Document:

EX-10.17

 Exhibit 10.17 

CONFIDENTIAL TREATMENT REQUESTED 

LICENSE AGREEMENT 

This License Agreement (“Agreement”) is made and entered into as of the 30th day of April 2018, Pacific
Standard time (the “Effective Date”) by and between Elpiscience Biopharmaceuticals, Inc., a Cayman Islands company having offices at Offices of Corporate Filing Services Ltd., 3rd Floor, Harbour Centre, George Town, P.O. Box 613,
Grand Cayman KY1-1107, Cayman Islands (“Elpiscience”) and Inhibrx, Inc. (“Inhibrx”), a Delaware limited partnership with an address at 11099 North Torrey Pines Road,
Suite 280, La Jolla, CA 92037. Elpiscience and Inhibrx are each referred to herein individually as a “Party” and collectively as the “Parties.” 

WHEREAS, Inhibrx possess expertise in the research and development of protein therapeutics, and has developed a multivalent
protein therapeutic directed to the biological target OX40, and has certain tangible and intellectual property related thereto; and 

WHEREAS, Elpiscience wishes to obtain certain rights from Inhibrx to further develop, manufacture and commercialize such
multivalent protein therapeutic directed to the biological target OX40 pursuant to the terms and conditions set forth herein; 

NOW, THEREFORE, in consideration of the mutual covenants contained herein, and for other good and valuable consideration, the
amount and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 
 ARTICLE 1: DEFINITIONS 

1.1.    “Affiliate(s)” of a Party means any entity that, directly or indirectly, through
one or more intermediaries, controls, is controlled by, or is under common control with such Party. For purposes of this Section 1.1, “control” means (i) the direct or indirect ownership of fifty percent (50%) or
more of the voting stock or other voting interests or interest in the profits of a Party, or (ii) the ability, by lawful means, to otherwise control or direct the decisions of board of directors or equivalent governing body of such Party. 

1.2.    “CFDA” means the China Food and Drug Administration or any successor agency,
including its provincial or local counterparts. 
 1.3.    “Combination Product” shall
mean either (i) a single pharmaceutical formulation containing as active ingredients both a Licensed Molecule and one or more other therapeutically or prophylactically active ingredients, or (ii) a combination therapy comprised of a
Licensed Product and one or more other therapeutically or prophylactically active products priced and sold in a single package containing such multiple products; in each case, in all dosage forms, formulations, presentations, and package
configurations. 
 1.4.    “Confidential Information” means (i) all information
and materials (of whatever kind and in whatever form or medium) disclosed by or on behalf of a Party to the other Party (or its designee) in connection with this Agreement during the Term, whether provided orally, electronically, visually, or in
writing; (ii) all copies of the information and materials described in (i) above; and (iii) the existence and each of the terms and conditions of this Agreement. “Confidential Information” shall not include
information and materials that a Party can demonstrate: (a) was known to the receiving Party, or in the public domain, at the time of its receipt by a Party, or which thereafter becomes part of the public domain other than by virtue of a breach
of this Agreement; (b) was received without an obligation of confidentiality from a Third Party having the right to disclose, without restrictions, such information or materials; (c) was independently developed by the receiving Party
without use of or reference to Confidential Information disclosed by the other Party; and (d) was released from the restrictions set forth in this Agreement by the express prior written consent of the disclosing Party. Notwithstanding the
foregoing, specific Confidential Information will not fall under any of the foregoing exceptions solely because it is within the scope of more general disclosures within an exception. In addition, an exception will not apply to a combination of
items merely because individual items fall within the exception. 

  
  

			
	License Agreement	  	Page 1

 Portions of this Exhibit, indicated by the mark “[***]”, were omitted
and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 1.5.    “Control(s)” or
“Controlled” means the possession by a Party, as of the Effective Date or during the Term, of (i) with respect to materials, data or information, physical possession or the right to such physical possession of those items, with
the right to provide them to Third Parties; and (ii) with respect to intellectual property rights, rights sufficient to grant the applicable license or sublicense under this Agreement, without violating the terms of any agreement with any Third
Party existing as of the Effective Date. 
 1.6.    “Covered” (or the like) means, with
respect to a given Licensed Product, that the making, using, sale, offer for sale or import of such Licensed Product, but for ownership of, or a license granted under this Agreement, the relevant Patent would infringe a Valid Claim of such Patent in
the country of use, sale, offer for sale or import on the date of such activity, or in the country of manufacture on the date of manufacture. 

1.7.    “Effective Date” has the meaning set forth in the introductory paragraph of the
Agreement. 
 1.8.    “Elpiscience Confidential Information” means Confidential
Information disclosed or provided by, or on behalf of, Elpiscience to Inhibrx or its designee. 

1.9.    “Field” means therapeutic or prophylactic use in humans. 

1.10.    “Generic Product” means, with respect to a particular Licensed Product, and on a
country-by-country basis, a product, other than a product that is developed, marketed or sold by a Party or its Affiliates, that is no longer Covered by a Valid Claim
within the Inhibrx Patents in the relevant country and the active ingredient of which is a recombinant protein having the same amino acid sequence as the recombinant protein of such Licensed Product. 

1.11.    “IND” means an investigational new drug application (IND) in the United States
or clinical trial application (CTA) in the European Union or any comparable filing in any country of the Territory. 

1.12.    “Inhibrx Confidential Information” means Confidential Information disclosed or
provided by, or on behalf of, Inhibrx to Elpiscience or its designee. 
 1.13.    “Inhibrx
IP” means any and all intellectual property (including Patents and rights in or to Know-How) owned or Controlled by Inhibrx or its Affiliate(s) that is necessary to make, have made, use, sell, offer
for sale, or import Licensed Molecules or Licensed Products for use in the Field in the Territory. 

1.14.    “Inhibrx Material” means any composition of matter, biological materials, assay,
or other tangible materials Controlled by Inhibrx specific to the development or manufacture of the Licensed Molecule, excluding the Licensed Molecule and Licensed Products, and shall include cell lines expressing the Licensed Molecule. 

1.15.    “Inhibrx Patent(s)” means a Patent within the Inhibrx IP. 

1.16.    “Know-How” means any proprietary
scientific or technical data, results, technology or information, in any tangible or intangible form, including techniques, technology, practices, trade secrets, discoveries, developments, inventions (whether patentable or not), methods, knowledge,
assay development, chemical, pharmacological, toxicological and clinical test data and results, and analytical and quality control data, results, descriptions and reports, study protocols, formulas, specifications, dosage regimens, control assays,
and manufacturing and quality control data and information. 
 1.17.    “Licensed
Molecule” means the recombinant mono-specific, multivalent protein, known internally within Inhibrx as INBRX 106, that specifically binds to and modulates the biological target OX40, as further described on Appendix A. 

1.18.    “Licensed Product” means any product containing a Licensed Molecule. 

1.19.    “MAA” means a marketing authorization application or equivalent application, and
all amendments and supplements thereto, filed with the applicable Regulatory Authority in any country in the Territory. 

  
  

			
	License Agreement	  	Page 2

 Portions of this Exhibit, indicated by the mark “[***]”, were omitted
and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 1.20.    “Marketing Approval” means,
with respect to a Licensed Product in a country or jurisdiction, the approvals, clearances or waivers (other than pricing approvals), if any, necessary for the marketing or commercialization of such Licensed Product in such country or jurisdiction.

 1.21.    “Net Sales” means the gross amount invoiced by Elpiscience or its
Affiliates or any of their sublicensees for the sale or other commercial disposition of a Licensed Product (in final form for end use) to a Third Party purchaser in a bona fide, arms-length transaction, less the following deductions to the
extent directly applicable to such sales and as deducted from revenue: 
  

	 	(i)	 reasonable and customary rebates, quantity, trade and cash discounts to customers actually allowed and
properly taken and not exceeding [***] percent ([***]%) of the applicable gross invoiced amount; 

  

	 	(ii)	 governmental and other rebates, chargebacks or administrative fees (or equivalents thereof) granted to
managed health care organizations, pharmacy benefit managers (or equivalents thereof) or to national, federal, state, provincial, local and other governments, their respective agencies, purchasers and reimbursers or to trade customers actually
allowed and properly taken; 

  

	 	(iii)	 retroactive price reductions, credits or allowances actually granted upon rejections, destruction or returns
of such Licensed Product, including for recalls or damaged goods; 

  

	 	(iv)	 reasonable freight, postage, shipping and insurance charges actually allowed or paid for delivery of such
Licensed Product, to the extent included in the gross sales price; and 

  

	 	(v)	 sales taxes, excise taxes, use taxes, import/export duties or other governmental charges actually due or
incurred with respect to such sales, including value-added taxes, to the extent applicable. 

 Any of the
above deductions shall be permitted only if incurred in the ordinary course of business in type and amount consistent with good industry practice and determined in accordance with generally accepted accounting principles on a basis consistent with
Elpiscience’s audited consolidated financial statements. 
 In the case of any sale or other disposal of any Licensed
Product other than an invoiced sale in an arm’s length transaction exclusively for money, Net Sales shall be calculated as above on the fair market value of the Licensed Product. 

If Licensed Product is a Combination Product, the Parties shall meet approximately one (1) year prior to estimated
commercial launch of such Combination Product to negotiate in good faith and agree to an appropriate adjustment to Net Sales, on a country-by-country basis, to reflect
the relative significance of the Licensed Compound, or Licensed Product that is part of the Combination Product, and the other pharmaceutically or prophylactically active ingredient(s) contained in the Combination Product. 

If the parties are unable to agree upon an adjustment to Net Sales, on a country-by
country basis, within sixty (60) days of first meeting, then Net Sales for such Combination Product shall be calculated by multiplying the gross sales invoiced for such Combination Product by the fraction A/(A+B), where “A” is the
average gross amount invoiced in the applicable country for the applicable calendar quarter for the Licensed Product sold separately and “B” is the average gross amount invoiced in the applicable country for the applicable calendar quarter
for the other active ingredient(s) or product(s) sold separately. 
 In the event that the Licensed Product is not sold
separately, the appropriate adjustment to Net Sales on a country-by-country basis to account for the combination shall be determined by binding arbitration conducted by
one (1) arbitrator. In such arbitration, the arbitrator shall be an independent expert in worldwide marketing in the pharmaceutical industry mutually acceptable to the Parties. 

  
  

			
	License Agreement	  	Page 3

 Portions of this Exhibit, indicated by the mark “[***]”, were omitted
and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 1.22.    “Patent(s)” means a patent or a
patent application, including any additions, divisions, continuations, continuations-in-part, pipeline protection, invention certificates, substitutions, reissues,
reexaminations, extensions, registrations, patent term extensions, supplementary protection certificates and renewals of any of the above. 

1.23.    “Person” means any person or entity, including any individual, trustee,
corporation, partnership, trust, unincorporated organization, limited liability company, business association, firm, joint venture or governmental agency or authority. 

1.24.    “Prosecution” means, with respect to a Patent, preparing, filing, prosecuting
and maintaining such Patent, including any interference and opposition proceedings, reissue, post-grant reviews, inter partes review, re-examination and applications for patent term extensions, and all
appeals or petitions to any agency, board or court related to any of the foregoing. When used as a verb, “Prosecute” means to engage in Prosecution. 

1.25.    “Qualified Financing” means the issue, sale or granting of a right to purchase
the shares, membership units, securities or other interest in the operations or profits of Elipscience or its Affiliates, or convertible into or exchangeable for such, with gross proceeds to Elipscience or its Affiliates (in aggregate) of not less
than $10,000,000 (with or without additional consideration). 
 1.26.    “Regulatory
Authority” means any governmental authority for any country or countries involved in granting approvals for the development, marketing and/or sale of a Licensed Product in such country or countries, including the CFDA. 

1.27.    “Regulatory Filing” means all applications, filings, submissions, approvals,
licenses, registrations, permits, notifications and authorizations (or waivers) with respect to the development, manufacture or commercialization of any Licensed Molecule or Licensed Product made to or received from any Regulatory Authority in a
given country, including any INDs and MAAs. 
 1.28.    “Territory” means Mainland
China, Hong Kong, Macau and Taiwan. 
 1.29.    “Third Party” means a Person that is
not a Party to this Agreement or an Affiliate of a Party to this Agreement. 
 1.30.    “Valid
Claim” means a claim in an issued Patent that has not (i) expired or been canceled, (ii) been irretrievably abandoned, revoked, declared invalid or unenforceable by an unreversed and unappealable or unappealed decision of a court
or other appropriate body of competent jurisdiction in such country, or (iii) been admitted by Inhibrx to be invalid or unenforceable through reissue, disclaimer or otherwise. 

The definition of each of the following terms is set forth in the section of this Agreement indicated below: 

 

					
	 Term
	  	Section	 
	 Alleged Infringer
	  	 	8.4.1	 
	 CMC Costs
	  	 	6.2.2	 
	 Combination Product
	  	 	1.3	 
	 Development Plan
	  	 	4.3	 
	 Dispute
	  	 	13.1	 
	 Elpiscience Indemnitee
	  	 	11.2	 

  
  

			
	License Agreement	  	Page 4

 Portions of this Exhibit, indicated by the mark “[***]”, were omitted
and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

					
	 Elpiscience IP
	  	 	8.2	 
	 Elpiscience Specific Claim
	  	 	8.3.2	 
	 Elpiscience Territory Patent
	  	 	8.3.1	 
	 Infringement Action
	  	 	8.4.2	 
	 Inhibrx Development Know-How
	  	 	3.1.1	 
	 Inhibrx Indemnitee
	  	 	11.1	 
	 Joint Steering Committee or JSC
	  	 	2.1	 
	 JSC Co-Chair
	  	 	2.1.1	 
	 License
	  	 	5.1	 
	 Losses
	  	 	11.1	 
	 Milestone Payment
	  	 	6.3	 
	 Patent Costs
	  	 	8.3.3	 
	 Pharmacovigilance Agreement
	  	 	4.8	 
	 Product Infringement
	  	 	8.4.1	 
	 Royalty Payment
	  	 	6.4	 
	 Royalty Term
	  	 	6.4.2	 
	 Term
	  	 	9.1	 

 ARTICLE 2: GOVERANCE OF COLLABORATION 

2.1.    Joint Steering Committee. Within thirty (30) days after the Effective Date, the
Parties shall establish a committee (“Joint Steering Committee” or “JSC”) to coordinate and oversee the Parties exchange of information and materials pursuant and subject to the terms of this Agreement. 

2.1.1    Composition of the JSC. The JSC shall consist of at least one (1) representative from
each Party, but not more than three (3) representatives of any Party. A Party may change one or more of its JSC representative(s) from time to time in its sole discretion, effective upon written notice (which notice a Party may provide by email
in accordance with Section 14.7) to the other Party of such change. Each Party shall designate one of its representatives as its primary JSC contact for JSC matters (such Party’s “JSC Co-Chair”). All representatives to the JSC shall be subject to confidentiality and nonuse restrictions substantively similar to those set forth herein. 

2.1.2    JSC Co-Chairs. The Parties’ respective JSC Co-Chairs shall alternate on an annual basis (or as otherwise agreed) being responsible for the following: (i) scheduling JSC meetings and setting meeting agendas; (ii) calling emergency JSC meetings; and
(iii) any additional responsibilities specified in the Agreement; provided, however, each Party has the right to schedule meetings, raise matters for discussion and put matters to a vote, whether or not such Party’s JSC Co-Chair is the then responsible JSC Co-Chair. 

  
  

			
	License Agreement	  	Page 5

 Portions of this Exhibit, indicated by the mark “[***]”, were omitted
and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 2.1.3    JSC Meetings. One established, the JSC
shall meet at least once every three (3) months while at least one Licensed Molecule or Licensed Product is in development or is being commercialized in the Territory, in accordance with a schedule agreed to by the Parties. The JSC may meet in
person or by means of teleconference, Internet conference, videoconference or other similar communications equipment. A reasonable number of additional representatives of a Party may attend meetings of the JSC in a
non-voting capacity with the prior written consent of the other Party, and provided that such invitees are bound by appropriate confidentiality obligations. Each Party shall bear its own travel, lodging and
telecommunication expenses related to participation in and attendance at such meetings by its JSC or additional representatives. 

2.1.4    Scope of JSC Oversight. Except as otherwise provided herein, the JSC shall be responsible
for performing the following functions: 
 (a)    coordinate and oversee the transfer of Inhibrx
Materials in accordance with Section 3.1; 
 (b)    coordinate and oversee
the sharing of information in accordance with Section 3.1; and 

(c)    review the initial Development Plan and proposed changes to the Development Plan. 

For clarity, the JSC shall not have any authority beyond the specific matters set forth in this
Section 2.1.4, including not having the authority to: (i) amend this Agreement, waive any breach of either Party under this Agreement, or terminate this Agreement; or (ii) make decisions or take any actions that
are inconsistent with the terms of this Agreement. 
 2.2.    Decisions of the JSC. Each
Party’s representatives to the JSC shall, collectively, have one (1) vote in all decisions within the JSC’s authority. The JSC shall attempt to make decisions by reaching agreement. In the event of a disagreement regarding any matter
within the JSC’s authority under Section 2.1.4, either Party may refer such matter to the CEOs of the Parties (or the designees of the respective CEOs), who shall discuss such matter in good faith. If the CEOs or their
designees, if applicable, are unable to resolve the matter within thirty (30) days after the date of such referral, then either Party may elect to resolve such matter as a Dispute pursuant to Article 13: . 

2.3.    Minutes; Other Documentation. The JSC shall keep minutes of its meetings that record in
writing all decisions made, action items assigned or completed and other appropriate matters. The responsibility for keeping meeting minutes shall alternate between the Parties, beginning with Elpiscience. Meeting minutes shall be sent to both
Parties promptly after a meeting for review, comment and approval by each Party. A decision that may be made at a JSC meeting may also be made, without a meeting, if such decision is agreed to in writing (including by email) by each Party’s JSC
Co-Chair (or its designee), provided that each Party’s writing clearly indicates that such decision is a formal decision by such Party’s JSC. 

2.4.    Oversight Period of JSC. The activities to be performed by the JSC shall solely relate to
governance under this Agreement and shall not involve the delivery of services. The JSC shall exist until there is no longer at least one Licensed Molecule or Licensed Product in development or being commercialized in the Territory. 

ARTICLE 3: TRANSFER OF INHIBRX MATERIALS AND KNOW-HOW 

3.1.    Transfer of Inhibrx Know-How and Inhibrx Materials.

 3.1.1    Pre-Clinical and Manufacturing Know-How. During the Term, Inhibrx shall upon the reasonable request of Elpiscience, through the JSC, promptly provide Elpiscience with Know-How Controlled by Inhibrx in
connection with Inhibrx’s (or its Affiliates) pre-clinical development or manufacturing of the Licensed Molecule, including process development data and information, manufacturing data and information,
information and data on assays used in the manufacturing and validation process for the Licensed Molecule, and manufacturing cell 

  
  

			
	License Agreement	  	Page 6

 Portions of this Exhibit, indicated by the mark “[***]”, were omitted
and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 
banks, and pre-clinical toxicology information and data (“Inhibrx Development Know-How) that is
reasonably necessary or useful for Elpiscience to perform its obligations under this Agreement or exercise its rights under the License; provided that Inhibrx shall not be obligated to provide Elpiscience with any tangible materials or clinical data
other than as set forth below. 
 3.1.2    Inhibrx Materials. During the Term, Inhibrx shall upon
the reasonable request of Elpiscience, as coordinated by the JSC, provide Elpiscience with reasonable quantities of those Inhibrx Materials, including assays and cell lines, created by or on behalf of Inhibrx in connection with Inhibrx’s (or
its Affiliates) pre-clinical development or manufacturing of a Licensed Molecule. Elpiscience shall use the Inhibrx Materials consistent with the Licenses and other rights granted to Elpiscience under this
Agreement. 
 3.1.3    Supply of Licensed Molecule by Inhibrx. Elpiscience (either itself or
through its contract manufacturers) will be responsible, by itself or through a contract manufacturer organization, for the manufacture and supply of Licensed Molecules and Licensed Products for use in the Territory, which activities shall be in
accordance with the License. Notwithstanding the foregoing, during the Term, Inhibrx shall upon the reasonable request of Elpiscience, through the JSC, discuss the supply by Inhibrx to Elpiscience of quantities of Licensed Molecule for
Elpiscience’s, including Licensed Molecule manufactured under GMP conditions, use for the development of the Licensed Molecule in the Territory. Promptly following the Effective Date, the Parties will negotiate in good-faith a Supply Agreement,
pursuant to which Inhibrx will supply to Elpiscience a defined quantity of Licensed Molecule (as bulk drug substance) solely for use by Elpiscience in accordance with this Agreement. 

3.2.    Ownership. The Parties acknowledge and agree that (i) Inhibrx Development Know-How is and shall remain solely owned by Inhibrx and the Inhibrx Confidential Information; and (ii) Inhibrx Materials, together with all progeny and derivatives thereof, except as otherwise expressly
provided under this Agreement, are and shall remain the property of Inhibrx. Licensed Molecule and Licensed Product manufactured by Elpiscience or for Elpiscience by its contract manufacturers pursuant to Elpiscience’s rights under this
Agreement shall, as between the Parties, be owned by Elpiscience. Licensed Molecule and Licensed Product purchased by Elpiscience from Inhibrx or its Affiliates shall be made under a separate agreement, and ownership of such Licensed Molecule and
Licensed Product shall be as set forth in such separate agreement. 
 3.3.    Warranty Disclaimer
Regarding Materials. Inhibrx hereby represents that it has the rights and authority to provide the relevant Inhibrx Materials supplied to Elpiscience under this Agreement. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS AGREEMENT, THE INHIBRX
MATERIALS SUPPLIED BY INHIBRX PURSUANT TO THIS AGREEMENT ARE OTHERWISE SUPPLIED IN “AS IS” CONDITION WITH NO WARRANTY, EXPRESS, IMPLIED OR STATUTORY, INCLUDING WARRANTIES OF MERCHANTABILITY,
NON-INFRINGEMENT, EXCLUSIVITY, OR FITNESS FOR A PARTICULAR PURPOSE. ANY MATERIAL DELIVERED PURSUANT TO THIS AGREEMENT IS UNDERSTOOD TO BE EXPERIMENTAL IN NATURE AND MAY HAVE HAZARDOUS PROPERTIES. ELPISCIENCE
WILL HANDLE AND USE THE INHIBRX MATERIALS ACCORDINGLY. 
 3.4.    Restrictive Covenants on
Materials. Elpiscience shall: 
 (a)    use the Inhibrx Materials, and any progeny or derivative
thereof, in compliance with the Licenses; 
 (b)    use the Inhibrx Materials, and any progeny or
derivative thereof, received from Inhibrx in compliance with applicable Laws; and 
 (c)    not use the
Inhibrx Materials, or any progeny or derivative thereof, in human subjects; provided, that the foregoing shall not apply to Licensed Molecule and Licensed Product manufactured under current Good Manufacturing Practice (“cGMP”) process by
or for Elpiscience and either (i) administered under an applicable IND or (ii) following, and in compliance with, Marketing Approval therefore, in each case consistent with the License. 

  
  

			
	License Agreement	  	Page 7

 Portions of this Exhibit, indicated by the mark “[***]”, were omitted
and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 3.5.    Allocation of Liability. Elpiscience
assumes all liability for damages that may arise from its handling, use, storage or disposal of the Inhibrx Materials and any progeny or derivative thereof. Inhibrx shall not be liable to Elpiscience for any loss, claim or demand made by
Elpiscience, or made against Inhibrx by any Third Party, due to or arising from the handling, use, storage or disposal by Elpiscience of the Inhibrx Materials, or any progeny or derivative thereof, except to the extent caused by Inhibrx’s
(i) breach of this Agreement, (ii) gross negligence or wilful misconduct or (iii) failure to abide by any applicable Law or regulation. 

ARTICLE 4: DEVELOPMENT, COMMERCIALIZATION AND MANUFACTURE OF LICENSED PRODUCTS 

4.1.    Diligence. Elpiscience shall use commercially reasonable efforts to (i) develop and
seek Marketing Approval for at least one Licensed Product in each country of the Territory, and (ii) commercialize, in each county of the Territory, each Licensed Products for which Marketing Approval has been obtained. 

4.2.    Rights of Elpiscience. As between the Parties, subject to the terms and conditions of this
Agreement, including Section 4.3, and Inhibrx’s rights set forth in Section 5.3 and any other rights in Inhibrx IP not licensed to Elpiscience hereunder, Elpiscience shall have, at its
expense, the sole right to develop, in the Territory, Licensed Molecules for use in the Field in the Territory, and to commercialize Licensed Products in the Field in the Territory. For clarity, all activities of Elpiscience to develop Licensed
Molecules and Licensed Products, including all human clinical trials, shall be exclusively conducted in the Territory (unless otherwise agreed to by the Parties in writing) and all activities of Inhibrx and its Affiliates or other licensees to
develop Licensed Molecules and Licensed Products, including all human clinical trials, shall be exclusively conducted outside the Territory (unless otherwise agreed to by the Parties in writing). 

4.3.    Development Plan. Prior to any filing of an IND in the Territory by or on behalf of
Elpiscience or any of its Affiliates or their respective sublicensees, the Parties shall agree to a written plan for the development and seeking of Regulatory Approval of Licensed Molecules and/or Licensed Products in the Territory (the
“Development Plan”). The Development Plan shall, at a minimum, include the following information: (i) tumor type and stage’ of therapy; (ii) single agent and combinations dosed, control arms, and randomization;
(iii) proposed dose and dosing intervals, including dose modifications and therapy for adverse events (including immune related adverse events); (iv) estimated number of patients (in each arm); (v) in and exclusion criteria, such as age, labs, co-morbidities, and/or previous therapies; and (vi) primary and secondary endpoints, including brief description of how such endpoints will be measured and evaluated. The initial proposed Development Plan, and
any proposed change to the then existing Development Plan (other than a proposed change pursuant to Section 4.6), shall be submitted by Elpiscience to the JSC for the JSC’s review. The initial Development Plan and each
proposed change to the Development Plan, shall require the agreement of the Parties (such agreement not to be unreasonably withheld, delayed or conditioned); except, if Inhibrx and its Affiliates and sublicensees have permanently ceased all
development and commercialization of the Licensed Molecule and Licensed Products outside of the Territory, Elpiscience shall have the right to approve any change to the Development Plan to which the Parties cannot agree. Elpiscience and its
Affiliates, and their respective sublicensees, shall conduct all development of Licensed Molecules and/or Licensed Products in accordance with the agreed to Development Plan. 

4.4.    Provision of Data to Inhibrx. Upon the request of Inhibrx, Elpiscience will promptly
provide Inhibrx or its designee, with all data and information, including manufacturing, regulatory and clinical data, generated by or on behalf of Elpiscience or its Affiliates or sublicensees with or related to the Licensed Molecule or a Licensed
Product (and assist Inhibrx in putting such data and information in a form sufficient to Inhibrx to use such data and information development Licensed Molecules and Licensed Products outside the Territory, including in Regulatory Filings and for
submission to Regulatory Authorities). Elpiscience and its Affiliates hereby grant, and any sublicense shall be required to grant, to Inhibrx a fully-paid up, sublicensable (through multiple tiers) and irrevocable right and license to use such
information and data in the development, manufacture, seeking and maintaining regulatory approval, and/or commercialization of Licensed Molecules and Licensed Products for countries outside the Territory. 

4.5.    Provision of Clinical Data to Elpiscience. Upon the request of Elpiscience, Inhibrx will
promptly provide Elpiscience or its designee with clinical data generated with the Licensed Molecule or a Licensed Product, which data is Controlled by Inhibrx or its Affiliates (and assist Elpiscience in putting such data and information in a 

  
  

			
	License Agreement	  	Page 8

 Portions of this Exhibit, indicated by the mark “[***]”, were omitted
and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 
form sufficient to Elpiscience to use such data and information in the development Licensed Molecules and Licensed Products in the Territory, including in Regulatory Filings and for submission to
Regulatory Authorities); provided (i) Elpiscience (or its designee) shall only be entitled to such clinical data provided that Elpiscience is conducting a corresponding clinical trial in the Territory under the Development Plan; and
(ii) that the forgoing obligation shall only apply to Inhibrx or an Inhibrx Affiliate as long as Inhibrx or such Affiliate is controlled by or under common control (as defined in Section 1.1) of the same individual,
group of individuals, entity, or group of entities as controls (as defined in Section 1.1) Inhibrx or such Affiliates as of the Effective Date. For example, the foregoing obligation shall not apply to a Third Party acquirer
of Inhibrx or of an Inhibrx Affiliate, or any sublicesee of Inhibrx or an Inhibrx Affiliate. 

4.6.    Inclusion of Territory in Inhibrx Sponsored Clinical Trials; Additional Patients in Develop
Plan Trials. 
 4.6.1    Upon the request of either Party, the JSC will discuss, in good faith, the
inclusion of a clinical trial site or sites in the Territory in any clinical trial of the Licensed Molecule sponsored by Inhibrx, its Affiliates or licensees (each a “Territory Trial Site”). Following any such request, the JSC
shall, within thirty (30) days of such request, meet to discuss and review a proposed amendment to the Development Plan to incorporate into the Development Plan such Territory Trial Site (proposed by the Party seeking the inclusion of the
Territory Trial Site) and to allocate responsibilities and costs for the Territory Trial Site. If, within sixty (60) days of such first JSC meeting regarding a particular Territory Trial Site, the JSC is unable to agree to an amendment to the
Development Plan to include such Territory Trial Site, the matter shall be a Dispute and the Parties shall attempt to resolve such Dispute in accordance with Section 13.1. If such Dispute cannot be resolved pursuant to
Section 13.1, then such Territory Trial Site may not be added to the Development Plan absent agreement of the JSC, and the provisions of Section 13.2 shall not be applicable to such Dispute
(notwithstanding anything in this Agreement to the contrary). 
 4.6.2    Upon the request of Inhibrx,
an Inhibrx Affiliate or licensee, the JSC will discuss, in good faith, the inclusion of additional numbers of subjects in any clinical trial that is part of the Development Plan (“Additional Subjects”), including to support
Regulatory Filings outside of the Territory. Following any such request, the JSC shall, within thirty (30) days of such request, meet to discuss in good faith and review a proposed amendment to the Development Plan to incorporate into the
Development Plan such Additional Subjects and to allocate responsibilities and costs for the Additional Subjects. If, within sixty (60) days of such first JSC meeting regarding the inclusion of certain Additional Subjects, the JSC is unable to
agree to an amendment to the Development Plan to include such Additional Subjects, the matter shall be a Dispute and the Parties shall attempt to resolve such Dispute in accordance with Section 13.1. If such Dispute cannot
be resolved pursuant to Section 13.1, then such Additional Subjects may not be added to the Development Plan absent agreement of the JSC, and the provisions of Section 13.2 shall not be applicable
to such Dispute (notwithstanding anything in this Agreement to the contrary). 
 4.7.    Elpiscience
Process Improvements. Elpiscience will provide Inhibrx with any improvements to the process or specifications for the manufacture, formulation or storage of the Licensed Molecule or Licensed Products, and provide reasonable assistance in the
transfer of any such improvements, which shall include the transfer to Inhibrx or its designee of reasonable quantities of materials necessary or useful to evaluate and/or implement such improvements. Elpiscience and its Affiliates hereby grant, and
any sublicensee shall be required to grant, to Inhibrx a non-exclusive, fully-paid up, sublicensable (through multiple tiers) and irrevocable right and license to such improvements for the development,
manufacture, seeking and maintaining regulatory approval, and/or commercialization of Licensed Molecules and Licensed Products for countries outside the Territory. The foregoing shall be provided at no cost. 

4.8.    Pharmacovigilance. Promptly following the Effective Date, the Parties shall enter into an
agreement, on agreed terms, governing the process for the exchange of adverse event safety data, including, but not limited to, post-marketing spontaneous reports received by a Party or its Affiliates in order to monitor the safety of a Licensed
Product and to meet reporting requirements with any applicable Regulatory Authority in the Territory and outside of the Territory (“Pharmacovigilance Agreement”). 

  
  

			
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 CONFIDENTIAL TREATMENT REQUESTED 

 

 ARTICLE 5: LICENSE GRANTS 

5.1.    License Grant to Elpiscience. Subject to the terms and conditions of this Agreement,
Inhibrx hereby grants to Elpiscience an exclusive, non-transferable (except in accordance with Section 14.1) license, including the right to grant sublicenses in accordance with
Section 5.2, under the Inhibrx IP to make, have made, use, sell, offer for sale, and import Licensed Molecules (i) to develop Licensed Products, in accordance with the Development Plan, for use in the Field in the
Territory; and (ii) to market, sell and otherwise commercialize in the Territory Licensed Products for use in the Field in the Territory (the “License”). For clarity, the License includes the right to make, have made, use,
sell, offer for sale, or import Licensed Molecules as part of a Licensed Product. The License does not include access to or rights under any generally applicable protein production, engineering or enhancement technologies or intellectual property
for the purpose of creating derivatives. 
 5.2.    Right to Sublicense. Elpiscience may grant
sublicenses (including the right to grant further sublicenses) under the License it receives under Section 5.1 to any of its Affiliates or any Third Party without the prior written consent of Inhibrx, provided that:
(i) each sublicense is in writing and its terms are consistent with the terms and conditions of this Agreement and Inhibrx is provided notice of each such sublicense; (ii) Elpiscience shall be responsible to Inhibrx for the performance of
its sublicensees; (iii) any act or omission by a sublicensee that would be a breach of this Agreement had it been performed (or not performed) by Elpiscience shall be treated as a breach of this Agreement by Elpiscience; and (iv) upon
request, Elpiscience will provide Inhibrx a copy of any such sublicense, at Elpiscience’s option reasonably redacted, to permit Inhibrx to assess such sublicenses compliance with the terms and conditions of this Agreement. Elpiscience shall
remain primarily responsible to Inhibrx for its obligations, including payment obligations pursuant to Article 6: , under this Agreement. 

5.3.    Grant-Back to Inhibrx. 

5.3.1    Subject to the terms and conditions of this Agreement, Elpiscience hereby grants Inhibrx a
royalty-free, worldwide non-exclusive research license, without the right to grant sublicenses, under the Elpiscience IP to conduct its internal research and development programs. For clarity, the
license granted to Inhibrx pursuant to this Section 5.3 does not include the right to sell, offer for sale or otherwise commercialize a Licensed Molecule or Licensed Product in contravention of the exclusive license granted
to Elpiscience in Section 5.1. 
 5.3.2    Subject to the terms and conditions
of this Agreement, Elpiscience hereby grants Inhibrx a non-exclusive, royalty-free, fully paid-up, irrevocable right and license (with the right to grant and authorize
sublicenses) under the Elpiscience IP to: (i) use, offer for sale, sell, and import Licensed Molecules and Licensed Product outside the Territory, (ii) make, have made and export Licensed Molecules and Licensed Product inside and outside
the Territory solely for use, offer for sale, or sale outside the Territory; and (iii) to conduct and Territory Trial Site as agreed pursuant to Section 4.6.1. 

5.4.    No Implied Licenses. Except as expressly set forth in this Agreement, nothing contained in
this Agreement shall be construed as conferring to Elpiscience, by implication, estoppel, or otherwise, any option, license or right under any Inhibrx IP or any other Patents or other intellectual property rights held by Inhibrx and nothing
contained in this Agreement shall be construed as conferring to Inhibrx, by implication, estoppel, or otherwise, any option, license or right under any Elpiscience IP or any other Patents or other intellectual property rights held by Elpiscience.

 ARTICLE 6: PAYMENTS 

6.1.    Upfront Payment. In consideration of the grant of the License, and its other rights under
this Agreement, Elpiscience shall pay Inhibrx the following non-creditable, non-refundable fees: 

(a)    One Million Dollars (US$1,000,000) within five (5) days after the Effective Date; and 

  
  

			
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 CONFIDENTIAL TREATMENT REQUESTED 

 

 (b)    One Million Five Hundred Thousand Dollars
(US$1,500,000) on the earlier of: (i) November 1, 2018 and (ii) within five (5) days of Qualified Financing. 

6.2.    Reimbursement of Certain Costs. 

6.2.1    Toxicology Study Costs. Elpiscience shall pay Inhibrx the following non-creditable, non-refundable amounts within thirty (30) days after the Effective Date: 
  

					
	 Description
	  	Amount	 
	 CFDA specific IND toxicology study costs
	  	$	[***	] 
	 Share of IND enabling toxicology study costs
	  	$	[***	] 

 6.2.2    CMC Costs. Elpiscience shall reimburse Inhibrx for costs
and expenses incurred by Inhibrx and its Affiliates, including third party contractor and services provider costs, in connection with the generation and preparation of chemistry, manufacturing and control data for the Territory, including
(i) manufacturing process development records, (b) records of all procedures necessary for manufacture, testing, storage and shipment, and (c) records of sourcing and testing of all raw materials and components used in manufacture
(“CMC Costs”). Inhibrx shall provide Elpiscience with a written invoice of CMC Costs, and Elpiscience shall pay such invoices within thirty (30) days of receipt. 

6.3.    Milestone Payments. Elpiscience will pay Inhibrx the following non-refundable, non-creditable “Milestones Payments” upon the achievement of the corresponding milestone event by or on behalf of Elpiscience, its Affiliates
or any of their sublicensees with a Licensed Product: 

6.3.1    Development & Regulatory Milestones 

 

					
	 Milestone Event
	  	Payment Amount	 
	 First approval, clearance or waiver to initiate a human clinical trial in the Territory (or in any
country for a trial in which Elpiscience is participating or from which Elpiscience has requested data pursuant to Section 4.5)
	  	$	[***	] 
	 First dosing of first patient in a Phase 3 (or pivotal/registration) trial in the Territory (or in
any country for a trial in which Elpiscience is participating or from which Elpiscience has requested data pursuant to Section 4.5)
	  	$	[***	] 
	 First Marketing Approval in the Territory
	  	$	[***	] 

 6.3.2    Commercial Milestones. 

 

					
	 Milestone Event
	  	Payment Amount	 
	 First occurrence of aggregate calendar year Territory Net Sales reaching $[***]
	  	$	[***	] 
	 First occurrence of aggregate calendar year Territory Net Sales reaching $[***]
	  	$	[***	] 
	 First occurrence of aggregate calendar year Territory Net Sales reaching $[***]
	  	$	[***	] 

 6.3.3    Multiple Milestone Payments. With respect to Licensed
Products, each Milestone Payment shall be paid only the first time that a Licensed Product achieves such milestone. Elpiscience shall give Inhibrx prompt 

  
  

			
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 CONFIDENTIAL TREATMENT REQUESTED 

 

 
notice of the achievement of each milestone event. All Milestone Payments shall be made within thirty (30) days following Elpiscience’s achievement of the corresponding milestone. 

6.3.4    Skipped Milestone Events. If any Milestone Payment triggering event is skipped for a
particular Licensed Product, the Milestone Payment that would otherwise have been due for such skipped Milestone Payment triggering event shall be due and payable on the occurrence of the next to occur Milestone Payment triggering event for such
Licensed Product. 
 6.4.    Royalties. 

6.4.1    Royalty Rates Prior to Generic Product Commercialization. On a Licensed Product-by-Licensed Product and country-by-country basis, subject to Sections 6.4.2, 6.4.3 and
6.4.4, Elpiscience shall pay Inhibrx a percentage of Net Sales of such Licensed Products in the Territory (“Royalty Payment”) based on the following royalty rates: 

 

	 	(i)	 [***]% of aggregate Territory calendar year Net Sales up to and including US$[***]; 

 

	 	(ii)	 [***]% of aggregate Territory calendar year Net Sales greater than US$[***] and up to and including
US$[***]; and 

  

	 	(iii)	 [***]% of aggregate Territory calendar year Net Sales greater than of US$[***]. 

6.4.2    Royalty Term. The obligation to make a Royalty Payment, on a Licensed Product-by-Licensed Product and country-by-country basis, shall commence upon the first
commercial sale of such Licensed Product in such country, and shall expire upon the later of: (i) the date there is no longer a Valid Claim Covering such Licensed Product in such country, and (ii) the date that is twelve (12) years
after the first commercial sale of such Licensed Product tin such country (the “Royalty Term”). 

6.4.3    Royalty Reduction Following Generic Product Commercialization. On a Licensed Product-by-Licensed Product and country-by-country basis, during any period during the Royalty
Term which a Generic Product of such Licensed Product is lawfully being sold in such country and Net Sales of such Licensed Product subsequently decrease in such country for two consecutive calendar quarters by more than [***] percent ([***]%) from
the level of Net Sales achieved prior to the such sale of such Generic Product in such country, the royalty rate owed to Inhibrx shall be reduced by [***] percent ([***]%) in such country (also a “Royalty Payment”). 

6.4.4    Offset of Third Party Royalty Payments. In the event that Elpiscience obtains a license
under a patent owned or controlled by a Third Party, which patent claims the composition of matter of the Licensed Molecule (other than via a product-by-process claim),
and which patent Elpiscience believes, in good faith is valid and enforceable, then royalty payments owed to Inhibrx on Licensed Product containing such Licensed Molecule (on a
product-by-product and country-by-country basis) shall, subject to
Section 6.4.5, be reduced by [***] percent ([***]%) of the amount of royalty payments paid to such Third Party by Elpiscience for such license under such patent; provided that such reduction cannot in any calendar quarter
reduce royalties due to Inhibrx under this Agreement by more than [***] percent ([***]%). 

6.4.5    Limitation of Royalty Reductions. In no event (as result of either or both of the royalty
reductions allowable under Section 6.4.3 and/or 6.4.4) shall the total amount of royalties owed with respect to any Licensed Product in any calendar quarter be reduced by more than [***] percent ([***]%) of the royalty
rates in Section 6.4.1. 
 6.4.6    Parties Shared Intent with Royalty
Structure. The Parties acknowledge and agree that the Royalty Payments (including the royalty rates and term for such Royalty Payments) are in consideration for the licenses and rights granted by Inhibrx to Elpiscience with respect to both the
Patents and Know-How, the provision of the materials and the sequence of the Licensed Molecule, and have been agreed to by the Parties for the purpose of 

  
  

			
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 CONFIDENTIAL TREATMENT REQUESTED 

 

 
reflecting and advancing their mutual convenience, including the ease of calculation of such royalties and the payment of such royalties by Elpiscience to Inhibrx. 

6.4.7    Challenge of Inhibrx Patents. During the Term of this Agreement, Elpiscience shall not,
either itself or through or with a Third Party or any Affiliate, directly or indirectly, challenge the validity, patentability or enforceability of, or otherwise oppose, anywhere in the world and Inhibrx Patent. The Parties agree that breach of this
provision is deemed a material breach of the Agreement. 
 6.4.8    No Authorization of
Generic Products. Unless otherwise mutually agreed to by the Parties, Elpiscience shall not license or authorize, under any rights owned, controlled or licensed to Elpiscience, including any rights in or to any regulatory filings, Marketing
Approvals or granted by a Regulatory Authority, a Third Party to develop, market or sell a Generic Product. 
 ARTICLE 7: PAYMENTS;
REPORTING; AUDITS 
 7.1.    Royalty Reports and Payments. During the Term and following the
first commercial sale of any Licensed Product, Elpiscience shall, within thirty (30) days after the end of each calendar quarter, provide Inhibrx a written report of the following information for such quarter: (i) the gross sales of such
Licensed Product(s); (ii) all deductions and adjustments applied in the calculation of Net Sales of such Licensed Product(s); (iii) total Net Sales of Licensed Products sold in the Territory; (iv) the exchange rate used to convert Net Sales
from the currency in which they are earned to United States dollars; and (v) the total payment due. If Elpiscience is reporting Net Sales for more than one Licensed Product, the foregoing information shall be reported on a Licensed Product-by-Licensed Product basis. Elpiscience shall pay all royalties due under this Agreement with respect to a quarter within thirty (30) days after the end of such
quarter. 
 7.2.    Currency and Mode of Payment. Unless otherwise explicitly set forth in this
Agreement with respect to a particular payment obligation, amounts paid under this Agreement shall be paid in U.S. dollars, in immediately available funds, by means of wire transfer to Inhibrx, or an Affiliate thereof, as instructed by Inhibrx, to
an account identified by Sales outside of the United States shall be first determined in the currency in which they are earned and shall then be converted into an amount in United States dollars using the conversion rate reported by Reuters Ltd. on
for the last day of the calendar quarter for which such payment is being determined. 
 7.3.    Late
Payments. To the extent that any milestone, royalty or other amount due to Inhibrx under this Agreement is not paid in full on or before the due date, such outstanding amounts shall accrue interest from the date due at a rate of interest of
[***]% above the three months LIBOR (as published in the Wall Street Journal, Eastern U.S. Edition on the due date) until the date such payment is made. 

7.4.    Withholding Taxes. Neither Party shall treat their relationship under this Agreement as a
pass through entity for tax purposes. All payments made under this Agreement shall be free and clear of any and all taxes, duties, levies, fees or other charges, except for withholding taxes. If applicable law requires withholding of any taxes
imposed upon Inhibrx on account of any royalties paid under this Agreement, Elpiscience shall withhold such taxes, to the extent paid (and not refunded or reimbursed), as required by such law from such remittable royalty and timely pay such withheld
taxes to the proper tax authorities. Elpiscience shall promptly secure official receipts of payment of any withholding tax and send such receipts to Inhibrx as evidence of such payment. Elpiscience shall reasonably cooperate with Inhibrx in the
event Inhibrx claims exemption from such withholding or seeks deductions under any double taxation or other similar treaty or agreement from time to time in force. 

7.5.    Records and Audits. 

7.5.1    Records. Elpiscience shall keep complete and accurate records for each reporting period in
which sales of Licensed Products occur, including records showing sales of Licensed Products and applicable deductions, in sufficient detail to enable the amounts payable hereunder (including royalties and milestones) and reports provided under
Section 7.1 to be determined and verified. Such reports shall be kept for at least three (3) years from the end of the calendar quarter to which they relate. 

  
  

			
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 CONFIDENTIAL TREATMENT REQUESTED 

 

 7.5.2    Audits. 

(a)    Upon at least thirty (30) days prior written request of Inhibrx and not more than once in each
one year period, Elpiscience shall permit an independent certified public accounting firm of nationally recognized standing selected by Inhibrx and reasonably acceptable to Elpiscience to have access, during normal business hours, to such of the
records of Elpiscience and its Affiliates as may be reasonably necessary to verify the accuracy of royalty reports hereunder for any period ending not more than thirty-six (36) months prior to the date of
such request; provided that if Inhibrx has timely commenced an audit with respect to any earlier time period and such audit shall be pending or its results disputed, Inhibrx shall have continued access to the records of such earlier time
period. The accounting firm shall disclose to Inhibrx and Elpiscience in writing whether the royalty reports are correct or incorrect, the amount of any royalty discrepancy, as well as the calculation of the foregoing. 

(b)    If such accounting firm identifies an underpayment made by Elpiscience, Elpiscience shall pay
Inhibrx one hundred percent (100%) of the amount of such underpayment, plus applicable interest as set forth in Section 7.3, within ten (10) days of the date Inhibrx delivers to Elpiscience such accounting firm’s
written report so concluding, or as otherwise agreed upon in writing by the Parties. Inhibrx shall pay the fees charged by such accounting firm; provided, however, if such audit uncovers an underpayment by Elpiscience that exceeds five
percent (5%) of the total payment due for the period under audit, then Elpiscience shall pay the fees of such accounting firm whether previously paid by Inhibrx or then due. In the event that the accounting firm uncovers an overpayment by
Elpiscience, then Elpiscience shall credit such overpayment against any royalty payments owing in the quarter following the quarter in which such audit was completed, and such future royalty payments to be adjusted accordingly on a carry-forward
basis until such overpayment amount has been fully credited against future royalties owing to Inhibrx. 

(c)    Elpiscience shall include in each sublicense granted by it pursuant to this Agreement a provision
requiring the sublicensee to make reports to Elpiscience, to keep and maintain records of sales made pursuant to such sublicense and to grant access to such records by Inhibrx’s independent accountant to the same extent required of Elpiscience
under this Agreement. 
 (d)    Inhibrx shall treat all financial information subject to review under
this Section 7.5.2 or under any sublicense agreement in accordance with the confidentiality and non-use provisions of this Agreement. Prior to commencing any audits under this
Section 7.5.2, Elpiscience may require the independent accounting firm to enter into a confidentiality agreement with Elpiscience or its Affiliates or sublicensees, as applicable, with obligations of confidentiality and non-use with respect to such information substantively similar to those in this Agreement. 
 ARTICLE 8:
INTELLECTUAL PROPERTY 
 8.1.    Ownership of Inhibrx IP. As between the Parties, subject to
License, Inhibrx owns all right, title and interest in and to the Inhibrx IP and Inhibrx Confidential Information. 

8.2.    Elpiscience Conceived IP. All Know-How conceived by
or on behalf of Elpiscience and/or its employees, consultants, contractors or agents (and not also jointly conceived by Inhibrx or any employee, consultant, contractor or agent of Inhibrx) as a result of Elpiscience’s exercise of the license
granted to it in Section 5.1 and all intellectual property rights (including Patents) therein or thereto (“Elpiscience IP”) shall, as between the Parties, be solely owned by Elpiscience, subject to
Section 5.3.2. Elpiscience shall have the sole right to Prosecute the Elpiscience IP. 

8.3.    Prosecution of Patents. 

8.3.1    Generally. As between the Parties, Inhibrx shall, subject to Sections 8.3.2 and 8.4,
at its sole discretion and expense, have the right (but not the obligation) to Prosecute and enforce the Patents within the Inhibrx IP. 

  
  

			
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 CONFIDENTIAL TREATMENT REQUESTED 

 

 8.3.2    Elpiscience’s Rights to Prosecute
Patents. Inhibrx shall keep Elpiscience informed of all material developments in the Prosecution of Inhibrx Patents in the Territory that claim Licensed Molecules or Licensed Products (“Elpiscience Territory Patents”). Inhibrx
will take into consideration Elpiscience’s reasonable comments related to the Prosecution of Elpiscience Territory Patents to the extent such comments are timely provided and it is reasonable to do so. Inhibrx shall Prosecute the Elpiscience
Territory Patents in good-faith and use reasonable efforts to ensure that Prosecution of the Elpiscience Territory Patents does not negatively impact, in an unreasonable manner, the Prosecution, scope or validity of any claims to Licensed Molecules
and/or Licensed Products (or methods of making or using Licensed Molecules and/or Licensed Products) (“Elpiscience Specific Claims”). If Inhibrx elects to cease Prosecution of any Elpiscience Territory Patent that contains any
Elpiscience Specific Claim, it shall promptly notify Elpiscience in writing of such decision at least thirty (30) days before the date any action or payment is required in order to prevent the abandonment of rights to such Elpiscience Territory
Patent, in which event Elpiscience shall have the right, but not the obligation, at its sole discretion and expense, to Prosecute only the Elpiscience Specific Claims in such Elpiscience Territory Patents in accordance. 

8.3.3    Patent Costs. Elpiscience shall reimburse Inhibrx for all reasonable out-of-pocket costs incurred for Prosecution of the Elpiscience Territory Patents, including filing and maintenance fees and the cost of outside counsel (“Patent
Costs”). Subject to the foregoing sentence, each Party shall be responsible for any costs it incurs in performing activities related to the Prosecution of the Elpiscience Territory Patents. For any costs that shall be borne by Elpiscience,
Inhibrx shall provide Elpiscience with an invoice for Patent Costs incurred and Elpiscience shall pay undisputed invoice within thirty (30) days of receipt. 

8.4.    Enforcement and Defense of Inhibrx Patents. 

8.4.1    Infringement; Notice. Each Party shall give the other Party written notice of any actual or
threatened infringement of any Inhibrx Patents by an unlicensed Third Party (an “Alleged Infringer”) through the making, having made, using, selling, offering for sale or importing of a Licensed Product in the Field in the Territory
(a “Product Infringement”) within thirty (30) days after such Party has knowledge of such Product Infringement. 

8.4.2    Infringement Action by Elpiscience. Elpiscience, upon notice to Inhibrx, shall have the
first right to seek to abate any Product Infringement, including initiating and prosecuting any legal action with respect to such Product Infringement, (an “Infringement Action”), at its expense, and to control the defense of any
declaratory judgment action relating to a Product Infringement. Inhibrx shall cooperate with Elpiscience (as may be reasonably requested by Elpiscience), including, if necessary, by being joined as a party. Elpiscience shall reimburse Inhibrx for
its direct, out-of-pocket costs associated with Inhibrx’s above cooperation, as requested by Elpiscience. Elpiscience shall not enter into any settlement or
compromise that would affect the scope, validity, enforcement, exclusivity or duration of any Inhibrx Patent or Inhibrx’s rights under this Agreement, or that would impose a financial obligation on Inhibrx, or impose any admission of guilt or
liability on Inhibrx without Inhibrx’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed. 

8.4.3    Infringement Action by Inhibrx. In the event that Elpiscience elects not to initiate,
within ninety (90) days of a notice received or provided pursuant to Section 8.4.1, an Infringement Action or to prosecute such Infringement Action, if Inhibrx has a good faith belief that there is a Product
Infringement, Inhibrx shall have the right to seek to abate such Product Infringement, including initiating an Infringement Action, and to control the defense of any declaratory judgment action relating to a Product Infringement, at its expense. At
Elpiscience’s request, Inhibrx shall meet with Elpiscience in person to discuss the basis on which Inhibrx has a good faith belief that there is a Product Infringement. Such meeting shall take place with ten (10) Business Days of
Elpiscience’s request at a place of business of Elpiscience or Inhibrx or another mutually agreeable location. Elpiscience shall cooperate with Inhibrx (as may be reasonably requested by Inhibrx), including, if necessary, by being joined as a
party. Inhibrx shall reimburse Elpiscience for its direct, out-of-pocket costs associated with Elpiscience’s above cooperation, as requested by Inhibrx. Inhibrx
shall not enter into any settlement of, or consent to an adverse judgment in, any Infringement Action brought under this Section 8.4.3 that would affect the scope, exclusivity or duration of any Elpiscience Specific Claim
in any Inhibrx Patent or any of Elpiscience’s rights under this Agreement, or that would impose a financial obligation on Elpiscience, or impose any admission of guilt or liability on Elpiscience without Elpiscience’s prior written
consent, which consent shall not be unreasonably withheld, conditioned or delayed. 

  
  

			
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 CONFIDENTIAL TREATMENT REQUESTED 

 

 8.4.4    Cooperation. In connection with any
Infringement Action under this Section 8.4, Elpiscience and Inhibrx will reasonably cooperate and will provide each other with any information or assistance that either may reasonably request. Each Party shall keep the
other informed of developments in any such action or proceeding, including, to the extent permissible by applicable Law, consultation on and approval of any settlement, the status of any settlement negotiations and the terms of any offer related
thereto. Each Party shall have the right to be represented by counsel of its own choice at its own expense for any action set forth in this Section 8.4. 

8.4.5    Recoveries. Any recovery obtained by either or both Elpiscience and Inhibrx in connection
with or as a result of any Infringement Action contemplated by this Section 8.4, whether by settlement or otherwise, shall be shared in order as follows: 

(a)    Each Party shall recoup all of its costs and expenses incurred in connection with such
Infringement Action (on a pro-rata basis); and 
 (b)    The
Party initiating such Infringement Action shall retain any remainder; except in the event Elpiscience is such Party, such remainder (i) representing compensation for lost sales, a reasonable royalty or lost profits shall be deemed Net Sales and
subject to the royalty payments to Inhibrx under Section 6.4 and (ii) any remaining amount that represents additional damages (for example, enhanced or punitive damages) shall be [***] by the Parties. 

ARTICLE 9: TERM AND TERMINATION 

9.1.    Term. The term of this Agreement (the “Term”) shall commence on the
Effective Date and, unless sooner terminated by mutual agreement or pursuant to any other provision of this Agreement, shall expire on a country-by-country basis upon
the expiration of all payment obligations under Article 6: . Following expiration (but not termination) of this Agreement in a particular country, the licenses granted by Inhibrx to Elpiscience in Section 5.1 with
respect to such Licensed Product in such country shall become fully paid-up and non-exclusive. 

9.2.    Termination. 

9.2.1    Material Breach. Either Party may terminate this Agreement for any material breach by the
other Party, provided that the terminating Party gives the breaching Party written notice of such breach and the breach remains uncured after the expiration of sixty (60) days after such written notice was given. Any dispute as to whether a
notice of termination pursuant to this Section 9.2.1 is proper, or whether a breach has occurred, is material or has been cured, shall be resolved under Article 13: . In such event, if the allegedly breaching Party
is found to be in material breach, such breaching Party shall have thirty (30) days (or longer, as determined during the resolution of such dispute) to cure such material breach following the resolution of such dispute. 

9.2.2    Bankruptcy. If either Party files for protection under bankruptcy laws, makes an
assignment for the benefit of creditors, appoints or suffers appointment of a receiver or trustee over its property, files a petition under any bankruptcy or insolvency act or has any such petition filed against it, in each case which is not
discharged within one hundred twenty (120) days of the filing thereof, then the other Party may terminate this Agreement effective immediately upon written notice to such Party. 

9.2.3    Termination for Convenience. Elpiscience may terminate this Agreement at any time, with or
without cause, upon ninety (90) days advanced written notice to Inhibrx. 
 9.3.    Effect of
Termination or Expiration. 
 9.3.1    In the event Elpiscience terminates this Agreement under
Section 9.2.3, or lnhibrx terminates this Agreement under Section 9.2.1 or 9.2.2, the following shall apply: 

  
  

			
	License Agreement	  	Page 16

 Portions of this Exhibit, indicated by the mark “[***]”, were omitted
and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 (a)    Within thirty (30) days after the effective
date of termination, Elpiscience shall pay all amounts payable to Inhibrx hereunder that have accrued but have not been paid as of the effective date of termination with respect to each Licensed Product. 

(b)    The License shall immediately terminate and Elpiscience shall have no further rights under this
Agreement related to Licensed Molecules or Licensed Products. Upon Inhibrx’ s request, Elpiscience shall assign to Inhibrx all INDs, Marketing Approvals and other approvals or licenses from a Regulatory Authority to make, use, ship, or market
Licensed Molecules and Licensed Products and Inhibrx shall have the right to, in its sole discretion, research, develop and commercialize all Licensed Molecules and Licensed Products, either by itself or with any Third Party, without regard to
anything to the contrary in this Agreement. In addition, Inhibrx shall have the exclusive option to negotiate with Elpiscience, on terms and conditions that are commercially reasonable under the circumstances, for an exclusive license under all
intellectual property Controlled by Elpiscience necessary to develop, manufacture and commercialize Licensed Molecules and Licensed Products. Inhibrx may exercise such option at any time after the date this Agreement terminates and prior to the date
that is one hundred eighty (180) days after the date this Agreement terminates, by providing Elpiscience with written notice of its exercise of such option. Following receipt of such notice, the Parties will promptly meet to discuss in good
faith and negotiate over a period of ninety (90) days the terms of such a license. Nothing herein shall be construed as obligating either Party to enter into any such agreement on terms and conditions that are not acceptable to it, and each
Party shall have the right to unilaterally discontinue all discussions and negotiations with respect to such a transaction at any time after the end of such ninety (90)-day negotiation period and without
obligation or liability to the other Party. 
 (c)    No later than thirty (30) days after the
effective date of termination, Elpiscience shall return to Inhibrx (or, at the Inhibrx’s request, shall destroy) all of Inhibrx’s Confidential Information (including all copies thereof) in its possession or control; provided,
however, that Elpiscience may retain one archival copy of the Inhibrx’ s Confidential Information in its confidential files solely for purposes of identifying its continuing obligations under this Agreement with respect thereto. 

(d)    Elpiscience will cooperate in good-faith with Inhibrx, at Inhibrx’s request, to affect an
orderly transition of all ongoing development (including any clinical trials), manufacturing and commercialization activities with respect to Licensed Molecules and Licensed Products. 

(e)    No later than 30 days after the effective date of termination, Elpiscience shall return to Inhibrx
(or, at Inhibrx’s request, shall destroy) all of the Inhibrx Materials (including all progeny or derivatives thereof) and all Licensed Molecules and Licensed Product that are remaining in Elpiscience’s possession or control (or to which
Elpiscience has the right to obtain possession or control). In addition, Elpiscience shall provide Inhibrx with all Know-How Controlled by Elpiscience pertaining to such materials necessary or useful for
Inhibrx to handle, store and use such materials and not already provided to Inhibrx. 
 9.3.2    In the
event Elpiscience terminates this Agreement under Section 9.2.1 or 9.2.2, the following shall apply: 

(a)    The License shall immediately terminate and Elpiscience shall have no further rights under this
Agreement related to Licensed Molecules or Licensed Products. 
 (b)    No later than thirty
(30) days after the effective date of termination, Elpiscience shall return to Inhibrx (or, at the Inhibrx’s request, shall destroy) all of Inhibrx’s Confidential Information (including all copies thereof) in its possession or
control; provided, however, that Elpiscience may retain one archival copy of the Inhibrx’s Confidential Information in its confidential files solely for purposes of identifying its continuing obligations under this Agreement with
respect thereto. 
 9.3.3    Termination or expiration of this Agreement, through any means and for any
reason, shall not relieve the Parties of any obligation accruing prior thereto, including the payment of all sums due and payable, and shall be without prejudice to the rights and remedies of either Party with respect to any antecedent breach of any
of the provisions of this Agreement. 

  
  

			
	License Agreement	  	Page 17

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and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 9.4.    Survival. Articles 1, 7, 11, 12, 13, and
14 and Sections 3.2, 3.5, 4.4, 4.5, 5.3, 5.4, 9.4, 10.3, and 10.4, shall survive expiration or termination of this Agreement for any reason. 

ARTICLE 10: REPRESENTATIONS AND WARRANTIES 

10.1.    Elpiscience Representations. Elpiscience hereby represents, warrants and covenants to
Inhibrx that: 
 10.1.1    Elpiscience has the full right, power and authority, and has obtained all
approvals, permits or consents necessary, to enter into this Agreement and to perform all of its obligations hereunder. 

10.1.2    Elpiscience has not, prior to the Effective Date, entered into and shall not, following the
Effective Date, enter into any agreement that conflicts with this Agreement or Elpiscience’s obligations hereunder. 

10.2.    Inhibrx Representations. Inhibrx hereby represents and warrants the following to
Elpiscience: 
 10.2.1    Inhibrx has the full right, power and authority, and have obtained all
approvals, permits or consents necessary, to enter into this Agreement and to perform all of its obligations hereunder. 

10.2.2    Inhibrx has not, prior to the Effective Date, entered into and shall not, following the
Effective Date, enter into any agreement that conflicts with this Agreement or Inhibrx’s obligations hereunder. 

10.2.3    Appendix B lists all Inhibrx Patents in the Territory that disclose the Licensed Molecule
or Licensed Product or claim the composition of matter, manufacture or use of the Licensed Molecule or Licensed Product. 

10.2.4    Inhibrx has not received any written notice from a Third Party that the development of the
Licensed Molecule or Licensed Product conducted by Inhibrx prior to the Effective Date has infringed or misappropriated any intellectual property rights of any Third Party. 

10.2.5    no claim or action has been brought or threatened in writing by any Third Party alleging that
the Inhibrx Patents are invalid or unenforceable, and no Inhibrx Patent is the subject of any interference, opposition, cancellation or other protest proceeding, and all application, registration, maintenance and renewal fees in respect of the
Inhibrx Patents required to be paid to maintain such Inhibrx Patents and due prior to the Effective Date (without possibility of extension) have been paid. 

10.2.6    none of the inventions of Inhibrx or its Affiliates claimed in the Inhibrx Patents were
developed with funding from any government such that the government in such jurisdiction has any march-in rights in or to any Inhibrx Patent or such that Inhibrx or its Affiliates would be subject to any
compulsory licensing requirements on account of such funding. 
 10.3.    DISCLAIMER. THE
WARRANTIES SET FORTH IN SECTIONS 10.1 AND 10.2 ARE IN LIEU OF ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, VALIDITY, NON-INFRINGEMENT AND ALL SUCH OTHER WARRANTIES ARE HEREBY EXPRESSLY DISCLAIMED. 

10.4.    LIMITATION ON DAMAGES. NOTWITHSTANDING ANYTHING CONTAINED IN THIS AGREEMENT TO THE
CONTRARY, IN NO EVENT SHALL INHIBRX BE LIABLE FOR ANY SPECIAL, CONSEQUENTIAL OR INCIDENTAL DAMAGES (INCLUDING LOSS OF PROFITS) WHETHER BASED UPON BREACH OF WARRANTY, BREACH OF CONTRACT, NEGLIGENCE, STRICT TORT OR ANY OTHER LEGAL THEORY, EVEN IF THE
PARTY IS ADVISED OF THE POSSIBILITY OF SUCH LOSS OR DAMAGE OR IF SUCH LOSS OR DAMAGE COULD HAVE BEEN REASONABLY FORESEEN. 

  
  

			
	License Agreement	  	Page 18

 Portions of this Exhibit, indicated by the mark “[***]”, were omitted
and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 ARTICLE 11: INDEMNIFICATION 

11.1.    Indemnification by Elpiscience. Elpiscience shall indemnify, defend and hold harmless each
of Inhibrx its Affiliates, and their respective officers, directors, employees and agents (each, an “Inhibrx Indemnitee”) from and against any and all Third Party claims, suits, actions, demands liabilities, damages, loses, costs or
expenses (including, reasonable attorneys’ fees and other expenses of litigation) (“Losses”) to the extent proximately resulting from to: (i) Elpiscience’s breach of this Agreement, including any representation or
warranty; (ii) the manufacture, use, handling, storage, importation, exportation, sale, offer for sale, distribution or other disposition by any Elpiscience Indemnity or any Elpiscience Affiliate, sublicensee, subcontractor or distributor of
Licensed Molecules and/or Licensed Products; (iii) the use by a Third Party of any Licensed Molecules and/or Licensed Products sold or otherwise provided by or on behalf of Elpiscience, its Affiliates, sublicensees, subcontractors or
distributors; (iv) the negligence or willful misconduct by any Elpiscience Indemnitee or any Elpiscience Affiliate, sublicensee, subcontractor, or distributor; or (v) the failure by any Elpiscience Indemnitee, or any Elpiscience Affiliate,
sublicensee, subcontractor, or distributor, to abide by any applicable law or regulation; except, in each case, to the extent such Losses result from: (a) the material breach by any Inhibrx Indemnitee of this Agreement, (b) the negligence
or willful misconduct of any Inhibrx Indemnitee; or (c) the failure by any Inhibrx Indemnitee to abide by any applicable Law or regulation. 

11.2.    Indemnification by Inhibrx. Inhibrx shall indemnify, defend and hold harmless each of
Elpiscience its Affiliates, and their respective officers, directors, employees and agents (each, an “Elpiscience Indemnitee”) from and against any and all Losses to the extent proximately resulting from to: (i) Inhibrx’s
breach of this Agreement, including any representation or warranty; (ii) the manufacture, use, handling, storage, importation, exportation, sale, offer for sale, distribution or other disposition by Inhibrx or any Inhibrx Affiliate, licensee,
subcontractor or distributor of Licensed Molecules and/or Licensed Products; (iii) the use by a Third Party of any Licensed Molecules and/or Licensed Products sold or otherwise provided by or on behalf of Inhibrx, its Affiliates, licensees,
subcontractors or distributors; and (iv) the negligence or willful misconduct by any Inhibrx Indemnitee; except, in each case, to the extent such Losses result from: (a) the material breach by any Elpiscience Indemnitee of this Agreement,
(b) the negligence or willful misconduct of any Elpiscience Indemnitee; or (c) the failure by any Elpiscience Indemnitee to abide by any applicable law or regulation. 

11.3.    Indemnification Procedures. Any Party entitled to indemnification under
Section 11.1 or 11.2 shall promptly give notice to the indemnifying Party of any actual or potential Losses of which it becomes aware that may be subject to indemnification hereunder, but the failure or delay to so notify
the indemnifying Party shall not relieve the indemnifying Party from any liability under Section 11.1 or 11.2 except to the extent that the indemnifying Party’s ability to defend against such Losses was actually
prejudiced as a result of such failure or delay. The indemnifying Party shall have the right to assume and control the defense of such Losses (at its own expense) with outside counsel of its choice and reasonably satisfactory to the indemnified
Party; provided, however, that the indemnified Party shall have the right to retain and be represented by its own counsel (at its own expense) in connection therewith. The indemnified Party shall, upon request, cooperate with the
indemnifying Party and its legal representatives in connection with the investigation and defense of such Losses, including by providing or otherwise making available information in its possession with respect thereto. Neither Party shall settle or
otherwise resolve any claim, suit, action, or demand related to any Losses without the prior written consent of the other Party, if such settlement or other resolution would (a) result in the admission of any liability or fault on behalf of the
other Party or its indemnitees, (b) result in or impose any payment obligations upon the other Party or its indemnitees, (c) or subject the other Party to an injunction or otherwise limit the other Party’s ability to take any actions
or refrain from taking any actions under this Agreement or otherwise. 
 11.4.    Insurance.
Elpiscience shall obtain and maintain appropriate insurance with respect to its development, manufacture and commercialization activities hereunder, in types and amounts that are reasonable and customary in the Territory in the pharmaceutical and
biotechnology industry. 
 ARTICLE 12: CONFIDENTIALITY 

12.1.    Confidential Information. During the Term of this Agreement and for ten (10) years
thereafter without regard to the means of expiration or termination: (i) Elpiscience shall not use, for any purpose other than the 

  
  

			
	License Agreement	  	Page 19

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 CONFIDENTIAL TREATMENT REQUESTED 

 

 
purpose of this Agreement, or reveal or disclose to any Third Party Inhibrx Confidential Information; and (ii) Inhibrx shall not use, for any purpose other than the purpose of this
Agreement, or reveal or disclose to any Third Party Elpiscience Confidential Information. The Parties shall take reasonable measures to assure that no unauthorized use or disclosure is made by others to whom access to such information is granted.

 12.2.    Exceptions. Notwithstanding the foregoing, a Party may use and disclose Confidential
Information of the other Party as follows: 
 (a)    if required by applicable law, rule, regulation,
government requirement and/or court order, provided, that, the disclosing Party promptly notifies the other Party of its notice of any such requirement and provides the other Party a reasonable opportunity to seek a protective order or
other appropriate remedy; 
 (b)    to the extent necessary, to its Affiliates, directors, officers,
employees, consultants under written agreements of confidentiality substantively similar to those set forth in this Agreement, who have a need to know such information in connection with such Party performing its obligations or exercising its rights
under this Agreement. 
 12.3.    Certain Obligations. During the term of this Agreement and for
a period of ten (10) years thereafter and subject to the exceptions set forth in Section 12.2, Inhibrx, with respect to Elpiscience Confidential Information, and Elpiscience, with respect to Inhibrx Confidential
Information, agree: 
 (a)    to use such Confidential Information only for the purposes contemplated
under this Agreement, 
 (b)    to treat such Confidential Information as it would its own proprietary
information, and in no event with less than a reasonable standard of care, 
 (c)    to take reasonable
precautions to prevent the disclosure of such Confidential Information to a Third Party without written consent of the other Party, and 

(d)    to only disclose such Confidential Information to those employees, agents and permitted Third
Parties who have a need to know such Confidential Information for the purposes set forth herein and who are subject to obligations of confidentiality no less restrictive than those set forth herein. 

12.4.    Disclosures and Public Announcements. Neither Party shall issue any press release or other
publicity materials, or make any public presentation with respect to the existence of, or any of the terms or conditions of, this Agreement without the prior written consent of the other Party. This restriction shall not apply to: 

(a)    disclosures to a Party’s attorneys, advisors or investors on a need to know basis under
circumstances that reasonably ensure the confidentiality thereof, and 
 (b)    any future disclosures
required by law or regulation, including as may be required in connection with any filings made with, or by the disclosure policies of a major stock exchange, provided that the disclosing Party (i) use all reasonable efforts to
inform the other Party prior to making any such disclosures and cooperate with the other Party in seeking a protective order or other appropriate remedy (including redaction) and (ii) whenever possible, request confidential treatment of such
information. 
 12.5.    Termination. Upon termination, but not expiration, of this Agreement and
upon the request of the disclosing Party, the receiving Party shall promptly return to the disclosing Party or destroy all copies of Confidential Information received from such Party, and shall return or destroy, and document the destruction of, all
summaries, abstracts, extracts, or other documents which contain any Confidential Information of the other Party in any form, except that each Party shall be permitted to retain a copy (or copies, as necessary) of such Confidential Information for
archival purposes or as required by any law or regulation. 

  
  

			
	License Agreement	  	Page 20

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and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 12.6.    Termination of Prior Agreements. As of
the Effective Date, this Agreement supersedes the Confidentiality Agreement between Elpiscience and Inhibrx LP effective as of August 9, 2017. All “Confidential Information” (as defined in such confidentiality agreement) exchanged
between the Parties thereunder relating to the subject matter of this Agreement shall be deemed Confidential Information hereunder and shall be subject to the provisions of Article 12: . 

ARTICLE 13: ARBITRATION 

13.1.    Disputes. This Agreement is made on the basis of mutual confidence, and it is understood
that the differences, if any, during the life of this Agreement should freely be discussed between the two Parties. The Parties shall initially attempt in good faith to resolve any significant controversy, claim, or dispute arising out of or
relating to this Agreement, or its interpretation, performance, nonperformance or any breach of any respective obligations hereunder (hereinafter collectively referred to as a “Dispute”) through negotiations between senior
executives of Elpiscience and Inhibrx (or their respective designee). If the Dispute is not resolved within thirty (30) days (or such other period of time mutually agreed upon by the Parties) of commencing such face-to-face negotiations, or if the Party against which a claim has been asserted refuses to attend such negotiations or does not otherwise participate in such negotiations within thirty (30) days (or
such other period of time mutually agreed upon by the Parties) from the date of notice of a Dispute, either Party may, by written notice to the other, invoke the provisions of Section 13.2. 

13.2.    Arbitration. Subject to Sections 13.1 and 13.3, the Parties agree to resolve any
Dispute exclusively through binding arbitration conducted in accordance with the JAMS International Arbitration Rules. The tribunal will consist of a sole arbitrator; provided that such arbitrator shall have had, by the time of the actual
arbitration, at least ten (10) years of experience as an attorney and experience in the pharmaceuticals industry so as to better understand the legal, business and scientific issues addressed in the arbitration. The place of the arbitration
will be San Francisco, CA, USA. The language to be used in the arbitral proceedings will be English. The Parties shall use all reasonable efforts to keep arbitration costs to a minimum. The parties shall maintain the confidential nature of the
arbitration proceeding and the award, including the hearing, except as may be necessary to prepare for or conduct the arbitration hearing on the merits, or except as may be necessary in connection with a court application for a preliminary remedy, a
judicial challenge to an award or its enforcement, or unless otherwise required by law or judicial decision. In any arbitration under this Agreement, the arbitrator shall award to the prevailing party, if any, the costs and attorneys’ fees
reasonably incurred by the prevailing party in connection with the arbitration. If the arbitrator(s) determine a party to be the prevailing party under the circumstances where the prevailing party won on some, but not all, of its claims and
counterclaims, the arbitrator(s) may award the prevailing party an appropriate percentage of the costs and attorneys’ fees reasonably incurred by the prevailing party in connection with the arbitration. 

13.3.    Subject Matter Exclusions. Notwithstanding the foregoing, the provisions of Sections
13.1 and 13.2 shall not apply to any Dispute relating to: (i) the determination of validity of claims, infringement or claim interpretation relating to a Party’s patents, trademarks or copyright; or (ii) any antitrust,
anti-monopoly or competition law or regulation, whether or not statutory. 
 13.4.    Equitable
Relief. Nothing in this Agreement shall be deemed as preventing the Parties from seeking injunctive relief (or other provisional remedy) from any court having jurisdiction over the Parties and the subject matter of the dispute as necessary to
protect either Party’s interests. 
 ARTICLE 14: MISCELLANEOUS 

14.1.    Assignment and Delegation. Neither this Agreement nor any right or obligation hereunder
shall be assignable in whole or in part, whether by operation of law, or otherwise by either Party without the prior written consent of the other Party. Notwithstanding the foregoing, either Party may assign or transfer its rights and obligations
under this Agreement to a Person that succeeds to all or substantially all of that Party’s business or assets to which this Agreement pertains, whether by stock or asset sale, merger, operation of law or otherwise. In addition, Inhibrx may
assign this Agreement, in whole or part, to an Affiliate. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the Parties hereto and their respective successors and permitted assignees. Any transfer or assignment
of this Agreement in violation of this Section 14.1 shall be null and void. 

  
  

			
	License Agreement	  	Page 21

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 CONFIDENTIAL TREATMENT REQUESTED 

 

 14.2.    Entire Agreement. This Agreement contains
the entire agreement between the Parties relating to the subject matter hereof, and all prior understandings, representations and warranties between the Parties are superseded by this Agreement. 

14.3.    Amendments. Changes and additional provisions to this Agreement shall be binding on the
Parties only if mutually agreed upon, laid down in writing and signed effectively by the Parties. 

14.4.    Applicable Law. This Agreement shall be construed and interpreted in accordance with the
laws of California, USA and all rights and remedies shall be governed by such laws without regard to principles of conflicts of law. Each party irrevocably agrees to submit to the exclusive jurisdiction of California courts over any claim or matter
arising from or in connection with this Agreement or the legal relationships established by this Agreement. The United Nations Convention on Contracts for the International Sale of Goods will not apply to this Agreement. This provision shall operate
without prejudice to either party’s ability to seek injunctive or other interlocutory relief in any court accepting jurisdiction in order to protect and enforce its intellectual property rights. 

14.5.    Force Majeure. If the performance of this Agreement or any obligations hereunder is
prevented, restricted or interfered with by reason of earthquake, fire, flood or other casualty or due to strikes, riot, storms, explosions, acts of God, war, or a similar occurrence or condition beyond the reasonable control of the Parties, the
Party so affected shall, upon giving prompt notice to the other Parties, be excused from such performance during such prevention, restriction or interference, and any failure or delay resulting therefrom shall not be considered a breach of this
Agreement. 
 14.6.    Severability. The Parties do not intend to violate any public policy or
statutory common law. However, if any sentence, paragraph, clause or combination of this Agreement is in violation of any law or is found to be otherwise unenforceable, such sentence, paragraph, clause or combination of the same shall be deleted and
the remainder of this Agreement shall remain binding, provided that such deletion does not alter the basic purpose and structure of this Agreement. 

14.7.    Notices. All notices that are required or permitted hereunder shall be in writing in the
English language and sufficient if (i) delivered personally, (ii) sent by internationally recognized express courier using a service which provides traceability of packages (e.g., Federal Express) or (iii) sent by registered or
certified mail with postage prepaid and return receipt requested. Such Notices shall be addressed as follows: 
 Notices
to Inhibrx: 
 Inhibrx, Inc. 

North Torrey Pines Road, Suite 280 

La Jolla, CA 92037 

Attention: [***] 

Telephone: [***] 

Notices to the Elpiscience: 

Elpiscience Biopharmaceuticals, Inc. 

Offices of Corporate Filing Services Ltd., 3rd 

Floor, Harbour Centre, George Town, P.O.     

Box 613, Grand Cayman KY1-1107, Cayman 

Islands 

With a copy to: 

Elpiscience Biopharma, Ltd 

781 Cailun Road, Suite 501 

Pudong District 

  
  

			
	License Agreement	  	Page 22

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 CONFIDENTIAL TREATMENT REQUESTED 

 

 Shanghai, China 201203 

Attention: [***] 

Telephone: [***] 

Either Party may change its address for notices at any time by sending written notice to the other Party in accordance
herewith (which notice a Party may provide by email in accordance with this Section 14.7). Any such notice shall be deemed to have been given: (i) when delivered, if personally delivered on a business day (or if
delivered or sent on a non-business day, then on the next business day); (ii) on the business day of confirmed delivery, if sent by internationally recognized express courier (or if delivered or sent on a non-business day, then on the next business day); or (iii) on the date actually received, if sent by mail. Notwithstanding the foregoing, any notice that a Party is required or permitted to make hereunder that
may, pursuant to the explicit terms of this Agreement, be transmitted via email will be deemed sufficiently delivered if transmitted via email to the other Party’s Project Leader with a copy to [***] and [***]. Any notice delivered via email
pursuant to the preceding sentence shall be deemed to have been given when transmitted on a business day (or if delivered or sent on a non-business day, then on the next business day). 

14.8.    Independent Contractor. Nothing herein shall create any association, partnership, joint
venture, fiduciary duty or the relation of principal and agent between the Parties hereto, it being understood that each Party is acting as an independent contractor, and neither Party shall have the authority to bind the other or the other’s
representatives in any way. 
 14.9.    Waiver. No delay on the part of either Party hereto in
exercising any power or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any power or right hereunder preclude other or further exercise thereof or the exercise of any other power or right. No waiver of
this Agreement or any provision hereof shall be enforceable against any Party hereto unless in writing, signed by the Party against whom such waiver is claimed, and shall be limited solely to the one event. 

14.10.    Interpretation. This Agreement has been prepared jointly and no rule of strict
construction shall be applied against either Party. In this Agreement, the singular shall include the plural and vice versa and the word “including” shall be deemed to be followed by the phrase “without limitation.” The section
headings contained in this Agreement are inserted for convenience only and shall not affect in any way the meaning or interpretation of this Agreement. 

14.11.    Counterparts. This Agreement may be executed in counterparts, each of which together
shall constitute one and the same Agreement. For purposes of executing this agreement, a facsimile or pdf copy of this Agreement, including the signature pages, will be deemed an original. 

* * * * * 

  
  

			
	License Agreement	  	Page 23

 Portions of this Exhibit, indicated by the mark “[***]”, were omitted
and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 IN WITNESS WHEREOF, the Parties have executed this Agreement by their duly
authorized representative. 
  

									
	 Elpiscience Biopharmaceuticals, Inc.
	 		 	 Inhibrx, Inc.

					
	 By:
	 	 /s/ Darren Ji
	 		 	 By:
	 	 /s/ Mark Lappe

	 Name:
	 	 Darren Ji
	 		 	 Name:
	 	 Mark Lappe

	 Title:
	 	 CEO
	 		 	 Title:
	 	 CEO

	 Date:
	 	 4/30/18
	 		 	 Date:
	 	 4/30/18

  
  

			
	License Agreement	  	Signature Page

 Portions of this Exhibit, indicated by the mark “[***]”, were
omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 Appendix A 

  
  

			
	License Agreement	  	Appendix A

 Portions of this Exhibit, indicated by the mark “[***]”, were
omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 Appendix B 

  
  

			
	License Agreement	  	Appendix B

 Portions of this Exhibit, indicated by the mark “[***]”, were
omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended.EX-10.18

 Exhibit 10.18 

CONFIDENTIAL TREATMENT REQUESTED 
  

License Agreement 
 This
License Agreement (this “Agreement”), effective as of December 20, 2018 (the “Effective Date”), is entered into by and between Inhibrx, Inc., a Delaware corporation (“Inhibrx”), and bluebird
bio, Inc., a Delaware corporation (“Licensee”). Inhibrx and Licensee are referred to individually as a “Party” and collectively as the “Parties.” 

Background 
  

	A.	 Inhibrx Controls certain intellectual property relating to its single domain antibody technology platform that
may be used to generate Binders Directed Against Target Antigens. 

  

	B.	 Licensee is a biotechnology company focused on the development and commercialization of gene therapies for
severe genetic diseases and in cancer, including engineered T cells that express chimeric antigen receptors; 

  

	C.	 Inhibrx desires to grant to Licensee, and Licensee desires to obtain from Inhibrx, a license to intellectual
property Controlled by Inhibrx for the development, manufacturing, and commercialization of Cell Therapy Products that contain one or more Binders, all under the terms and conditions set forth in this Agreement. 

Agreement 
 In
consideration of the foregoing premises and the covenants herein contained, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 

1.    Definitions. Unless specifically set forth to the contrary herein, the following terms, whether used in the
singular or plural, have the respective meanings set forth below. 
 1.1    “Acquisition
Entities” has the meaning set forth in Section 1.15. 

1.2    “Affiliate” means, with respect to a Party, any Entity that controls, is controlled by, or
is under common control with that Party. For the purpose of this definition, “control” means direct or indirect ownership of more than 50% of the shares of stock entitled to vote for the election of directors, in the case of a corporation,
or more than 50% of the equity interest in the case of any other type of legal entity, status as a general partner in any partnership, or any other similar arrangement whereby such Entity controls or has the right to control the board of directors
or equivalent governing body of such Entity, or the ability to cause the direction of the management or policies of such Entity. 

1.3    “Agreement” is defined in the preamble of this Agreement. 

1.4    “Arbitration” is defined in Section 11.5.1. 

1.5    “Binder” means [***]. 

1.6    “Binder Improvement” means any modification or enhancement, or a derivative of, a Binder
(including in each case its composition, formulation, combination, product by process, or method of use, manufacture, preparation or administration) that are created, invented, discovered, conceived, reduced to practice or otherwise generated by
Licensee or its Affiliates, whether solely or with one or more other Entities. 
 1.7    “Binder
Improvement Patent” means a Patent claiming any Binder Improvement, including any method of using, making or administering a Binder Improvement and that does not claim any Binder or any method of using, making or administering a Binder.

  
 1 

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 
 1.8    “Binder Patent” means
an Inhibrx Patent claiming any Binder, subject to the last sentence of Section 7.2.1, including any method of using, making or administering a Binder outside of the Field. 

1.9    “BLA” means a Biologics License Application for Regulatory Approval of a Product that is
filed with the FDA. 
 1.10    “Business Day” means any day other than a Saturday, a Sunday or
any day on which banks in the State of Massachusetts are permitted or required to close by Law. 

1.11    “Cell Therapy Product” means [***]. 

1.12    “Clinical Trial” means any of a Phase 1 Trial, Phase 2 Trial, or Phase 3 Trial. 

1.13    “Combination Product” means a Product that is sold for a single price together with an
Other Component. 
 1.14    “Commercially Reasonable Efforts” means, with respect to the efforts
and resources to be expended by a Party with respect to an objective under this Agreement, the reasonable, diligent, good-faith efforts and the application and expenditure of such resources that a similarly situated biotechnology or pharmaceutical
Entity [***] would use to accomplish such objective, in relation to a product owned by such Party or such biotechnology or pharmaceutical Entity, that has a market potential similar to the market potential of such Product and that is at a similar
stage of its product life, and taking into account [***]. 
 1.15    “Confidential Information”
is defined in Section 6.1. 
 1.16    “Controlled” means with respect
to any Patent or Know-How, including any material or other tangible or intangible intellectual property, the right (whether by ownership or license, other than licenses granted pursuant to this Agreement) of a
Party to grant to the other Party access to, ownership of, or a license or sublicense under, such Patent or Know-How, in each case as provided under this Agreement, without violating the terms of any agreement
or other arrangement with any Third Party; provided, however, that in the event a Third Party becomes an Affiliate of Inhibrx following the Effective Date because such Third Party acquires, directly or indirectly, Inhibrx or because Inhibrx
acquires, directly or indirectly, such Third Party (such Third Party and each Entity that was such Third Party’s Affiliate prior to the date of such acquisition, referred to herein as “Acquisition Entities”), the Patents and Know-How of such Acquisition Entities in existence prior to such acquisition, or developed after the acquisition date by such Acquisition Entities without use of or reference to Inhibrx’s preexisting materials
or proprietary know-how, shall not be deemed to be “Controlled” by Inhibrx. 

1.17    “Covers” means, with respect to a Patent within the Licensed IP and a Product, that the
making, having made, research, develop, use, sale, offer for sale, export, or importation of such Product by a Person would infringe a Valid Claim of such Patent in the country in which the activity occurred, without consideration as to whether such
Person Controls such Patent. 
 1.18    “Directed Against” means [***]. 

1.19    “Disclosing Party” is defined in Section 6.1. 

1.20    “Dispute” is defined in Section 11.5. 

1.21    “Dollar,” “dollar” or “$” means the legal tender of the
United States. 
 1.22    “Effective Date” is defined in the preamble of this Agreement. 

1.23    “EMA” means the European Medicines Agency, or any successor thereof performing
substantially 

  
 2 

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 
 the same functions. 

1.24    “Entity” means a partnership, limited partnership, limited liability partnership,
corporation, limited liability company, business trust, joint stock company, trust, incorporated association, joint venture or similar entity or organization. 

1.25    “Europe” means the European Economic Area (as of the Effective Date), and Switzerland.

 1.26    “Excluded Claim” is defined in Section 11.5.8. 

1.27    “FDA” means the United States Food and Drug Administration, or any successor entity
thereof performing substantially the same functions. 
 1.28    “Field” means the diagnosis,
treatment, or prevention of disease in humans and animals using a Cell Therapy Product. 

1.29    “Filing” means the acceptance by the applicable Regulatory Authority of the filing of a
particular Regulatory Filing. 
 1.30    “First Commercial Sale” means, with respect to a
particular Product in a particular country, the first sale of such Product in such country by a Selling Party after all Regulatory Approvals have been obtained. 

1.31     “Governmental Authority” means any federal, state, national, regional, provincial or
local government, or political subdivision thereof, or any multinational organization or any authority, agency or commission entitled to exercise any administrative, executive, judicial, legislative, police, regulatory or taxing authority or power,
any court or tribunal (or any department, bureau or division thereof, or any governmental arbitrator or arbitral body). 

1.32    “IND” means any investigational new drug application filed with the FDA pursuant to Part
312 of Title 21 of the U.S. Code of Federal Regulations, including any amendments thereto. References herein to IND shall include, to the extent applicable, any comparable filing(s) outside of the United States (such as a Clinical Trial
Authorisation, or CTA, in the European Union). 
 1.33    “Indemnitees” is defined in
Section 10.3. 
 1.34    “Inhibrx” is defined in the preamble of this
Agreement. 
 1.35    “Inhibrx Indemnitee” is defined in
Section 10.2. 
 1.36    “Inhibrx
Know-How” means all Know-How that is Controlled by Inhibrx during the Term, including Inhibrx Materials, that is necessary or useful for the research,
development, manufacture, or commercialization of Products. For avoidance of doubt, Inhibrx Know-How does not include Know-How related to [***]. 

1.37    “Inhibrx Losses” is defined in Section 10.2. 

1.38    “Inhibrx Materials” means any compounds, cell lines, biological materials, research tools
or other tangible materials (including any such materials which constitute or are directly related to a Binder or a Product) that Inhibrx or its Affiliates may provide to Licensee from time to time under this Agreement. 

1.39    “Inhibrx Patents” means each Patent that is Controlled by Inhibrx as of the Effective Date
or thereafter during the Term in the Territory that: (i) claims a Binder, a Binder Improvement, or a Product (including in each case its composition, formulation, combination, product by process, or method of use, manufacture,

  
 3 

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 
 preparation or administration); or (ii) otherwise claims inventions that that are
necessary or useful for the research, development, manufacture, or commercialization of any Binder, Binder Improvement or Product in the Field and in the Territory; which as of the Effective Date consist of the Patents listed on Exhibit 1.38.
Notwithstanding the foregoing, Inhibrx Patents shall exclude claims not directed to a Binder, Binder Improvement or Product. [***]. 

1.40    “Inhibrx Product Infringement Initiation Notice” is defined in
Section 7.3.2(b). 
 1.41    “Initiation” means [***]. 

1.42    “JAMS Rules” is defined in Section 11.5.1. 

1.43    “Know-How” means any tangible and intangible
information, data, results, and materials, discoveries, improvements, inventions, compositions of matter, cell lines, assays, sequences, processes, methods, knowledge, protocols, formulas, utility, formulations, inventions (whether patentable or
not), know-how and trade secrets, and all other scientific, pre-clinical, clinical, regulatory, manufacturing, marketing, financial and commercial information or data,
in each case that either Party treats as confidential or proprietary information and that is not generally known by the public, but excluding any of the foregoing to the extent claimed in any Patents. 

1.44    “Law” means any federal, state, local, foreign or multinational law, statute, ordinance,
code, rule, regulation, resolution, or order of any Governmental Authority in the Territory, or any similar provision having the force or effect of law. 

1.45    “Licensed IP” means the Inhibrx Patents and Inhibrx
Know-How. 
 1.46    “Licensee” is defined in the
preamble of this Agreement. 
 1.47    “Licensee Indemnitee” is defined in
Section 10.1. 
 1.48    “Licensee Losses” is defined in
Section 10.1. 
 1.49    “Losses” is defined in
Section 10.3. 
 1.50    “MAA” means a Marketing Authorisation
Application for Regulatory Approval of a Product that is filed with the EMA. 
 1.51    “Marketing
Application” means a BLA, supplemental BLA, MAA or similar application for Regulatory Approval that is filed with the applicable Regulatory Authority(ies) in a particular country or jurisdiction. 

1.52    “Net Sales” means, with respect to any Product following its First Commercial Sale, the
aggregate gross amount invoiced or received by Licensee, any Affiliate or its or their sublicensee(s) (each, a “Selling Party”), for sales of such Product by a Selling Party to any Third Parties, less, to the extent customary and
reasonable and specifically and solely allocated to the sale of such Product and actually taken, paid, accrued, allowed, included, or allocated, based on good faith estimate as permitted by U.S. GAAP and consistent with such Selling Party’s
practice (and consistently applied as set forth below): 
 [***] 

Net Sales will be determined from books and records maintained in accordance with U.S. GAAP, consistently applied by Licensee and its Affiliates or its or
their sublicensees. Sales between Licensee and its Affiliates and sublicensees shall be disregarded for purposes of calculating Net Sales, except if such purchaser is an end user; and, in such event, Net Sales shall be calculated on the basis of the
average sales price to unaffiliated Third Parties in the respective Calendar Year. 

  
 4 

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 
 If a Product is sold by a Selling Party as a Combination Product in a country or
jurisdiction, the Net Sales of such Combination Product with respect to such country or jurisdiction for the purpose of calculating royalties owed under this Agreement for sales of such Combination Product shall be determined as follows. The actual
Net Sales of such Combination Product by the Selling Parties in such country or jurisdiction for the relevant period shall be determined using the above provisions. If in such country or jurisdiction the Selling Parties separately sell (1) a
Product that does not contain or is not sold with the Other Component (as applicable) contained in or sold with such Combination Product in an equivalent dose amount or unit (a “Mono Product”) and (2) products containing as
their sole active ingredient(s) or component one or more Other Component(s) in an equivalent dose amount(s) or unit(s), then the Net Sales attributable to such Combination Product should be calculated by [***]. If the Mono Product or the products
containing as their sole active ingredient(s) or component the Other Component(s) in the Combination Product in an equivalent dose amount(s) or unit(s) are not sold separately in such country or jurisdiction for the applicable period, the adjustment
to Net Sales shall be determined by [***]. Net Sales of a Product shall only include sales of the Product and not any other compound or product that may be used or administered in combination with a Product (other than for a single selling price).

 With respect to any sale of any Product in a given country for any consideration other than monetary consideration on
arm’s-length terms (which has the effect of reducing the invoiced amount below what it would have been in the absence of such non-monetary consideration), for
purposes of calculating the Net Sales under this Agreement, such Product shall be deemed to be sold exclusively for cash at the average Net Sales price charged to Third Parties for cash sales in such country during the applicable reporting period
(or if there were only de minimis cash sales in such country, at the fair market value as determined in good faith based on pricing in comparable markets). [***]. 

1.53    “Other Component” means, with respect to a Combination Product, (i) an active
ingredient, or other therapeutically active material, that provides pharmacological activity in a pharmaceutical product that is not a Product, or (ii) a companion diagnostic related to a Product. 

1.54    “Party” or “Parties” is defined in the preamble of this Agreement. 

1.55    “Patent” means (a) any patent application, including any provisional patent
application; (b) any patent application claiming priority from such patent application or provisional application, including any divisional, continuation,
continuation-in-part, converted provisional, and continued prosecution application; (c) any patent that has issued or in the future issues from any of the foregoing
patent applications ((a) and (b)), including any utility model, petty patent, design patent and certificate of invention; (d) any extension or restoration by existing or future extension or restoration mechanisms, including any revalidation,
reissue, reexamination and extension (including any supplementary protection certificate and the like) of any of the foregoing patents or patent applications ((a), (b) and (c)); and (e) any similar rights, including so-called pipeline protection, or any importation, revalidation, confirmation or introduction patent or registration patent or patent of additions to any such foregoing patent application or patent. 

1.56    “Person” means any individual, unincorporated organization or association, Governmental
Authority, Entity or other entity not specifically listed herein. 
 1.57    “Phase 1 Trial”
means a human clinical trial of a Product in any country that satisfies the requirements of 21 C.F.R. § 312.21(a), or its foreign equivalent. 

1.58    “Phase 2 Trial” means a human clinical trial of a Product in any country that satisfies
the requirements of 21 C.F.R. § 312.21(b). For clarity, a trial called a Phase 1/2 or Phase 1b/2 trial shall be considered a Phase 2 trial if it satisfies the requirements of 21 C.F.R. § 312.21(b). 

1.59    “Phase 3 Trial” means a human clinical trial of a Product in any country that satisfies
the requirements of 21 C.F.R. § 312.21(c). For clarity, a trial called a Phase 2/3 trial shall be considered a Phase 3 trial if it satisfies the requirements of 21 C.F.R. § 312.21(c). 

  
 5 

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 
 1.60    “Product” means a
Cell Therapy Product comprising, containing, or otherwise incorporating one or more Binders or Binder Improvements. 

1.61    “Product Infringement” is defined in Section 7.3.1. 

1.62    “Product Infringement Action” is defined in Section 7.3.2(a).

 1.63    “Product-Specific Patent” means a Patent that consists solely of claims specifically
directed to (i) the composition or formulation of a particular Product, or (ii) any method of using, making or administering a particular Product. For avoidance of doubt, a Product-Specific Patent may not include any claims relating to a
Binder, including any method of using, making or administering a Binder, other than as part of a particular Product or for use solely in the Field. 

1.64    [***] 

1.65    “Prosecution” means, with respect to a Patent, preparing, filing, prosecuting and
maintaining such Patent, including any interference and opposition proceedings, reissue, post-grant reviews, inter partes review, re-examination and applications for patent term extensions, and all
appeals or petitions to any agency, board or court related to any of the foregoing. When used as a verb, “Prosecute” means to engage in Prosecution. 

1.66    “Quarter” means the respective periods of three consecutive calendar months ending on
March 31, June 30, September 30 and December 31. 
 1.67    “Receiving Party” is
defined in Section 6.1. 
 1.68    “Registration-Enabling Trial” means
any Clinical Trial that is intended to, or does, generate data sufficient to enable the Filing of a Marketing Application in any country in the Territory. For clarity, a Registration-Enabling Trial may be a Phase 1 Trial, a Phase 2 Trial, or a Phase
3 Trial; provided, however, for any Clinical Trial other than a Phase 3 Trial, the determination of whether such Clinical Trial is a Registration-Enabling Trial shall be solely determined by the Filing of a Marketing Application for such Product
after completion of such Clinical Trial. 
 1.69    “Regulatory Approval” means, with respect to
a Product in any country or jurisdiction, the approvals by the applicable Regulatory Authority in such country or jurisdiction necessary for the commercialization of such Product, including any reasonably necessary pricing and reimbursement
approvals. 
 1.70    “Regulatory Authority” means any applicable Governmental Authority
involved in granting Regulatory Approval for a Product, including the FDA (with respect to the United States) and the EMA (with respect to the European Union). 

1.71    “Regulatory Filing” means, with respect to any Product, any submission to a Regulatory
Authority of any appropriate regulatory application with respect to such Product, and includes any submission to a regulatory advisory board and any supplement or amendment thereto. “Regulatory Filing” includes any IND and any Marketing
Application. 
 1.72    “Representatives” is defined in Section 6.4.2.

 1.73    “Required Disclosure” is defined in Section 6.6. 

1.74    [***] 

1.75    “Royalty Term” is defined in Section 5.4.2. 

1.76    “SEC” is defined in Section 6.6. 

  
 6 

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 
 1.77    “Strategic
Transaction” means, with respect to a Party, the occurrence of any of the following events: (i) the direct or indirect acquisition by any Third Party of more than fifty percent (50%) of the combined voting power of the then outstanding
voting securities of such Party normally entitled to vote in elections of directors; (ii) the sale, transfer, conveyance or other disposition of all or substantially all of such Party’s assets to which this Agreement relates to a Third
Party, or (iii) the consummation of a merger, acquisition, consolidation or other similar transaction between or involving a Third Party and such Party (or the ultimate parent Entity which, immediately prior to the Strategic Transaction,
directly or indirectly controls such Party). 
 1.78    “Target Antigen” means [***]. 

1.79    “Term” is defined in Section 9.1. 

1.80    “Territory” means worldwide. 

1.81    “Third Party” means any Person other than Licensee, Inhibrx and their respective
Affiliates. 
 1.82    “U.S.” or “United States” means the United States of
America and all of its territories and possessions. 
 1.83    “Valid Claim” means, with respect
to any country: (a) a claim in an issued Inhibrx Patent, Binder Improvement Patent or Product-Specific Patent (in each case, that issued before or after the Effective Date) that has not: (i) expired or been canceled; (ii) been
revoked, declared invalid or unenforceable by an unreversed and unappealable or unappealed decision of a court or other appropriate body of competent jurisdiction in such country; (iii) been admitted by Inhibrx to be invalid or unenforceable
through reissue, disclaimer or otherwise; or (iv) been abandoned in accordance with or as permitted by the terms of this Agreement or by written agreement of the Parties; or (b) a claim in any application for a Inhibrx Patent, Binder
Improvement Patent or Product-Specific Patent that has been pending in a country for [***] ([***]) [***] from the first to occur of (i) the date that such application enters into a national phase in such country, or (ii) the date of the
first direct filing of such application in such country and, in any case, which has not been canceled, withdrawn from consideration, finally determined to be unallowable by the applicable governmental authority or court for whatever reason (and from
which no appeal is or can be taken), or abandoned. 
 1.84    “Withholding Tax Action” is
defined in Section 5.6.4. 
 1.85    “Year” means a successive period
of 12 calendar months commencing on January 1 and ending on December 31. 
 2.    License Grant; Exclusivity and Negative
Covenants. 
 2.1    License Grant. 

2.1.1.    License Grant. Subject to the terms and conditions of this Agreement, Inhibrx
hereby grants to Licensee an exclusive license (even as to Inhibrx), with the right to grant sublicenses (including the right to further sublicense through multiple tiers) pursuant to Section 2.1.2, under the Licensed IP
solely to make, have made, research, develop, use, sell, offer for sale, export and import Products in the Field and in the Territory. 

2.1.2.    Right to Sublicense. Licensee may grant sublicenses (including the
right to grant further sublicenses through multiple tiers) under the rights granted in Section 2.1.1 to any of Licensee’s Affiliates or any Third Party without the prior written consent of Inhibrx, provided
that: 
 (a)    All of the terms and conditions of such sublicense grant are in writing
and consistent with the terms and conditions of this Agreement; and 

  
 7 

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 
 (b)    Licensee shall remain
responsible for its obligations, including payment obligations pursuant to Section 5, under this Agreement that have been delegated, subcontracted or sublicensed to any of its Affiliates or Third Party sublicensees or
subcontractors. 
 2.1.3.    Retained Rights. Inhibrx retains all rights not
expressly granted herein to Licensee. 
 2.2    No Implied Licenses. Except as specifically
set forth in this Agreement, neither Party shall acquire any license, intellectual property interest or other rights, by implication or otherwise, in any Know-How disclosed to it under this Agreement or under
any Patents Controlled by the other Party or its Affiliates. 
 2.3    Exclusivity; Negative
Covenant.    During the Term, neither Inhibrx nor its Affiliates (nor any others on behalf of or with Inhibrx or any of its Affiliates) will [***]. 

3.    Research, Development, Manufacturing and Commercialization Activities. 

3.1    General. Licensee shall be solely responsible for, control, and bear all costs and expenses of any
and all activities related to the research, development, manufacture and commercialization of Product(s) in the Territory under this Agreement, including all funding for such activities. Without limiting the foregoing, Licensee shall be responsible,
at its sole cost and expense, for (a) all manufacturing activities for clinical and commercial supply, (b) all necessary IND-enabling studies for any Products; and (c) all clinical development
and commercialization of Products under this Agreement. 
 3.2    Diligence Obligations of Licensee.
Licensee (itself and with and through its Affiliates and sublicensees) shall use Commercially Reasonable Efforts to [***] to do so, in compliance with all applicable Laws. 

3.3    [***] 

4.    Disclosure of Know-How; Materials. 

4.1    Inhibrx Know-How. Promptly after the Effective Date, Inhibrx
shall disclose and make available to Licensee the Inhibrx Know-How that exists as of the Effective Date. Inhibrx shall reasonably cooperate with Licensee to provide all technical assistance requested by
Licensee to facilitate the transfer of Inhibrx Know-How at no charge to Licensee. 

4.2    Inhibrx Materials. In furtherance of the foregoing, from time to time during the Term, Licensee may
request that Inhibrx provide to Licensee Inhibrx Materials that comprise Inhibrx Know-How. Upon such a request, Inhibrx shall use reasonable efforts to promptly provide to Licensee reasonable quantities of
such Inhibrx Materials at no charge to Licensee. Licensee shall use the Inhibrx Materials solely for the purposes of, and in compliance with, this Agreement, and in compliance with applicable Laws. 

4.2.1.    Warranty Disclaimer Regarding Inhibrx Materials. THE INHIBRX MATERIALS ARE
SUPPLIED “AS IS” WITH NO WARRANTY, EXPRESS, IMPLIED OR STATUTORY, INCLUDING WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT, EXCLUSIVITY, OR FITNESS FOR A PARTICULAR PURPOSE. ANY INHIBRX MATERIAL
DELIVERED PURSUANT TO THIS AGREEMENT IS UNDERSTOOD TO BE EXPERIMENTAL IN NATURE AND MAY HAVE HAZARDOUS PROPERTIES. WITHOUT LIMITING ANY OTHER OBLIGATION UNDER THIS AGREEMENT, LICENSEE SHALL HANDLE THE INHIBRX MATERIAL ACCORDINGLY. 

4.2.2.    Allocation of Liability. Licensee assumes all liability for damages incurred by
any Third Party arising from the handling, use, storage or disposal of the Inhibrx Materials by Licensee, its Affiliates or sublicensees or by a Third Party acting on behalf of Licensee, its Affiliates or sublicensees. Inhibrx shall not be liable to
Licensee for any loss, claim or demand made by Licensee, or made against Licensee by any Third Party, due to or arising from the handling, use, storage or disposal of the Inhibrx 

  
 8 

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 
 Materials, except to the extent caused by the gross negligence or
willful misconduct of, or breach of this Agreement by, Inhibrx. 
 4.2.3.    Disposition of
Inhibrx Materials after the Term. Upon termination (but not expiration) of the Term, Licensee shall immediately discontinue its use of, and shall cause any sublicensees to discontinue their use of, any Inhibrx Materials and shall, upon direction
of Inhibrx, return or destroy (and certify destruction of), or require any sublicensees to return or destroy (and certify destruction of) any remaining Inhibrx Material that is in the possession or control of Licensee, its Affiliates or any
sublicensee. 
 5.    Payments. 

5.1    Upfront Payment. Licensee shall pay to Inhibrx a
non-refundable, non-creditable payment in the amount of Seven Million Dollars ($7,000,000) within ten (10) Business Days after the Effective Date. 

5.2    Milestone Payments. Licensee shall pay to Inhibrx the following milestone payments upon the first
achievement of each of the following milestone events with respect to each Target Antigen, by or on behalf of Licensee, its Affiliates, or any sublicensees, by a Product that comprises, contains, or otherwise incorporates a Binder Directed Against
such Target Antigen. The milestone payments shall be payable no more than once for each Target Antigen, regardless of the number of Binders that may be Directed Against such Target Antigen, or the number of Products that may subsequently be
comprised of, contain, or otherwise incorporate a Binder Directed Against such Target Antigen. No amounts shall be due for subsequent or repeated achievement of the same milestone event with respect to such Target Antigen, whether by the same
Product or a different Product, or by the same Binder or a different Binder. Furthermore, a single Product may be comprised of, contain, or otherwise incorporate Binders Directed Against more than one Target Antigen, and in the event that such
Product’s achievement of a milestone event is the first instance of the achievement of such milestone event by more than one Target Antigen, the applicable milestone payment shall be made with respect to each such applicable Target Antigen.
Each such payment shall be non-refundable and non-creditable. 
  

					
	 Milestone Event
	  	Milestone Payment	 
	 [***]
	  	$	[	***] 
	 [***]
	  	$	[	***] 
	 [***]
	  	$	[	***] 
	 [***]
	  	$	[	***] 
	 [***]
	  	$	[	***] 
	 [***]
	  	$	[	***] 
	 [***]
	  	$	[	***] 

 5.3    Notice of Event Milestone Achievement; Milestone
Payments. Licensee shall notify Inhibrx in writing within [***] ([***]) [***]following the achievement of each milestone event set forth in Section 5.2. Inhibrx shall submit an invoice to Licensee for each milestone
payment that corresponds to the achievement of any milestone event upon receipt of such notifications, and Licensee shall make the corresponding milestone payment within [***] ([***]) [***] after receipt of such invoice. 

  
 9 

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 
 5.4    Royalties. 

5.4.1.    Royalties for Products. Licensee shall pay Inhibrx royalties in
Dollars at the rates set forth in the table below on a Quarterly basis with respect to Net Sales of Products during such Quarter, calculated on a Product-by-Product and country-by-country basis (provided that the applicable royalty rate shall be based on aggregate net sales of the Product in all countries where the Royalty Term has not
expired), as set forth in this Section 5.4. 
  

					
	 Net Sales of Product during each Year
	  	Royalty Rate
(% of Net Sales)	 
	 Portion of aggregate Net Sales during such Year less than or equal to $[***]
	  	 	[	***]% 
	 Portion of aggregate Net Sales during such Year that is greater than $[***] but is less than or
equal to $[***]
	  	 	[	***]% 
	 Portion of aggregate Net Sales during such Year that is greater than $[***]
	  	 	[	***]% 

 Notwithstanding the foregoing, on a
country-by-country basis, if the only Valid Claim that Covers such Product is in a Binder Improvement Patent owned solely by Licensee, and a corresponding Binder
Improvement Patent owned solely by Licensee with a Valid Claim that Covers such Product has been granted by the European Patent Office, then the foregoing royalty rates applicable for such country shall be reduced by [***] percent ([***]%) for the
remainder of the Royalty Term. 
 5.4.2.    Royalty Term. Licensee’s royalty
payment obligation shall commence, on a Product-by-Product and country-by-country basis,
on the First Commercial Sale of such Product in such country, and shall expire on the later of: (i) the date on which there is no longer a Valid Claim that Covers such Product; (ii) the date on which any applicable regulatory, pediatric,
orphan drug or data exclusivity, which provides Licensee with the exclusive right to market the Product in the relevant country, expires; or (iii) twelve (12) years after the First Commercial Sale of such Product in such country (such period,
the “Royalty Term”). In each country in which no Valid Claim that Covers such Product (i.e., such Product is royalty-bearing only because of clauses (ii) or (iii) above), then the applicable royalty rate for such
country as provided in Section 5.4.1 shall be reduced by [***] percent ([***]%) for the remainder of the Royalty Term. 

5.4.3.     Third Party Obligations. To the extent that Licensee deems Third Party
intellectual property is necessary or useful to develop, manufacture, or commercialize a Product (other than with respect to any Other Component in the case of a Combination Product or Delivery System), Licensee shall have the right on a country-by-country basis to deduct from the royalty payments, [***] percent ([***]%) of the payments owed by Licensee to such Third Party with respect to such Product;
provided, however, that such deductions shall not reduce the royalty payments otherwise due to Inhibrx by more than [***] percent ([***]%) of the amount that would have been otherwise due. Licensee may carry forward any deductions permitted in
accordance with this Section 5.4.3 [***]. 
 5.4.4.    Only One
Royalty. Only one royalty shall be due with respect to the same unit of Product. Only one royalty shall be due hereunder on the sale of a Product even if more than one Valid Claim Covers such Product. 

5.4.5.    Reports; Payment of Royalty. During the Term, and following
the First Commercial Sale of any Product, Licensee shall within [***] ([***]) [***] after the end of each Quarter furnish to Inhibrx a written report for such Quarter showing, on a
Product-by-Product basis, the gross sales of such Product(s) during such Quarter, all deductions and adjustments in the calculation of such Net Sales (reported in the
aggregate), and the Net Sales and royalties due during such Quarter. Inhibrx shall have a period of [***] ([***]) [***] to review such report and to provide any comments to Licensee in writing, which Licensee shall consider in good faith; provided,
for avoidance of doubt, that such review by Inhibrx shall not be deemed to be an acceptance by Inhibrx of the accuracy of any such report or related payment. Licensee shall pay all royalties due under this Agreement with respect to a Quarter within
[***] ([***]) [***] after the end of such review 

  
 10 

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 
 period. 

5.5    Audits. 

(a)    Upon [***] ([***]) [***] prior written request of Inhibrx and not more than [***] in each
Year, Licensee shall permit an independent certified public accounting firm of nationally recognized standing selected by Inhibrx, at Inhibrx’s expense, to have access during normal business hours to such of the records of Licensee as may be
reasonably necessary to verify the accuracy of royalty reports hereunder for any Year ending not more than [***] to the date of such request; provided that if Inhibrx has timely commenced an audit with respect to any earlier time period and
such audit shall be pending or its results disputed, Inhibrx shall have continued access to the records of such earlier time period. The accounting firm shall disclose to Inhibrx whether the royalty reports are correct or incorrect, the amount of
any royalty discrepancy, as well as the calculation of the foregoing. 
 (b)    If such
accounting firm correctly identifies an underpayment made by Licensee during such period, Licensee shall pay Inhibrx one hundred percent (100%) of the amount of such underpayment (along with interest in accordance with
Section 5.5.2) within [***] ([***]) [***] of the date Inhibrx delivers to Licensee such accounting firm’s written report so concluding, or as otherwise agreed upon in writing by the Parties. Inhibrx shall pay the fees
charged by such accounting firm; provided, however, if such audit uncovers an underpayment by Licensee that exceeds [***] ([***]) of the total payment due for the period under audit, then Licensee shall pay the fees of such accounting
firm whether previously paid by Inhibrx or then due. In the event that the accounting firm uncovers an overpayment by Licensee, then Licensee shall credit one hundred percent (100%) of the amount of such overpayment against any payments owing in the
Quarter following the Quarter in which such audit was completed, and future payments hereunder to be adjusted accordingly on a carry-forward basis until such overpayment amount has been fully credited against amounts owing to Inhibrx, or if no
further amounts are owing to Inhibrx, Inhibrx shall refund such overpayment amount to Licensee within [***] ([***]) [***]. 

(c)    Licensee shall include in each sublicense granted by it pursuant to this Agreement a
provision requiring the sublicensee to make reports to Licensee, to keep and maintain records of sales made pursuant to such sublicense and to grant access to such records by Inhibrx’s independent accountant to the same extent required of
Licensee under this Agreement. 
 (d)    Inhibrx shall treat all financial information subject to
review under this Section 5.4.5 or under any sublicense agreement in accordance with the confidentiality and non-use provisions of this Agreement, and shall cause its accounting firm
to enter into an acceptable confidentiality agreement with Licensee or its Affiliates obligating it to retain all such information in confidence pursuant to such confidentiality agreement. 

5.5.2.    Payment Method; Late Payment. Licensee shall pay all amounts due hereunder
in United States Dollars by wire transfer of immediately available funds to the bank account Inhibrx designates in writing from time to time. Payments based on Net Sales in currencies other than United States Dollars shall be converted by Licensee
into United States Dollars using reasonable procedures consistent with Licensee’s global practices, with the conversation ratio based on the date of payment. If any payment is not made when due, simple interest shall thereafter accrue on the
sum due until the date of payment at the per annum rate of [***] percent ([***]%) or, if lower, the maximum rate permitted by applicable law. 

5.6    Taxes. 

5.6.1.    Taxes on Income. Each Party shall be solely responsible for the payment of all
taxes imposed on its share of income arising directly or indirectly from the activities of the Parties under this Agreement. 

  
 11 

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 
 5.6.2.    Tax
Cooperation. The Parties agree to cooperate with one another in relation to tax withholding or similar obligations in respect of any payments made by a Party to the other Party under this Agreement. Without limiting the generality of the
foregoing, a Party receiving payment shall provide the paying Party any tax forms and other information that may be reasonably necessary in order for the paying Party to not withhold tax or to withhold tax at a reduced rate under an applicable
bilateral income tax treaty. The Party receiving payment shall provide any such tax forms to the paying Party at least [***] ([***]) [***] prior to the due date for any payment for which the Party receiving payment desires that the paying Party
apply a reduced withholding rate. Each Party shall provide the other with reasonable cooperation to enable the recovery, as permitted by applicable Law, of withholding taxes, value added taxes, or similar obligations resulting from payments made
under this Agreement, such recovery to be for the benefit of the Party bearing such withholding tax or value added tax. 

5.6.3.    Payment of Tax. To the extent a Party is required by applicable Law to deduct and
withhold taxes on any payment to the other Party, the paying Party shall pay the amounts of such taxes to the proper Governmental Authority in a timely manner and promptly transmit to the other Party an official tax certificate or other evidence of
such withholding sufficient to enable such other Party to claim such payment of taxes. 

5.6.4.    Treatment of Certain Withholding Tax. If a Party is required to deduct and
withhold taxes on any payment to the other Party and such withholding obligation arises as a result of any action by the paying Party that has the effect of modifying the tax treatment of the Parties (including any assignment or sublicense, or any
failure on the part of the paying Party to comply with applicable Law or filing or record retention requirements) (a “Withholding Tax Action”), then the sum payable by the paying Party (in respect of which such deduction or
withholding is required to be made) shall be increased to the extent necessary to ensure that the other Party actually receives, as appropriate, a sum equal to the sum that it would have received had no such Withholding Tax Action occurred;
provided, however, that no such increase shall apply to the extent such increase would have resulted (i) from a change in applicable Law increasing the applicable withholding tax rate, which change occurs after the Effective Date or
(ii) in circumstances where actions or inactions of the Party receiving such payment or any of its Affiliates cause a change in the applicable withholding tax rate, for example, the failure of the Party receiving such payment to timely provide
to the paying Party the appropriate treaty forms and the certificate of residence necessary for the paying Party to withhold at a more favorable rate. 

5.7    Accounting Cooperation. The Parties shall cooperate in good faith to provide information to enable
both Parties to accurately account for this Agreement under U.S. generally accepted accounting principles, or other internationally recognized accounting principles, consistently applied. The Parties shall cooperate in good faith to select any
appropriate metrics that may be applicable. This may include, but is not limited to, Licensee’s assessment of this Agreement under ASC 810, Consolidations. 

6.    Confidentiality; Publicity and Required Disclosures. 

6.1    Confidential Information. “Confidential Information” means any data,
information or material disclosed by one Party (the “Disclosing Party”), whether in writing, visually, orally or in electronic medium to the other Party (the “Receiving Party”) under this Agreement. Except as
expressly set forth herein, the terms of this Agreement shall be kept confidential by each Party as described in this Section 6 with respect thereto. 

6.2    Nondisclosure and Non-Use Obligations. Subject
to Sections 6.3 and 6.4, unless the Disclosing Party provides prior written consent, the Receiving Party shall maintain in confidence all Confidential Information of the Disclosing Party, shall not disclose such Confidential
Information to any Affiliate of the Receiving Party or Third Party and shall not use such Confidential Information for any purpose except to exercise such Party’s rights or fulfill its obligations under this Agreement. 

6.3    Exceptions. Each Party’s confidentiality and non-use
obligations under this Agreement shall not 

  
 12 

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 
 apply to any portion of the Confidential Information of the Disclosing Party that the
Receiving Party can demonstrate with competent written proof: 
 6.3.1.    Is known by the
Receiving Party at the time of its receipt, without obligation of confidentiality or non-use, and not through a prior disclosure by the Disclosing Party, as documented by the Receiving Party’s written
records; 
 6.3.2.    Is in the public domain before its receipt from the Disclosing Party, or
thereafter enters the public domain through no fault of the Receiving Party or with the consent of the Disclosing Party; 

6.3.3.    Is subsequently disclosed to the Receiving Party, without obligation of confidentiality
or non-use, by a Third Party who may lawfully do so and who is not under an obligation of confidentiality to the Disclosing Party; or 

6.3.4.    Is developed by the Receiving Party independently of Confidential Information received
from the Disclosing Party and without the aid, application or use of the Disclosing Party’s Confidential Information, and such independent development can be properly documented by the Receiving Party. 

Any combination of features or disclosures shall not be deemed to fall within the foregoing exclusions merely because individual features are published or
available to the general public or in the rightful possession of the Receiving Party unless the combination itself and principle of operation are published or available to the general public or in the rightful possession of the Receiving Party. 

6.4    Permitted Disclosure. Nothing in this Section 6 shall restrict the
Receiving Party from disclosing Confidential Information of the Disclosing Party to the extent that such disclosure: 

6.4.1.     Is made to governmental or other regulatory agencies in order to obtain Inhibrx Patents
addressed in this Agreement or to gain or maintain authorizations to conduct a Clinical Trial or to market Products, provided that such disclosure is limited to the extent reasonably necessary to obtain such patents or authorizations and the
Receiving Party takes reasonable measures to obtain confidential treatment from regulatory agencies for such information; 

6.4.2.    Is made to the Receiving Party’s or its Affiliates’ employees, officers or
directors, and, when Licensee is the Receiving Party, to its potential and actual sublicensees’ employees, officers, directors, and its agents, consultants and contractors (“Representatives”), for purposes the Receiving Party
reasonably deems necessary for the exploitation of its rights or fulfillment of its obligations under this Agreement, provided that all such recipients agree to be bound by, or are otherwise bound by, confidentiality and non-use obligations that are no less stringent than those confidentiality and non-use provisions contained in this Agreement (with potentially a shorter duration no less than
[***] ([***]) [***] from the date such Confidential Information is disclosed to such recipients), and obligations of invention assignment sufficient for the Receiving Party to obtain rights from such Representatives to meet the Receiving
Party’s obligation to grant licenses to the other Party under this Agreement, and the Receiving Party shall be responsible for and liable under this Agreement with respect to any breach of its confidentiality and
non-use obligation caused by its Representatives; 

6.4.3.    Is deemed necessary by the Receiving Party to be disclosed to attorneys, independent
accountants, potential or actual acquirers, merger candidates or investors or venture capital firms, investment bankers or other financial institutions or investors; provided that, all such recipients are, or agree to be, bound by
confidentiality and non-use obligations; or 

6.4.4.    Is required to comply with applicable Law, valid order of a court of competent
jurisdiction, or other judicial or administrative process of governmental authority or agency, provided that the Receiving Party shall (i) promptly inform the Disclosing Party of the disclosure that is being sought in order to

  
 13 

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 
 provide the Disclosing Party, where possible, an opportunity to
challenge, limit or receive confidential treatment for the required disclosure, (ii) upon request, reasonably cooperate with any efforts by the Disclosing Party to challenge, limit or receive confidential treatment for, the required disclosure,
(iii) only disclose the minimum Confidential Information necessary to comply, as determined by the Receiving Party’s legal counsel, and (iv) in the event of a limited disclosure of any Confidential Information as required by
applicable Law, continue to treat such information as Confidential Information of the Disclosing Party for all other purposes and subject to this Section 6. 

6.5    Publicity. Promptly following the Effective Date, the Parties will issue a joint public announcement
of the execution of this Agreement, in a form to be mutually agreed upon by the Parties, and on such date and time as may be agreed by the Parties. Subject to Section 6.6, any other proposed publication, news release or
other public announcement by a Party relating to this Agreement, the terms and conditions set forth herein, or to the performance hereunder that would disclose information other than that already expressly in the public domain prior to such
publication, news release or other public announcement, shall only be made with the prior written consent of the other Party. For clarity, neither Party shall be obligated to obtain consent to re-issue or
reiterate information previously specifically disclosed with the consent of the other Party. 

6.6    Disclosures Required by Securities Laws or Exchanges. Notwithstanding anything to the contrary in
this Agreement, to the extent required by applicable (i) securities Laws, including those promulgated by the U.S. Securities and Exchange Commission (the “SEC”), or (ii) any rules or requirements of stock exchanges on
which equity securities of such Party may be listed, a Party may disclose this Agreement and its terms, and material developments or material information generated under this Agreement, in securities filings with the SEC (or equivalent foreign
agency) (a “Required Disclosure”) after complying with the procedures set forth in this Section 6.6. If pursuant to a Required Disclosure a Party is required to disclose this Agreement, such Party shall,
prior to any such Required Disclosure, prepare and send to the other Party for review a draft confidential treatment request and proposed redacted version of this Agreement to be filed with the SEC (or equivalent foreign agency) to request
confidential treatment of this Agreement. The reviewing Party shall promptly (and in any event, no more than [***] after receipt of such confidential treatment request and proposed redactions) provide its reasonable comments, which the disclosing
Party shall take into reasonable consideration. The Party seeking such disclosure of this Agreement shall exercise commercially reasonable efforts to obtain confidential treatment of this Agreement from the SEC (or equivalent foreign agency) as
represented by the redacted version reviewed by the other Party. 
 7.    Intellectual Property. 

7.1    Binder Improvement Patents. Ownership of Binder Improvements shall follow inventorship as determined
in accordance with the patent laws of the United States. Neither Party will Prosecute a Patent claiming a Binder Improvement without the other Party’s prior written consent. The Parties shall agree upon a strategy to Prosecute each Patent
claiming a Binder Improvement with the goal of securing and maintaining the broadest reasonable protection available for such Binder Improvements in countries where it is commercially reasonable to do so [***]: 

7.1.1.    The [***] shall be submitted for final resolution by binding arbitration administered by
JAMS pursuant to its Comprehensive Arbitration Rules and Procedures and in accordance with the Expedited Procedures in those Rules then in effect, except as otherwise provided in this Section 7.1. The proceedings and decisions of the
arbitrators in any [***] under this Section 7.1 shall be confidential except as otherwise expressly permitted in this Agreement or required by applicable law. 

7.1.2.    Each [***] shall be conducted by a panel of three arbitrators, each with substantial
experience in the pharmaceutical or biotechnology business selected pursuant to the JAMS rules. Within [***] ([***]) [***] after initiation of an [***], each Party shall select one person to act as an arbitrator and the two Party-selected
arbitrators shall select a third arbitrator within [***] ([***]) [***] of their appointment. If a Party fails to timely select an arbitrator, or if the arbitrators selected by the Parties fail to timely agree upon the third arbitrator, then such
arbitrator(s) shall be appointed by JAMS. The place of arbitration shall be New York City, New York and all proceedings and communications shall be in English. 

  
 14 

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 
 7.1.3.    Within [***]
([***]) [***] of the appointment of the full arbitration panel, the Parties shall exchange documents setting forth their final detailed proposed term sheets for the material terms of the [***], together with a brief or other written memorandum
supporting the merits of their final proposal. 
 7.1.4.    The arbitration panel shall select
the proposal which most closely reflects commercially reasonable terms for the exercise of the [***]. In making their selection, the arbitrators shall not modify the terms or conditions of either Party’s final proposal nor shall the arbitrators
combine provisions from both final proposals. In making their selection, the arbitrators shall consider the terms and conditions of this Agreement, that the Binder Improvements are derived from technology provided by Inhibrx, and the relative merits
of the final proposals. In the event the arbitrators seek the guidance of the law of any jurisdiction, the law of the State of New York shall govern. 

7.1.5.    The arbitrators shall make their decision known to both Parties as quickly as possible by
delivering written notice of their decision to both Parties. The Parties shall agree in writing to comply with the proposal selected by the arbitration panel within [***] ([***]) [***]of receipt of notice of such selection. The decision of the
arbitrators shall be final and binding on the Parties. Upon receipt of the decision, Inhibrx may, in its discretion, determine whether or not it wants to proceed with the exercise of the [***]. If Inhibrx determines that it does wish to proceed with
the exercise of the [***], the Parties shall use good faith, diligent efforts to promptly finalize a definitive agreement based on the arbitration panel’s decision and fair resolution of any terms not expressly set forth in the selected
proposal, and specific performance may be ordered by any court of competent jurisdiction. 

7.1.6.    The Parties shall bear their own costs in preparing for the arbitration. The costs of the
arbitrators shall be equally divided between the Parties. 
 7.2    Filing, Prosecution and Maintenance of Patents.

 7.2.1.    Inhibrx shall have the right, but not the obligation, to Prosecute Binder
Patents at its own cost. Notwithstanding the foregoing, at Licensee’s request, to the extent a Binder Patent has a claim directed to a Product or the use of a Binder in the Field, Inhibrx shall use reasonable efforts, to the extent practical to
do so, file divisional and/or continuation Patents consisting solely of claims to the Product or the use of a Binder in the Field, which Patent will be a Product-Specific Patent. 

(a)    Inhibrx shall copy Licensee on all correspondence from and to any patent office relating to
Binder Patents that include claims to use of a Binder in the Field in a timely manner, and Inhibrx shall provide Licensee with drafts of all filings and correspondence relating to the Prosecution of Binder Patents that include claims to use of a
Binder in the Field in reasonably adequate time before filing or submission of such materials, for Licensee’s review and comment. Inhibrx will take into good faith consideration Licensee’s comments prior to submitting such filings and
correspondences to the extent such comments are timely provided and it is practicable to do so. If there is a disagreement between the Parties with respect to the Prosecution (other than the initial preparation and filing) of claims of a Binder
Patent to the use of a Binder in the Field, then Inhibrx shall have the right to make the final decision. Inhibrx shall provide Licensee an annual report summarizing the status of the Prosecution of the Binder Patents that include claims to use of a
Binder in the Field. 
 (b)    Inhibrx shall notify Licensee of any decision not to Prosecute,
including a decision not to continue to pay the expenses of prosecution or maintenance of, any Binder Patents, including divisional and continuation Patents. Inhibrx shall provide such notice at least [***] ([***]) [***] prior to any filing or
payment due date, or any other due date that requires action, in connection with such Binder Patent. In such event, Licensee shall, upon written notice to Inhibrx, have the sole right, but not the obligation, to file for, or continue prosecution or
maintenance of, such Binder Patent, at Licensee’s expense. Inhibrx shall cooperate with Licensee in its preparation, filing, prosecution and maintenance of such Binder Patents, including by providing Licensee with data and other information
(but for avoidance of 

  
 15 

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 
 doubt, Inhibrx shall not be obligated to generate any additional data)
as appropriate and executing all necessary affidavits, assignments and other paperwork. 

7.2.2.    Subject to Section 7.2.1, Licensee shall have the first right,
but not the obligation, to Prosecute Product-Specific Patents in the Territory at its own cost and expense. Notwithstanding the foregoing, (i) Licensee may file a Product-Specific Patent with respect to a Binder after Inhibrx has filed a Binder
Patent with claims specifically covering such Binder, if approved in writing by Inhibrx on a case-by-case basis, and (ii) Licensee shall use Commercially Reasonable
Efforts to Prosecute each Product-Specific Patent with the goal of securing and maintaining the broadest reasonable protection available for such Product-Specific Patents in countries where it is commercially reasonable to do so (including, at a
minimum, in the United States, China, Japan, the United Kingdom, Germany, Italy, Spain and France). 

(a)    At Licensee’s expense, Inhibrx shall cooperate with Licensee in its Prosecution of any
Product-Specific Patent, including by providing Licensee with data and other information as appropriate (but for avoidance of doubt, Inhibrx shall not be obligated to generate any additional data) and executing all necessary affidavits, assignments
and other paperwork. Within [***] ([***]) [***] after the Effective Date, Inhibrx shall provide to Licensee any copies of patent filings and correspondence between Inhibrx and patent authorities within the Territory regarding the Binder Patents
existing as of the Effective Date. 
 (b)    Licensee shall copy Inhibrx on all correspondence
from and to any patent office relating to the Product-Specific Patents in a timely manner, and Licensee shall provide Inhibrx with drafts of all filings and correspondence relating to the Prosecution of Product-Specific Patents in reasonably
adequate time before filing or submission of such materials, for Inhibrx’s review and comment. Licensee will take into good faith consideration Inhibrx’s comments prior to submitting such filings and correspondences to the extent such
comments are timely provided and it is practicable to do so. If there is a disagreement between the Parties with respect to the Prosecution (other than the initial preparation and filing) of Product-Specific Patents, then Licensee shall have the
right to make the final decision. Licensee shall provide Inhibrx an annual report summarizing the status of the Prosecution of the Product-Specific Patents. 

(c)    Licensee shall notify Inhibrx of any decision not to Prosecute, including a decision not to
continue to pay the expenses of prosecution or maintenance of, any Product-Specific Patents, including divisional and continuation Patents. Licensee shall provide such notice at least [***] ([***]) [***] prior to any filing or payment due date, or
any other due date that requires action, in connection with such Product-Specific Patent. In such event, Inhibrx shall, upon written notice to Licensee, have the sole right, but not the obligation, to file for, or continue prosecution or maintenance
of, such Product-Specific Patent, at Inhibrx’s expense. Licensee shall cooperate with Inhibrx in its preparation, filing, prosecution and maintenance of such Product-Specific Patents, including by providing Inhibrx with data and other
information (but for avoidance of doubt, Licensee shall not be obligated to generate any additional data) as appropriate and executing all necessary affidavits, assignments and other paperwork. 

7.2.3.    Except as otherwise specifically provided in this Section 7.2,
as between the Parties, each Party shall have the sole right to control the preparation, prosecution and maintenance of Patents claiming inventions owned or Controlled by such Party, at its sole expense. 

7.3    Enforcement and Defense. 

7.3.1.    Infringement. Each Party shall give the other Party written notice of any actual
or threatened infringement or misappropriation of any Binder Patents, Binder Improvement Patents, or Product-Specific Patents, by an unlicensed Third Party through the making, having made, research, development, using, selling, offering for sale,
exporting or importing of any product that is within the scope of the license granted to 

  
 16 

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 
 Licensee under Section 2.1.1 (a
“Product Infringement”), within [***] ([***]) [***] after such Party has knowledge of such Product Infringement. Licensee and Inhibrx shall thereafter consult and cooperate to determine a course of action, including the commencement
of legal action by either or both Licensee and Inhibrx, to terminate any such Product Infringement. 

7.3.2.    Enforcement. 

(a)    Licensee, upon notice to Inhibrx, shall have the first right to initiate and prosecute such
legal action (“Product Infringement Action”) at its expense, or to control the defense of any declaratory judgment action relating to such Product Infringement; provided that Licensee shall not enter into any settlement or
compromise that would materially diminish or adversely affect the scope, exclusivity or duration of any Licensed IP or Inhibrx’s rights under this Agreement, without Inhibrx’s prior written consent, which it may withhold in its sole
discretion. Notwithstanding the foregoing, Licensee shall have the right to enforce a Binder Patent only: (i) if a Product Covered by such Binder Patent is at such time diligently being commercialized by a Selling Party in such country, and
(ii) there is no Product-Specific Patent or Binder Improvement Patent in such country with a Valid Claim that Covers such Product. 

(b)    If Licensee elects not to, or does not, initiate and prosecute a Product Infringement Action
in a timely manner, then Inhibrx shall have the right to do so in accordance with Section 7.3.2 of this Agreement. If Inhibrx elects to initiate and prosecute a Product Infringement Action as a result of Licensee not doing
so in a timely manner, then Inhibrx shall: (i) notify Licensee in writing at least [***] ([***]) [***] prior to initiating such action (“Inhibrx Product Infringement Initiation Notice”); and (ii) bear the costs of
any such Product Infringement Action to terminate such Product Infringement, including the costs of any legal action commenced or the defense of any declaratory judgment, except that Inhibrx shall not be responsible for any costs incurred by
Licensee unless such costs were incurred at Inhibrx’s written request. Inhibrx shall have the right to join Licensee as a party to such action if Licensee is a necessary party to such action. 

(c)    Notwithstanding Inhibrx’s right to initiate a Product Infringement Action under
Section 7.3.2(b), Licensee shall have the right to prohibit Inhibrx from exercising its right to initiate such Product Infringement Action by providing Inhibrx with written notice of Licensee’s reasonable, strategic
rationale for doing so no later than [***] ([***]) [***] after delivery of the corresponding Inhibrx Product Infringement Initiation Notice and Inhibrx shall not initiate or proceed with the Product Infringement Action described in the corresponding
Inhibrx Product Infringement Initiation Notice. If Licensee does not exercise its Licensee Product Infringement Restriction Right prior to the date that is [***] ([***]) [***] after delivery of the corresponding Inhibrx Product Infringement
Initiation Notice, then: (x) Licensee shall have no further right to prohibit Inhibrx from initiating with the Product Infringement Action described in such Inhibrx Product Infringement Initiation Notice; and (y) Inhibrx shall have the
right, exercisable in Inhibrx’s sole discretion, to initiate, proceed with and prosecute such Product Infringement Action in accordance with Section 7.3.2(b). 

7.3.3.    Cooperation. In connection with any action under this
Section 7.3, Licensee and Inhibrx shall, at Licensee’s cost, reasonably cooperate and will provide each other with any information or assistance that either may reasonably request. Each Party shall keep the other
informed of developments in any such action or proceeding, including, to the extent permissible by applicable Law, consultation on and approval of any settlement, the status of any settlement negotiations and the terms of any offer related thereto.
Each Party shall have the right to be represented by counsel of its own choice at its own expense for any action set forth in this Section 7.3. 

7.3.4.    Any recovery obtained by either or both Licensee and Inhibrx in connection with or as a
result of any action contemplated by this Section 7.3, whether by settlement or otherwise, shall be shared in order as follows: 

  
 17 

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 
 (a)    The Party that
initiated and prosecuted the action shall recoup all of its costs and expenses incurred in connection with the action; 

(b)    The other Party shall then, to the extent possible, recover its costs and expenses incurred
in connection with the action; and 
 (c)    The Party initiating such action shall retain any
remainder provided that if Licensee is the initiating Party, such remainder shall be shared [***] percent ([***]%) to Licensee and [***] percent ([***]%) to Inhibrx. 

8.    Representations, Warranties and Covenants. 

8.1    Representations and Warranties of Each Party. Each Party
represents and warrants to the other Party that as of the Effective Date: 
 8.1.1.    It has the
full right, power and authority to enter into this Agreement and to perform its obligations hereunder; 

8.1.2.    This Agreement has been duly executed by it and is legally binding upon it, enforceable
against such Party in accordance with its terms, except as such enforceability may be subject to applicable bankruptcy, reorganization, insolvency, moratorium and similar Laws affecting the enforcement of creditors’ rights generally and by
general principles of equity; and 
 8.1.3.    The execution and delivery by such Party of this
Agreement does not conflict in any material fashion with the terms of any agreement, instrument or understanding, oral or written, to which it is a party or by which it may be bound, nor violate any material applicable Law. 

8.1.4.    All of its employees, officers, consultants, agents or contractors that perform such
Party’s obligations under this Agreement have executed agreements or have existing obligations under Laws requiring assignment to such Party of any invention, discovery, technical idea, process, formulation, method, composition of matter,
article of manufacture, discovery or finding (whether patentable or not) and obligating such individuals to maintain as confidential such Party’s Confidential Information. 

8.2    Inhibrx Representations and Warranties. Inhibrx represents, and warrants to Licensee as
of the Effective Date, that: 
 8.2.1.    It has the full right, power and authority to grant the
licenses granted under this Agreement; 
 8.2.2.    It is the sole and exclusive owner of, or
otherwise Controls, the Licensed IP. 
 8.2.3.    Exhibit 1.38 sets forth a complete and
accurate list of all Inhibrx Patents that are (a) owned, either solely or jointly, by Inhibrx and (b) exclusively licensed by Inhibrx. 

8.2.4.    Inhibrx does not Control any polypeptides that include a CDR of a single domain antibody
Directed Against a Target Antigen, or any humanized variants of the foregoing, other than the Binders. 

8.2.5.    [***]. 

8.2.6.    Inhibrx has complied with all applicable Laws, including any duties of candor to
applicable patent offices, in connection with the filing, prosecution and maintenance of the Inhibrx Patents. 

8.2.7.    Inhibrx has obtained or will obtain from all inventors of Inhibrx Patents under an

  
 18 

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 
 obligation to assign to Inhibrx valid and enforceable agreements
assigning to Inhibrx each such inventor’s entire right, title and interest in and to all such Inhibrx Patents, and have made or will make any payments to inventors of Inhibrx Patents required by applicable Law requiring remuneration for
inventions. 
 8.2.8.    To Inhibrx’s knowledge, no Third Party is conducting or engaging in
any activity that would constitute infringement or misappropriation of the Licensed IP. 

8.2.9.    There is no (a) claim, demand, suit, proceeding, arbitration, inquiry, investigation
or other legal action of any nature, civil, criminal, regulatory or otherwise, pending or, to Inhibrx’s knowledge, threatened against Inhibrx or any of its Affiliates or (b) judgment or settlement against or owed by Inhibrx or any of its
Affiliates, in each case in connection with the Licensed IP. 
 8.2.10.    It has not previously
assigned, transferred, conveyed, exclusively licensed, or otherwise encumbered its right, title and interest in the Licensed IP in any manner that would prevent it from granting the licenses set forth in Section 2.1. 

8.3    Warranty Disclaimer. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS AGREEMENT, NEITHER PARTY
MAKES ANY WARRANTY WITH RESPECT TO ANY PATENTS, KNOW-HOW, LICENSES, TECHNOLOGY, SERVICES, RIGHTS OR OTHER SUBJECT MATTER OF THIS AGREEMENT AND HEREBY DISCLAIMS ANY IMPLIED WARRANTIES OF MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT WITH RESPECT TO ANY AND ALL OF THE FOREGOING. 
 9.    Term and Termination.

 9.1    Term and Expiration. The term of this Agreement (the “Term”)
shall commence on the Effective Date and, unless terminated earlier pursuant to this Section 9, shall expire on a Product-by-Product and country-by-country basis upon the fulfillment of all payment obligations under Sections 5.2 and 5.4, after which the licenses granted by Inhibrx to Licensee in
Section 2.1 with respect to such Product in such country shall become fully paid-up, perpetual, irrevocable and non-exclusive. 

9.2    Termination at Will. Licensee shall have the right, in its sole discretion, to
terminate this Agreement in its entirety without cause at any time during the Term, by giving Inhibrx [***] ([***]) days’ prior written notice of such termination. Each Party shall remain responsible for all liabilities and obligations incurred
or accrued under this Agreement by such Party prior to the effective date of such termination. 

9.3    Termination for Cause. In addition to any other remedies conferred by this Agreement or
by Law, either Party may terminate this Agreement in its entirety at any time during the Term: (a) upon written notice by either Party if the other Party is in material breach of its obligations hereunder and has not cured such breach within
[***] ([***]) days after such notice for any payment breach, or, as the case may be, [***] ([***]) days after such notice for any breach other than a payment breach; provided, however, in the event of a good faith dispute with respect
to the existence of a material breach, the [***] ([***])-day or [***] ([***])-day cure period as applicable, shall be tolled until such time as the dispute is resolved pursuant to Section 11.5. If such alleged breach is
contested in good faith by the breaching Party in writing within the applicable cure period, then the dispute resolution procedure pursuant to Section 11.5 may be initiated by either Party to determine whether a material
breach has actually occurred. If such breach is confirmed in accordance with the procedure set forth in Section 11.5 and not cured within the longer of (i) the remainder of the tolled cure period and (ii) [***] ([***])
[***] after the receipt of a decision by the arbitrators confirming such breach, the non-breaching Party shall have the right, on written notice to the breaching Party, to terminate this Agreement it its
entirety effective immediately. 
 9.4    Termination for Bankruptcy. Either Party may
terminate this Agreement, if, at any time, the other Party shall file in any court or agency pursuant to any applicable Law, a petition in bankruptcy or insolvency or for reorganization or for an arrangement or for the appointment of a receiver or
trustee of the Party or of substantially all of its assets, or if the other Party shall be served with an involuntary petition against it, filed in any 

  
 19 

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 
 insolvency proceeding, and such petition shall not be dismissed within [***] ([***])
[***] after the filing thereof, or if the other Party shall commence a dissolution or liquidation of its assets, or if the other Party shall make an assignment of substantially all of its assets for the benefit of creditors. All rights and licenses
granted under or pursuant to any section of this Agreement are and shall otherwise be deemed to be for purposes of 11 U.S.C. §365(n) licenses of rights to “intellectual property” as defined in 11 U.S.C. §101(35A). The Parties
shall retain and may fully exercise all of their respective rights and elections under the Bankruptcy Code of the United States. Upon the bankruptcy of any Party, the non-bankrupt Party shall further be
entitled to a complete duplicate of, or complete access to, any such intellectual property, and such, if not already in its possession, shall be promptly delivered to the non-bankrupt Party, unless the
bankrupt Party elects to continue, and continues, to perform all of its obligations under this Agreement. 

9.5    Consequence of Termination. 

9.5.1.    In the event Licensee terminates this Agreement under
Section 9.2 at will or either Party terminates this Agreement under Section 9.3 or Section 9.4, subject to Section 9.6, the following shall
apply: 
 (a)    All rights granted to Licensee under this Agreement, including all licenses
granted under Section 2.1, shall immediately terminate. 

(b)    Within [***] ([***]) [***]after the termination effective date, each Party shall pay all
amounts payable to the other Party hereunder that have accrued but have not been paid as of the effective date of termination, as applicable. 

(c)    No later than [***] ([***]) [***] after the termination effective date, each Receiving Party
shall return to the Disclosing Party (or, at the Disclosing Party’s request, shall destroy) all of the Disclosing Party’s Confidential Information (including all copies thereof) that are in such Party’s possession; provided,
however, that the Receiving Party may retain one archival copy of the Disclosing Party’s Confidential Information in its confidential files solely for purposes of identifying its continuing obligations under this Agreement with respect
thereto. 
 (d)    No later than [***] ([***]) [***]after the termination effective date,
Licensee shall return to Inhibrx (or, at Inhibrx’s request, shall destroy) all of the Inhibrx Materials that are remaining in Licensee’s possession or control. 

(e)    With respect to each Product for which an IND has been filed in the United States or
European Union as of the date of termination, the obligations under Sections 5.2 through 5.7 shall survive in accordance with their terms. 

9.5.2.    In the event that Licensee has the right to terminate this Agreement under
Section 9.3 for Inhibrx’s uncured material breach, Licensee may elect by written notice to Inhibrx either to: (i) terminate this Agreement with the results set forth in Section 9.5.1 or
(ii) continue this Agreement in full force and effect except that [***] be reduced by [***] percent ([***]%) for the remainder of the Term. In the event that Licensee elects to continue this Agreement under clause (ii) of the preceding
sentence, then the foregoing shall be Licensee’s sole remedy and Inhibrx’s sole liability and obligation with respect to such breach. 

9.6    Effect of Expiration or Termination Generally; Survival.
Expiration or termination of this Agreement shall not relieve the Parties of any obligation accruing prior to such expiration or termination. Any expiration or termination of this Agreement shall be without prejudice to the rights of either Party
against the other accrued or accruing under this Agreement prior to expiration or termination, including the obligation to pay royalties for Product(s) sold prior to such expiration or termination. Termination of this Agreement is without prejudice
to any of the other rights and remedies conferred on the non-breaching Party by this Agreement or under law or equity, including the right to pursue damages or equitable remedies and the right to pursue
payment of any amounts owed 

  
 20 

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 
 by the non-breaching Party to the breaching
Party after termination by the non-breaching Party pursuant to this Section 9. The provisions set forth in Sections 1, 4.2.1, 4.2.2, 4.2.3,
5.4.5 (survival to continue for [***] ([***]) [***]post termination or expiration or, if Section 9.5.1(e) is applicable, then for a period of [***] following the expiration of all Royalty Terms), 5.5 (survival to
continue for [***] post termination or expiration), 5.6, 5.7, 6, 7.1, 8.1, 8.2, 8.3, 9.1, 9.5, 9.6, 10, 11.3, 11.4, 11.5, 11.6, 11.7,
11.8, 11.9, 11.12, 11.13, 11.14, 11.15 and 11.16 shall survive any expiration or termination of this Agreement for the time periods set forth therein and if no time period is specified, then
indefinitely. 
 10.    Indemnification. 

10.1    Indemnification by Inhibrx. Inhibrx shall indemnify, defend and hold Licensee,
its Affiliates and its and their respective agents, employees, officers and directors (each a “Licensee Indemnitee”) harmless from and against any and all Third Party claims, suits, actions, demands, judgments, liabilities, expenses
or losses, including reasonable legal expenses and attorneys’ fees (collectively, “Licensee Losses”), to which any Licensee Indemnitee may become subject to the extent such Licensee Losses are directly or indirectly caused by
or otherwise arise out of or in connection with: (a) the breach by Inhibrx of any covenant, representation or warranty or other agreement made by Inhibrx in this Agreement; or (b) the gross negligence or willful misconduct of
(1) Inhibrx or its Affiliates or (2) Inhibrx’s subcontractors or agents acting in connection with the matters that are subject of this Agreement; except, in each case, to the extent such Licensee Losses result from: (i) the
breach by Licensee of any covenant, representation, warranty or other agreement made by Licensee in this Agreement; or (ii) the negligence or willful misconduct of any Licensee Indemnitee. 

10.2    Indemnification by Licensee. Licensee shall indemnify, defend, and hold Inhibrx, its
Affiliates and its and their respective agents, employees, officers and directors (each a “Inhibrx Indemnitee”) harmless from and against any and all Third Party claims, suits, actions, demands, judgments, liabilities,
expenses, or losses, including reasonable legal expenses and attorneys’ fees (collectively, “Inhibrx Losses”) to which any Inhibrx Indemnitee may become subject to the extent such Inhibrx Losses are directly or
indirectly caused by or otherwise arise out of or in connection with: (a) the performance by Licensee (or its Affiliates, sublicensees or subcontractors) of Licensee’s obligations under this Agreement; (b) the practice by Licensee,
its Affiliates or its sublicensees of any license or sublicense granted to Licensee hereunder, through the manufacture, research, development, use, sale, offer for sale, exportation, or importation of a Product or otherwise; (c) the
manufacture, use, handling, storage, importation, exportation, sale, or other disposition by Licensee, its Affiliates, sublicensees, subcontractors or distributors of Product(s); (d) the use by a Third Party of any Product sold or otherwise provided
by Licensee, its Affiliates, sublicensees, subcontractors or distributors; (e) a breach by Licensee or its Affiliates of any covenant, representation, warranty or other agreement made by Licensee in this Agreement; or (f) the negligence or
willful misconduct of (1) Licensee or its Affiliates or (2) Licensee’s sublicensees, subcontractors, distributors or agents acting in connection with the matters that are subject of this Agreement; except, in each case, to the extent
such Inhibrx Losses result from: (i) the breach by Inhibrx, its Affiliates, sublicensees or subcontractors of any covenant, representation, warranty or other agreement made by Inhibrx in this Agreement; or (ii) the negligence or willful
misconduct of any Inhibrx Indemnitee. 
 10.3    Notice of Indemnification Obligation
and Defense. As used in this Section 10.3, the term “Losses” means, as applicable, any and all Inhibrx Losses or Licensee Losses, and “Indemnitees” means, as applicable, any
and all Inhibrx Indemnitees or Licensee Indemnitees. Any Party entitled to indemnification under Section 10.1 or 10.2 shall promptly give notice to the indemnifying Party of any actual or potential Losses of which it
becomes aware that may be subject to indemnification hereunder, but the failure or delay to so notify the indemnifying Party shall not relieve the indemnifying Party from any liability under Section 10.1 or 10.2
except to the extent that the indemnifying Party’s ability to defend against such Losses was actually prejudiced as a result of such failure or delay. The indemnifying Party shall have the right to assume and control the defense of such Losses
(at its own expense) with outside counsel of its choice and reasonably satisfactory to the indemnified Party; provided, however, that the indemnified Party shall have the right to retain and be represented by its own counsel (at its
own expense) in connection therewith. The indemnified Party shall, upon request, cooperate with the indemnifying Party and its legal representatives in connection with the investigation and defense of such Losses, including by providing or otherwise
making available information in its possession with respect thereto. Neither 

  
 21 

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 
 Party shall settle or otherwise resolve any claim, suit, action, or demand related to
any Losses without the prior written consent of the other Party, if such settlement or other resolution would (a) result in the admission of any liability or fault on behalf of the other Party or its Indemnitees, (b) result in or impose
any payment obligations upon the other Party or its Indemnitees, (c) or subject the other Party to an injunction or otherwise limit the other Party’s ability to take any actions or refrain from taking any actions under this Agreement. 

10.4    LIMITATION OF LIABILITY. EXCEPT FOR LIABILITIES ARISING UNDER SECTION 10.1 AND
10.2, IN NO EVENT WILL EITHER PARTY BE LIABLE TO THE OTHER PARTY FOR ANY SPECIAL, PUNITIVE, INDIRECT, INCIDENTAL, EXEMPLARY OR CONSEQUENTIAL DAMAGES (INCLUDING ANY CLAIMS FOR LOST PROFITS, SALES, REVENUES OR OPPORTUNITIES) ARISING OUT OF OR
IN CONNECTION WITH THIS AGREEMENT (OR THE EXERCISE OF ITS RIGHTS HEREUNDER) UNDER ANY THEORY OF LIABILITY, AND REGARDLESS OF ANY NOTICE OR KNOWLEDGE OF THE POSSIBILITY OF SUCH DAMAGES. 

11.    General Provisions. 

11.1    Assignment. Except as provided in this Section 11.1, neither Party may
assign or otherwise transfer this Agreement or any right or obligation hereunder, without the prior written consent of the other Party. Notwithstanding the foregoing, either Party may, without consent of the other Party, assign this Agreement or any
of its rights or obligations hereunder in whole or in part to: (i) an Affiliate of such Party; (ii) in connection with the transfer or sale of all or substantially all of its assets, the line of business, or Product to which this Agreement
relates; or (ii) its successor in interest in connection with a Strategic Transaction; provided, however, that in the case of assignment to an Affiliate, the assigning Party shall, notwithstanding such assignment, remain
responsible for the performance of such Affiliate under this Agreement. Any attempted assignment not in accordance with this Section 11.1 shall be null and void and of no legal effect. The terms and conditions of this
Agreement shall be binding upon, and shall inure to the benefit of, the Parties and their respected successors and permitted assigns. 

11.2    Severability. If any one or more of the provisions contained in this Agreement is held invalid,
illegal or unenforceable in any respect by a court or other governmental authority of competent jurisdiction, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired
thereby, unless the absence of the invalidated provision(s) adversely affects the substantive rights of one or both of the Parties. The Parties shall in such an instance cooperate and use good faith efforts to replace the invalid, illegal or
unenforceable provision(s) with valid, legal and enforceable provision(s) which, insofar as practical, implements the purposes of this Agreement. 

11.3    Notices. All notices that are required or permitted hereunder shall be in writing and sufficient if
(i) delivered personally, (ii) sent by facsimile (and promptly confirmed by personal delivery, registered or certified mail, or internationally recognized express courier (e.g., Federal Express), (iii) sent by internationally recognized
express courier or (iv) sent by registered or certified mail, postage prepaid, return receipt requested, addressed as follows: 
  

			
	if to Inhibrx, to:	    	 Inhibrx, Inc.
 11025 North Torrey Pines Road

Suite 200
 La Jolla, California 92037

Attention: [***]
 Email:
[***]

  
 22 

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

			
	if to Licensee, to:	    	 bluebird bio, Inc.
 60 Binney Street

Cambridge, Massachusetts 02142
 Attention: [***]

Email: [***]

 or to such other address(es) as the Party to whom notice is to be given may have furnished to the other Party in writing in
accordance herewith (which notice a Party may provide by email in accordance with this Section 11.3). Any such notice shall be deemed to have been given: (i) when delivered, if personally delivered or sent by facsimile
on a Business Day (or if delivered or sent on a non-Business Day, then on the next Business Day); (ii) on the Business Day of scheduled delivery, if sent by internationally recognized express courier; or
(iii) on the fifth Business Day following the date of mailing, if sent by mail. 
 11.4    Applicable
Law. This Agreement and all claims relating to or arising out of this Agreement or the breach thereof shall be governed by and construed in accordance with the laws of the State of Delaware without reference to any rules of conflict of laws.

 11.5    Dispute Resolution. The Parties shall negotiate in good faith and use reasonable
efforts to amicably settle any dispute, controversy or claim arising from or related to this Agreement or the breach thereof, except for any Excluded Claims (each, a “Dispute”). Either Party shall have the right to refer any Dispute
to the CEO of Inhibrx and the CEO of Licensee (or their respective designees) who shall attempt in good faith to resolve such Dispute over a period of [***] ([***]) [***]. 

11.5.1.    If the Parties do not fully settle any Dispute within [***] ([***]) [***] of referring
such matter to the executive officers pursuant to Section 11.5, then either Party may submit the Dispute for final resolution by binding arbitration (an “Arbitration”) administered by JAMS pursuant to its
Comprehensive Arbitration Rules and Procedures and in accordance with the Expedited Procedures in those Rules then in effect (the “JAMS Rules”), except as provided in Section 11.5.4 with respect to
discovery, and judgment on the Arbitration award may be entered in any court having jurisdiction thereof. The proceedings and decisions of the arbitrators in any Arbitration under this Section 11.5 shall be confidential
except as otherwise expressly permitted in this Agreement or required by applicable Law. 

11.5.2.    Each Arbitration shall be conducted by a panel of three arbitrators, each with
substantial experience in the pharmaceutical or biotechnology business selected pursuant to the JAMS Rules. Within [***] ([***]) [***] after initiation of an Arbitration, each Party shall select one person to act as an arbitrator and the two
Party-selected arbitrators shall select a third arbitrator within [***] ([***]) [***] of their appointment. If a Party fails to timely select an arbitrator, or if the arbitrators selected by the Parties fail to timely agree upon the third
arbitrator, then such arbitrator(s) shall be appointed by JAMS. The place of arbitration shall be New York City, New York and all proceedings and communications shall be in English. 

11.5.3.    Each Party shall comply with all applicable Laws related to the preservation of evidence
as if such dispute were brought in the United States District Court for the Southern District of New York. Notwithstanding the JAMS Rules, each Party shall be entitled to discovery to the same extent provided by the United States Federal Rules of
Civil Procedure in effect at the time of such Arbitration, including the right to mandatory disclosures under Rule 26, and the right to take depositions, issue subpoenas (by application to the appropriate court), and obtain documents and written
discovery. The arbitrators may sanction a Party that fails to comply with its discovery obligations under this Section 11.5.3, including sanctions provided under Federal Rule of Civil Procedure 37. 

11.5.4.    The Parties shall maintain the confidential nature of the Arbitration or except as may
be necessary in connection with a court application for a preliminary remedy, a judicial challenge to an award or its enforcement, or unless otherwise required by applicable Law or judicial decision. 

  
 23 

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 
 11.5.5.    Either Party may
apply to the arbitrators for interim injunctive relief until the arbitration award is rendered or the controversy is otherwise resolved. Either Party also may, without waiving any remedy under this Agreement, seek from any court having jurisdiction
any injunctive or provisional relief necessary to protect the rights or property of that Party pending the arbitration award. The arbitrators shall have no authority to award punitive, exemplary or any other type of damages excluded under
Section 10.4, and the Parties hereby irrevocably waive any right to seek or recover any such damages.    Each Party shall bear an equal share of the arbitrators’ fees and any administrative fees of
each Arbitration. The arbitrators’ decision shall be final, not appealable, and legally binding, and judgment may be entered thereon in a court of competent jurisdiction. 

11.5.6.    Except to the extent necessary to confirm an award or as may be required by applicable
Law, neither a Party nor an arbitrator may disclose the existence, content, or results of an Arbitration without the prior written consent of both Parties. In no event shall an Arbitration be initiated after the date when commencement of a legal or
equitable proceeding based on the dispute, controversy or claim would be barred by applicable New York or federal statute of limitations. 

11.5.7.    All the obligations of the Parties under this Agreement that are not expressly disputed
in the Arbitration shall remain in full force during the Arbitration. 
 11.5.8.    As used in
this Section 11.5, the term “Excluded Claim” means a dispute, controversy or claim between the Parties to the extent it concerns (a) the scope, validity, enforceability, inventorship or infringement of
Patents; or (b) compliance by the Parties with any Laws governing antitrust, anti-monopoly or competition, whether or not statutory. 

11.6    Entire Agreement; Amendments. This Agreement, together with the Exhibits hereto,
constitutes the entire understanding of the Parties with respect to the subject matter hereof and supersedes and cancels all previous express or implied agreements and understandings, negotiations, writings and commitments, either oral or written,
in respect to the subject matter hereof. The Exhibits to this Agreement are incorporated herein by reference and are part of this Agreement. This Agreement may be amended, or any term hereof modified, only by a written instrument duly executed by
authorized representatives of both Parties. 
 11.7    Headings. The captions to the several Sections and
subsections hereof are not a part of this Agreement, but are merely for convenience to assist in locating and reading the several Sections and subsections hereof. 

11.8    Independent Contractors. It is expressly agreed that Inhibrx and Licensee shall be
independent contractors and that the relationship between the two Parties shall not constitute a partnership, joint venture or agency, and neither Party will treat the relationship between the Parties as a partnership, joint venture or other entity
for any purposes. Neither Inhibrx nor Licensee shall have the authority to make any statements, representations or commitments of any kind on behalf of, or otherwise bind or obligate the other Party, without the prior written consent of such other
Party. 
 11.9    Performance by Affiliates. Each Party may discharge any obligations and
exercise any right hereunder through any of its Affiliates. Each Party hereby guarantees the performance by its Affiliates of such Party’s obligations under this Agreement, and shall cause its Affiliates to comply with the provisions of this
Agreement in connection with such performance. Any breach by a Party’s Affiliate of any of such Party’s obligations under this Agreement shall be deemed a breach by such Party, and the other Party may proceed directly against such Party
without any obligation to first proceed against such Party’s Affiliate. 
 11.10    Further
Actions. Each Party agrees to execute, acknowledge and deliver such further instruments, and to do all such other acts, as are reasonably necessary to carry out the purposes and intent of this Agreement. 

  
 24 

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 
 11.11    Waiver. No waiver or release
of any obligation under or provision of this Agreement shall be valid or effective unless in writing and signed by the waiving Party. The failure of any Party to insist on the performance of any obligation hereunder shall not be deemed to be a
waiver of such obligation. Waiver of any provision hereunder or of any breach of any provision hereof shall not be deemed to be a continuing waiver or a waiver of any other breach of such provision (or any other provision) on such occasion or any
succeeding occasion. 
 11.12    Cumulative Remedies. Unless as specified, no remedy referred to in
this Agreement is intended to be exclusive, but each shall be cumulative and in addition to any other remedy referred to in this Agreement or otherwise available under applicable Law. 

11.13    Rule of Construction. Each Party has had the opportunity to consult with counsel in
connection with the review, drafting and negotiation of this Agreement. Accordingly, the rule of construction that any ambiguity in this Agreement shall be construed against the drafting Party shall not apply. 

11.14    Certain Conventions. Any reference in this Agreement to a Section, subsection, paragraph,
clause or Exhibit shall be deemed to be a reference to a Section, subsection, paragraph, clause or Exhibit, of or to, as the case may be, this Agreement, unless otherwise indicated. Unless the context of this Agreement otherwise requires,
(a) words of any gender include each other gender, (b) words such as “herein”, “hereof”, and “hereunder” refer to this Agreement as a whole and not merely to the particular provision in which such words
appear, (c) words using the singular shall include the plural, and vice versa, (d) references to “day” mean calendar days, (e) the words “include,” “includes” and “including” shall be deemed to
be followed by the phrase “but not limited to,” “without limitation,” “inter alia” or words of similar import, and (f) the word “or” shall not be deemed to be used in the exclusive sense and shall instead
be used in the inclusive sense to mean “or”, unless the context is clear that only one of the options described may apply. 

11.15    Counterparts. The Parties may execute this Agreement in counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument. 
 11.16    No
Third Party Beneficiaries. The Parties agree that no provision of this Agreement shall be for the benefit of, or shall be enforceable by any Third Party, including any creditor of either Party. 

[Remainder of page intentionally blank; signature page follows.] 

  
 25 

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 
 IN WITNESS WHEREOF, the Parties have executed this License Agreement as
of the Effective Date. 
  

									
	Inhibrx, Inc.	 		 	bluebird bio, Inc.
					
	By:	 	/s/ Brendan Eckelman	 		 	By:	 	/s/ Jason Cole

									
					
	    	 	Brendan Eckelman	 	                    	 	Name:	 	Jason Cole
					
		 	Chief Scientific Officer	 		 	Title:	 	Chief Legal Officer

  
 26 

Portions of this Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the 

Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 

pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 
 Exhibit 1.38 

Inhibrx Patents as of the Effective Date 

  
 Portions of this
Exhibit, indicated by the mark “[***]”, were omitted and have been filed separately with the 
 Securities and
Exchange Commission pursuant to the Registrant’s application requesting confidential treatment 
 pursuant to Rule 406 of
the Securities Act of 1933, as amended.

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