510 Madison Ave. 7th Floor 
New York, NY 10022	 	 	2,137,089	 	 	 	2,137,089	 	 	 	1,096,741	 	 	 	1,096,741	 	 	 	1,096,741	 	 	$	6,499,998.30	 
							
	Prudential Sector Funds, Inc. - PGIM Jennison Health Sciences Fund 
c/o Jennison Associates LLC 
466 Lexington Avenue 
New York, NY 10017	 	 	895,522	 	 	 	895,522	 	 	 	0	 	 	 	0	 	 	 	0	 	 	$	1,799,999.22	 
							
	Jennison Global Healthcare Master Fund, Ltd. 
c/o Jennison Associates LLC 
466 Lexington Avenue 
New York, NY 10017	 	 	402,985	 	 	 	402,985	 	 	 	0	 	 	 	0	 	 	 	0	 	 	$	809,999.85	 
							
	Jenop Global Healthcare Fund Limited 
c/o Jennison Associates LLC 
466 Lexington Avenue 
New York, NY 10017	 	 	243,781	 	 	 	243,781	 	 	 	0	 	 	 	0	 	 	 	0	 	 	$	489,999.81	 
							
	Scott Kapnick 
[**]	 	 	1,492,537	 	 	 	1,492,537	 	 	 	0	 	 	 	0	 	 	 	0	 	 	$	2,999,999.37	 
							
	SABBY VOLATILITY WARRANT MASTER FUND, LTD. 
10 Mountainview Road, Suite 208 
Upper Saddle River, NJ 07458	 	 	995,024	 	 	 	995,024	 	 	 	0	 	 	 	0	 	 	 	0	 	 	$	1,999,998.24	 
							
	 Sigma Emerging Markets Ltd. 
OMC Chambers, Wickhams Cay 1 
Road Town, Tortola 
British Virgin Islands 
Attn.: Jaime J.
Montealegre
  
 WITH A COPY TO:

 
 Fox Horan & Camerini LLP 
Attn.: Rafael Urquia II, Esq. 
885 Third
Avenue, 17th Floor 
New York, NY 10022
	 	 	621,890	 	 	 	621,890	 	 	 	0	 	 	 	0	 	 	 	0	 	 	$	1,249,998.90	 
							
	CVF, LLC 
222 N. LaSalle St, Suite 2000 
Chicago, IL 60601	 	 	547,268	 	 	 	547,268	 	 	 	0	 	 	 	0	 	 	 	0	 	 	$	1,100,008.68	 

  
 34 

																									
							
	Empery Tax Efficient II, LP 
By: Empery Asset Management, LP, its 
authorized agent 
One Rockefeller Plaza, Suite 1205 
New York City, NY 10020	 	 	148,404	 	 	 	148,404	 	 	 	0	 	 	 	0	 	 	 	0	 	 	$	298,292.04	 
							
	Empery Asset Master, LTD 
By: Empery Asset Management, LP, its 
authorized agent 
One Rockefeller Plaza, Suite 1205 
New York City, NY 10020	 	 	82,944	 	 	 	82,944	 	 	 	0	 	 	 	0	 	 	 	0	 	 	$	166,717.44	 
							
	Empery Tax Efficient, LP 
By: Empery Asset Management, LP, its 
authorized agent 
One Rockefeller Plaza, Suite 1205 
New York City, NY 10020	 	 	17,408	 	 	 	17,408	 	 	 	0	 	 	 	0	 	 	 	0	 	 	$	34,990.08	 
							
	Lincoln Park Capital Fund, LLC 
440 N. Wells St., Suite 410 
Chicago, IL 60654	 	 	199,004	 	 	 	199,004	 	 	 	0	 	 	 	0	 	 	 	0	 	 	$	399,998.04	 
							
	DAFNA Lifescience LP 
10990 Wilshire Blvd., Suite 1400 
Los Angeles, CA 90024 
	 	 	69,652	 	 	 	69,652	 	 	 	0	 	 	 	0	 	 	 	0	 	 	$	140,000.52	 
							
	DAFNA Lifescience Select LP 
10990 Wilshire Blvd., Suite 1400 
Los Angeles, CA 90024	 	 	29,850	 	 	 	29,850	 	 	 	0	 	 	 	0	 	 	 	0	 	 	$	59,998.50	 
							
	Intracoastal Capital LLC 
2211A Lakeside Dr. 
Bannockburn, IL 60015	 	 	74,626	 	 	 	74,626	 	 	 	0	 	 	 	0	 	 	 	0	 	 	$	149,998.26	 
							
	CVI Investments Inc., 
by Heights Capital Management its Authorized Agent 
101 California St., Suite 3250 
San Francisco, CA 94111	 	 	74,626	 	 	 	74,626	 	 	 	0	 	 	 	0	 	 	 	0	 	 	$	149,998.26	 
							
	 Josef von Rickenbach
 [**]
	 	 	49,752	 	 	 	49,752	 	 	 	0	 	 	 	0	 	 	 	0	 	 	$	100,001.52	 
							
	Terry J. Gottlieb Revocable Trust 
9913 Casabella Way 
Bonita Springs, FL 34135	 	 	24,877	 	 	 	24,877	 	 	 	0	 	 	 	0	 	 	 	0	 	 	$	50,002.77	 
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 TOTAL
	 	 	11,838,582	 	 	 	11,838,582	 	 	 	1,096,741	 	 	 	1,096,741	 	 	 	1,096,741	 	 	$	25,999,999.23	 
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 

  
 35 

 EXHIBIT B 

Form of Common Warrant 

  
 36 

 EXHIBIT C 

Form of Pre-Funded Warrant 

  
 37 

 EXHIBIT D 

Registration Rights Agreement 

  
 38 

 EXHIBIT E 

Investor Questionnaire 

  
 39 

 Disclosure Schedules 

None. 

  
 40EX-10.2

 Exhibit 10.2 

NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS
SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES. 
  

			
	Number of Warrants:	 	Warrant Certificate No.             

 AILERON THERAPEUTICS, INC. 

(A corporation existing under the laws of the State of Delaware) 

THIS PRE-FUNDED COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for
value received,                  (the “Holder”), is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter
set forth, including without limitation Section 2(d), at any time on or after the date hereof (the “Initial Exercisability Date”) , until exercised in full (the “Termination Date”) but not thereafter, to
subscribe for and purchase from Aileron Therapeutics, Inc., a Delaware corporation (the “Company”), up to                  shares (the “Warrant
Shares”) of Common Stock, par value $0.001 per share, of the Company (the “Common Stock”), subject to adjustment as provided herein. The purchase price of one share of Common Stock under this Warrant shall be equal to the
Exercise Price, as defined in Section 2(b). 
 Section 1.    Definitions.
Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement (the “Securities Purchase Agreement”), dated March 28, 2019, among the Company and the
purchasers signatory thereto. 
 Section 2.    Exercise. 

a)    Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in
part, at any time or times on or after the date of issuance of this Warrant by delivery to the Company in accordance with the notice provisions of section 5(h) hereof of a duly executed facsimile copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice of Exercise”). Within two (2) Trading Days following the date of
delivery of the Notice of Exercise, the Holder shall deliver the aggregate Exercise Price for the shares being purchased as specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless
the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee
(or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything 

 
herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the
Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial
exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the
applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within
one Trading Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder,
the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof. 

b)    Exercise Price. The aggregate exercise price of this Warrant, except for a nominal exercise price of $0.01
per Warrant Share, was pre-funded to the Company on or prior to the Initial Exercisability Date and, consequently, no additional consideration (other than the nominal exercise price of $0.01 per Warrant Share)
shall be required to be paid by the Holder to any Person to effect any exercise of this Warrant. The Holder shall not be entitled to the return or refund of all, or any portion, of such pre-paid aggregate
Exercise Price under any circumstance or for any reason whatsoever. The remaining unpaid exercise price per share of Common Stock under this Warrant shall be $0.01, subject to adjustment hereunder (the “Exercise Price”). 

c)    Cashless Exercise. This Warrant may also be exercised, in whole or in part, by means of a “cashless
exercise” in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B)*(X)] by (A), where: 

 

	 	(A) =	 as applicable: (i) the VWAP on the Trading Day immediately preceding the date of delivery of the
applicable Notice of Exercise if such Notice of Exercise is (1) delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening
of or during “regular trading hours” (as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, or (ii) the VWAP on the date of delivery of the applicable Notice of Exercise if
the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day; 

 

	 	(B) =	 the Exercise Price of this Warrant, as adjusted hereunder; and 

 

	 	(X) =	 the number of Warrant Shares issuable upon exercise of this Warrant in accordance with the terms of this
Warrant if such exercise were by means of a cash exercise rather than a cashless exercise. 

  
 2 

 If Warrant Shares are issued in such a cashless exercise to the holder of this Warrant, the
parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act of 1933, as amended (the “Securities Act”), the Warrant Shares shall take on the characteristics of the Warrants being exercised, and,
for purposes of Rule 144, the holding period of the Warrant Shares being issued may be tacked on to the holding period of this Warrant. The Company agrees not to take any position contrary to this Section 2(c). 

The “VWAP” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common
Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market as reported by Bloomberg Financial L.P. (based on a Trading Day from
9:30 a.m. Eastern Time to 4:02 p.m. Eastern Time); (b) the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the OTCQB or OTCQX as applicable or (c) if the Common Stock is not then listed or
quoted on the OTC QB or OTCQX and if prices for the Common Stock are then reported in the “Pink Sheets” published by the OTC Markets Group (or a similar organization or agency succeeding to its functions of reporting prices), the most
recent bid price per share of the Common Stock so reported; or (d) in all other cases, the fair market value of a share of Common Stock as determined by a good faith determination of the Company’s Board of Directors. 

d)    [Percentage Limitation.1 Notwithstanding anything to the
contrary contained herein, other than as provided in Section 2(f) and Section 3(c), the number of Warrant Shares that may be acquired by the Holder upon any exercise of this Warrant (or otherwise in respect hereof) shall be limited to the
extent necessary to ensure that, following such exercise (or other issuance), the total number of shares of Common Stock then beneficially owned by the Holder and its affiliates and any other Persons whose beneficial ownership of Common Stock would
be aggregated with the Holder’s for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”), of the 1934 Act and the rules and regulations promulgated thereunder, including any
“group” of which the Holder is a member, does not exceed [4.999]% of the total number of then issued and outstanding shares of Common Stock (including for such purpose the shares of Common Stock issuable upon such exercise), it being
acknowledged by the Holder that the Company is not representing to such Holder that such calculation is in compliance with Section 13(d) of the 1934 Act and such Holder is solely responsible for any schedules required to be filed in accordance
therewith. To the extent that the limitation contained in this Section 2(d) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by such Holder) and of which a portion of this Warrant is
exercisable shall be in the sole discretion of a Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by such Holder)
and of which portion of this Warrant is exercisable, in each case subject to such aggregate percentage limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination under
this Section 2(d) as to any group status shall be determined in accordance with Section 13(d) of the 1934 Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(d), in determining the number of
outstanding shares of Common Stock, the Holder may rely on the number of 
  

	1 	 To be added with appropriate percentages if desired by any investor. 

  
 3 

 
outstanding shares of Common Stock as reflected in (x) the Company’s most recent Form 10-Q or Form 10-K,
as the case may be, (y) a more recent public announcement by the Company or (z) any other more recent notice by the Company or the transfer agent of the Company (the “Transfer Agent”) setting forth the number of shares of
Common Stock outstanding. Upon the written request of the Holder, the Company shall within three (3) Trading Days confirm in writing to such Holder the number of shares of Common Stock then outstanding. Notwithstanding the foregoing, by written
notice to the Company, which will not be effective until the sixty-first (61st) day after such notice is delivered to the Company, the Holder may waive the provisions of this Section 2(d) (but such waiver will not affect any other holder) or
change the beneficial ownership limitation to such percentage of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant, as the Holder shall
determine, in its sole discretion, subject to Section 2(e), and the provisions of this Section 2(d) shall continue to apply[; provided that in no event shall such percentage limitation be increased to more than 9.999%]. Upon such a change
by a Holder of the beneficial ownership limitation from such [4.999]% limitation to such other percentage limitation, the beneficial ownership limitation may not be further waived by such Holder without first providing the minimum 61-day notice required by this Section 2(d).] 
 [e)    Notwithstanding anything
to the contrary contained herein, including Section 2(d), other than as provided in Section 2(f) and Section 3(c), the Company shall not effect any exercise of this Warrant, and the Holder shall not be entitled to exercise this
Warrant for a number of Warrant Shares in excess of that number of Warrant Shares which, upon giving effect to such exercise, would cause (i) the aggregate number of shares of Common Stock beneficially owned by the Holder and its Affiliates and
any other Persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the 1934 Act and the rules and regulations promulgated thereunder, including any “group” of which
the Holder is a member, to exceed 19.99% of the total number of issued and outstanding shares of Common Stock of the Company following such exercise, or (ii) the combined voting power of the securities of the Company beneficially owned by the
Holder and its Affiliates and any other Persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the 1934 Act to exceed 19.99% of the combined voting power of all of the
securities of the Company then outstanding following such exercise. For purposes of this Section 2(e), the aggregate number of shares of Common Stock or voting securities beneficially owned by the Holder and its Affiliates and any other Persons
whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the 1934 Act shall include the shares of Common Stock issuable upon the exercise of this Warrant with respect to which such
determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (x) exercise of the remaining unexercised and non-cancelled portion of this Warrant by the
Holder and (y) exercise or conversion of the unexercised, non-converted or non-cancelled portion of any other securities of the Company that do not have voting
power (including without limitation any securities of the Company which would entitle the holder thereof to acquire at any time Common Stock, including without limitation any debt, preferred stock, right, option, warrant or other instrument that is
at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock), is subject to a limitation on conversion or exercise analogous to the limitation contained herein and is
beneficially owned by the Holder or any of its Affiliates and other Persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the 1934 Act.]2 
  

	2 	 To be added only for investors which would otherwise acquire more than 19.99%. 

  
 4 

 f)    Neither Section 2(d) nor Section 2(e) shall restrict the
number of shares of Common Stock which a Holder may receive or beneficially own in order to determine the amount of securities or other consideration that such Holder may receive in the event of a Fundamental Transaction as contemplated in
Section 3(c) of this Warrant. 
 g)    Mechanics of Exercise. 

i.    Authorization of Warrant Shares. The Company covenants that all Warrant Shares which may be issued upon the
exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment to the Company of the purchase price therefor, be duly authorized, validly issued, fully paid and
nonassessable and free from all taxes, liens and charges in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue). 

ii.    Delivery of Certificates Upon Exercise. Certificates for shares purchased hereunder shall be transmitted by
the Transfer Agent to the Holder in electronic book entry form to the account of such Holder or, upon request of the Holder, by physical delivery to the address specified by the Holder in the Notice of Exercise within two (2) Trading Days
following the delivery of the applicable Notice of Exercise (the “Warrant Share Delivery Date”), provided, however, that if Holder shall request physical delivery of certificates representing the Warrant Shares or shall fail to
remit payment for the Warrant Shares within two (2) Trading Days following the date of delivery of the Notice of Exercise pursuant to Section 2(a) (other than in the case of a cashless exercise pursuant to Section 2(c)), there shall
be no requirement to deliver such certificates on or prior to the Warrant Share Delivery Date. This Warrant shall be deemed to have been exercised on the date the Exercise Price and the Notice of Exercise is delivered to the Company (or in the case
of a cashless exercise pursuant to Section 2(c), the date Notice of Exercise is delivered). The Warrant Shares shall be deemed to have been issued, and Holder shall be deemed to have become a holder of record of such shares for all purposes, as
of such date irrespective of the date such Warrant Shares are credited in book entry to the Holder’s account. Notwithstanding the foregoing, if requested by the Holder, the Company shall cause the Warrant Shares purchased hereunder to be
transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if
the Company is then a participant in such system and either (A) a registration statement covering the resale of Warrant Shares by the Holder is effective under the Securities Act or (B) the Warrant Shares are eligible for sale under Rule
144 and without the requirement to be in compliance with Rule 144(c)(1) (assuming cashless exercise of the Warrants), irrespective of the date. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long
as this Warrant remains outstanding and exercisable. Solely for purposes of Regulation SHO, this Warrant shall be deemed to have been exercised upon delivery of a Notice of Exercise so long as the applicable Exercise Price is delivered to the
Company no later than two Trading Days following the delivery of the applicable Notice of Exercise. 

  
 5 

 iii.    Delivery of New Warrants Upon Exercise. If this Warrant
shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant, deliver to Holder a new Warrant evidencing the rights of Holder to purchase the unpurchased Warrant Shares called for by this
Warrant, which new Warrant shall in all other respects be identical with this Warrant. 
 iv.    Rescission
Rights. If the Company fails to cause its Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(g)(ii) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise. 

v.    Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon
Exercise. In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(g)(ii) above pursuant to an
exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase and does purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases on
the Holder’s behalf, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a
“Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for
the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue and (2) the VWAP
on the date of delivery of the Exercise Notice, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall
be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. The Holder shall provide the Company written notice
indicating the amounts payable to the Holder in respect of the Buy-In. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including,
without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof. 

vi.    No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued
upon the exercise of this Warrant. As to any fraction of a share that Holder would otherwise be entitled to purchase upon such exercise, the Company shall pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price. 
 vii.    Charges, Taxes and Expenses. The issuance of Warrant Shares shall
be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of such issuance, all of which taxes and expenses shall be paid by the Company, and the Company shall pay all applicable transfer agent fees
and fees to the Depository Trust Company (or another established clearing corporation performing similar functions) as may be required for 

  
 6 

 
same day processing. The Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event that Warrant
Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder; and the Company may require, as a condition
thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. 

h)    Obligations of the Company. The Company’s obligations to issue and deliver Warrant Shares in accordance
with the terms hereof are absolute and unconditional, irrespective of any action or inaction by the Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment against any Person or any action
to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder or any other Person of any obligation to the Company or any violation or alleged violation of law by the Holder or
any other Person, and irrespective of any other circumstance which might otherwise limit such obligation of the Company to the Holder in connection with the issuance of Warrant Shares. Nothing herein shall limit a Holder’s right to pursue any
other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver the Warrant Shares upon exercise of
the Warrant as required pursuant to the terms hereof. 
 Section 3.    Certain
Adjustments. 
 a)    Stock Dividends and Splits. If the Company, at any time while this Warrant is
outstanding: (A) pays a stock dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall
not include any shares of Common Stock issued by the Company pursuant to this Warrant), (B) subdivides outstanding shares of Common Stock into a larger number of shares, (C) combines (including by way of reverse stock split) outstanding shares
of Common Stock into a smaller number of shares, or (D) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction, of which the
numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event
and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted in an inverse manner (e.g., an increase in the Exercise Price shall result in a decrease in the number of shares of Common Stock). Any
adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the
effective date in the case of a subdivision, combination or re-classification. 

b)    Pro Rata Distributions. If the Company, at any time prior to the Termination Date, shall declare, or
distribute any dividend or other distribution to all holders of Common Stock (and not to Holders of the Warrants) of assets or evidence of its indebtedness (including cash and cash dividends) or rights or warrants to subscribe for or purchase any
security other than the Common Stock, then in each such case the Exercise Price shall be adjusted by multiplying the 

  
 7 

 
Exercise Price in effect immediately prior to the record date fixed for determination of stockholders entitled to receive such distribution by a fraction, of which the denominator shall be the
VWAP determined as of the record date mentioned above, and of which the numerator shall be such VWAP on such record date less the then per share fair market value at such record date of the portion of such assets or evidence of indebtedness so
distributed applicable to one outstanding share of the Common Stock as determined by the Board of Directors of the Company in good faith. The adjustment shall be described in a statement provided to the Holder. Such adjustment shall be made whenever
any such distribution is made and shall become effective immediately after the record date mentioned above. 

c)    Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or
indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or
other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed
pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and such offer has been accepted by the holders of a majority of the outstanding Common Stock, (iv) the
Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted
into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without
limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of
Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business
combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately
prior to the occurrence of such Fundamental Transaction, the number of shares of common stock or other equity securities of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any other or additional
consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is then exercisable immediately prior to such
Fundamental Transaction (without regard to any limitation in Section 2(d) or 2(e) on the exercise of this Warrant, which shall cease to be applicable at the time of and following the Fundamental Transaction). For purposes of any such exercise,
the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the
Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the
securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction.
Notwithstanding the foregoing, in the event the Alternative Consideration consists 

  
 8 

 
solely of cash (a “Fundamental Cash Transaction”), then Holder shall exercise its conversion or purchase right under this Warrant and such exercise will be deemed effective
immediately prior to the consummation of such Fundamental Cash Transaction. If Holder does not so exercise this Warrant, this Warrant shall automatically be exercised pursuant to Section 2(c) hereof, without any action by Holder and without
regard to any ownership limitation in Section 2(d) or 2(e) immediately prior to the consummation of such Fundamental Cash Transaction and in such event Holder shall not be required to pay the exercise price for the shares of Common Stock and
may in the alternative elect to receive the cash consideration upon consummation, less the exercise price for the shares of Common Stock for which this Warrant has been exercised. The Company shall provide the Holder with written notice of the
Fundamental Cash Transaction (together with such reasonable information as the Holder may request in connection with such contemplated Acquisition giving rise to such notice), which is to be delivered to Holder not less than ten (10) days prior
to the closing of the proposed Fundamental Cash Transaction. To the extent necessary to effectuate the foregoing provisions, any successor to the Company or surviving entity in such Fundamental Transaction shall issue to the Holder a new warrant
consistent with the foregoing provisions and evidencing the Holder’s right to exercise such warrant for the Alternate Consideration. The terms of any agreement pursuant to which a Fundamental Transaction is effected shall include terms
requiring any such successor or surviving entity to comply with the provisions of this Section 3(c) and insuring that this Warrant (or any such replacement security) will be similarly adjusted upon any subsequent transaction analogous to a
Fundamental Transaction. 
 d)    Calculations. All calculations under this Section 3 shall be made to the
nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common
Stock (excluding treasury shares, if any) issued and outstanding. 
 e)    Notice to Holders. 

i.    Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to this Section 3, the
Company shall promptly deliver to each Holder a notice setting forth the Exercise Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment. 

ii.    Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other
distribution) on the Common Stock; (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock; (C) the Company shall authorize the granting to all holders of the Common Stock rights or
warrants to subscribe for or purchase any shares of capital stock of any class or of any rights; (D) the approval of any stockholders of the Company shall be required in connection with any Fundamental Transaction; (E) the Company shall
authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company; then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last address as it shall appear upon
the Warrant Register of the Company, at least ten (10) calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend,
distribution, redemption, rights or warrants, or if a record is not to be taken, the 

  
 9 

 
date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such
reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the
Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided, that the failure to deliver such notice or any defect therein or in the delivery thereof
shall not affect the validity of the corporate action required to be specified in such notice. The Holder is entitled to exercise this Warrant during the ten (10)-day period commencing on the date of such
notice to the effective date of the event triggering such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material non-public information regarding the Company, the
Company shall make such information known to the public through a press release, filing with the Securities and Exchange Commission, or other public announcement prior to or in conjunction with such notice being provided to the Holder. 

Section 4.    Transfer of Warrant. 

a)    Transferability. Subject to compliance with any applicable securities laws and to the provisions of
Section 7.5 of the Purchase Agreement, this Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written
assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required,
such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the
assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. This Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant
Shares without having a new Warrant issued. The Holder represents that by accepting this Warrant it understands that this Warrant and any securities obtainable upon exercise of this Warrant have not been registered for sale under Federal or state
securities laws and are being offered and sold to the Holder pursuant to one or more exemptions from the registration requirements of such securities laws. The Holder understands that it must bear the economic risk of its investment in this Warrant
and any securities obtainable upon exercise of this Warrant for an indefinite period of time, as this Warrant and such securities have not been registered under Federal or state securities laws and therefore cannot be sold unless subsequently
registered under such laws, unless an exemption from such registration is available. 
 b)    New Warrants. This
Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the
Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants or like tenor in exchange for
the Warrant or Warrants to be divided or combined in accordance with such notice. 

  
 10 

 c)    Warrant Register. The Company shall register this Warrant,
upon records to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for
the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary. 

Section 5.    Miscellaneous. 

a)    No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights or
other rights as a stockholder of the Company prior to effectiveness of the exercise hereof. 
 b)    Loss, Theft,
Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock
certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate. 

c)    Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the
expiration of any right required or granted herein shall be a Saturday, Sunday or a legal holiday, then such action may be taken or such right may be exercised on the next succeeding day not a Saturday, Sunday or legal holiday. 

d)    Authorized Shares. The Company covenants that during the period the Warrant is outstanding, it will maintain
a reserve, free from preemption rights, from its duly authorized shares of Common Stock for issuance upon exercise of this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who
are charged with the duty of executing stock certificates or book entry shares to execute and issue the necessary certificates or book entry shares for the Warrant Shares upon the exercise of the purchase rights under this Warrant. If at any time
prior to the Termination Date the number of authorized but unissued shares of Common Stock shall not be sufficient to permit exercise of this Warrant, the Company will take such corporate action as may, in the opinion of its counsel, be necessary to
increase its authorized but unissued shares of Common Stock (or other securities as provided herein) to such number of shares as shall be sufficient for such purposes. 

Except and to the extent waived or consented to by the Holder, the Company hereby covenants to not, by any action, including, without
limitation, amending its certificate of incorporation, by-laws or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms of this Warrant, and will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to
protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (a) not increase the par value of any Warrant Shares above the Exercise Price then in effect and
(b) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant. 

  
 11 

 e)    Jurisdiction. All questions concerning the construction,
validity, enforcement and interpretation of this Warrant shall be determined in accordance with the provisions of the Securities Purchase Agreement. 

f)    Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if
not registered and if the Holder does not utilize cashless exercise after expiration of the Rule 144 holding period, will contain a legend to the effect that the Warrant Shares are not registered. 

g)    Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the
part of Holder shall operate as a waiver of such right or otherwise prejudice Holder’s rights, powers or remedies. If the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages
to the Holder, the Company shall pay to Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorney’s fees, including those of appellate proceedings, incurred by the Holder in
collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder. 

h)    Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder
by the Company shall be delivered in accordance with the notice provisions of the Securities Purchase Agreement. 

i)    Limitation of Liability. No provision hereof, in the absence of any affirmative action by Holder to exercise
this Warrant or purchase Warrant Shares, and no enumeration herein of the rights or privileges of Holder, shall give rise to any liability of Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such
liability is asserted by the Company or by creditors of the Company. 
 j)    Remedies. The remedies provided in
this Warrant shall be cumulative and in addition to all other remedies available or granted by law, including recovery of damages. Each of the parties hereto will be entitled to specific performance of its rights under this Warrant. The Company
acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder and agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach or threatened breach by it of the
provisions of this Warrant and hereby agrees to waive the defense in any action for specific performance that a remedy at law would be adequate including making a showing of economic loss and the posting of a bond or other security. 

k)    Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations
evidenced hereby shall inure to the benefit of and be binding upon the successors of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of all Holders from time to time
of this Warrant and shall be enforceable by any such Holder or holder of Warrant Shares. 

  
 12 

 l)    Amendment. This Warrant may be modified or amended or the
provisions hereof waived only with the written consent of the Company and the Holder. 
 m)    Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision
shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant. 

n)    Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any
purpose, be deemed a part of this Warrant. 

  
 13 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer
thereunto duly authorized. 
 Dated: April 2, 2019 
  

			
	AILERON THERAPEUTICS, INC.
		
	By:	 	 
	Name:	 	Manuel C. Alves Aivado
	Title:	 	Chief Executive Officer

 NOTICE OF EXERCISE 

TO:    AILERON THERAPEUTICS, INC. 

(1)    The undersigned hereby elects to purchase
                 Warrant Shares of the Company pursuant to the terms of the attached Pre-Funded Common Stock Purchase Warrant
(only if exercised in full), and tenders herewith payment of the Exercise Price in full, together with all applicable transfer taxes, if any. 

(2)    Payment shall take the form of (check applicable box): 

 

	 	☐	 in lawful money of the United States; or (if available) 

 

	 	☐	 the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in
subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c). 

(3)    Please cause the Warrant Shares to be issued in the name of the undersigned or in such other name as is specified
below: 
  

			
	  
	 	 

 The Warrant Shares shall be delivered to the following DWAC Account Number : 

 

			
	  
	 	 
		
	  
	 	 
		
	  
	 	 

 (4)    Accredited Investor. The undersigned is an “accredited
investor” as defined in Regulation D promulgated under the Securities Act of 1933, as amended. 
 Name of Investing Entity:
                                         
                                         
                                         
                                  

Signature of Authorized Signatory of Investing Entity:
                                         
                                         
                             

Name of Authorized Signatory:
                                         
                                         
                                         
                          

Title of Authorized Signatory:
                                         
                                         
                                         
                            

Date:
                                         
                                         
                                         
                                         
                           

 ASSIGNMENT FORM 

(To assign the foregoing warrant, execute 

this form and supply required information. 

Do not use this form to exercise the warrant.) 

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

 

					
	 	 	  
	  	 

 whose address is: 
  

					
	 	 	  
	  	 
			
	 	 	  
	  	 

 Dated:
                                ,
                             

Holder’s Signature:
                                         
                                         
                                         
                             

Holder’s Address:
                                         
                                         
                                         
                               

 

                          
                                         
                                         
                                         
                                    

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

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