Document:

EX-10.9

 Exhibit 10.9 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE
THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. 
 FINAL 

EXCLUSIVE LICENSE AGREEMENT 

BETWEEN THE UNIVERSITY OF CHICAGO AND PYXIS ONCOLOGY 

FOR CANCER IMMUNOTHERAPY TECHNOLOGY 

 FINAL 

TABLE OF CONTENTS 
  

									
	 	 	 	  	 	  	Page	 
	1.	 		  	Definitions	  	 	1	 
	2.	 		  	Grant	  	 	5	 
		 	A.	  	 Grant
	  	 	5	 
		 	B.	  	 Possession of Technical Information
	  	 	5	 
		 	C.	  	 Ongoing Obligations of Former Affiliates
	  	 	6	 
		 	D.	  	 Sublicense
	  	 	6	 
		 	E.	  	 Reservation of Rights
	  	 	6	 
		 	F.	  	 [RESERVED]
	  	 	6	 
		 	G.	  	 U.S. Government Rights
	  	 	6	 
		 	H.	  	 No Other Rights
	  	 	7	 
		 	I.	  	 Responsibility for Licensed Entities
	  	 	7	 
	3.  	 		  	Payments	  	 	7	 
		 	A.	  	 Common Stock Grant
	  	 	7	 
		 	B.	  	 Royalties
	  	 	8	 
		 	C.	  	 Minimum Royalties
	  	 	10	 
		 	D.	  	 License Maintenance Fees
	  	 	10	 
		 	E.	  	 Milestone Payments
	  	 	10	 
		 	F.	  	 Payment and Reporting
	  	 	11	 
		 	G.	  	 Sublicense Revenue
	  	 	11	 
		 	H.	  	 Overdue Payments
	  	 	12	 
	4.	 		  	Diligence	  	 	12	 
		 	A.	  	 Development Obligations
	  	 	12	 
		 	B.	  	 Development Plan
	  	 	12	 
		 	C.	  	 Promotion and Marketing
	  	 	12	 
		 	D.	  	 Extension of Timelines
	  	 	13	 
	5.	 		  	Records and Review	  	 	13	 
		 	A.	  	 Full and Accurate Records
	  	 	14	 
		 	B.	  	 Progress Reports
	  	 	14	 
	6.	 		  	Patents	  	 	14	 
		 	A.	  	 Prosecution, Defense and Maintenance
	  	 	15	 
		 	B.	  	 Patent Costs
	  	 	17	 
		 	C.	  	 Challenges
	  	 	18	 
		 	D.	  	 Infringement
	  	 	18	 
	7.	 		  	Term and Termination	  	 	19	 
		 	A.	  	 Term
	  	 	20	 
		 	B.	  	 University’s Right to Terminate
	  	 	20	 
		 	C.	  	 Termination and Affiliates
	  	 	20	 
		 	D.	  	 Company’s Right to Terminate
	  	 	20	 
		 	E.	  	 Survival
	  	 	21	 
		 	F.	  	 Post Termination Obligations of Company
	  	 	21	 

 FINAL 
  

									
	8.	 		  	Representations, Warranties, Disclaimers; Indemnification; Insurance; Primary	  			
		 		  	 Responsibility
	  	 	22	 
		 	A.	  	 Representations, Warranties and Covenants of Company
	  	 	22	 
		 	B.	  	 Representations, Warranties and Covenants of University
	  	 	22	 
		 	C.	  	 Disclaimer of Warranties
	  	 	23	 
		 	D.	  	 Indemnification
	  	 	24	 
		 	E.	  	 Assumption of Risk
	  	 	24	 
		 	F.	  	 Insurance
	  	 	24	 
	9.  	 		  	Miscellaneous	  	 	24	 
		 	A.	  	 Marking
	  	 	25	 
		 	B.	  	 Export Regulations
	  	 	25	 
		 	C.	  	 Entire Agreement, Amendment
	  	 	25	 
		 	D.	  	 Notice
	  	 	31	 
		 	E.	  	 Assignment
	  	 	25	 
		 	F.	  	 Governing Law
	  	 	26	 
		 	G.	  	 Arbitration
	  	 	26	 
		 	H.	  	 Independent Contractors
	  	 	26	 
		 	I.	  	 No Use of Name
	  	 	26	 
		 	J.	  	 Waiver
	  	 	27	 
		 	K.	  	 Construction
	  	 	27	 
		 	L.	  	 Execution
	  	 	27	 
		 	M.	  	 Severability
	  	 	27	 
		 	N.	  	 Third Party Beneficiaries
	  	 	27	 
		 	O.	  	 Force Majeure
	  	 	28	 
		 	P.	  	 Interpretation
	  	 	28	 
		 	Q.	  	 Confidentiality
	  	 	28	 
		 	R.	  	 Timely Countersignature
	  	 	28	 

 FINAL 
  

 EXCLUSIVE LICENSE AGREEMENT 

BETWEEN THE UNIVERSITY OF CHICAGO AND PYXIS ONCOLOGY 

FOR CANCER IMMUNOTHERAPY TECHNOLOGY 

This License Agreement (“Agreement”), dated April 16th, 2020 (the “Effective Date”), is
between The University of Chicago, an Illinois not-for-profit corporation (“University”), and Pyxis Oncology, Inc., a Delaware corporation,
having an address 800 Boylston St, Boston, MA 02199 (“Company”). Each hereunder may be referred to separately as the “Party”, or together as the “Parties”. 

WHEREAS, University has certain Licensed Patents and Technical Information arising from the disclosures entitled, “Therapeutic
targets identified on dysfunctional TIL,” further identified as UCHI 2650, “Beta-catenin inhibitors in cancer immunotherapy,” further identified as UCHI 2381, and “Methods for Diagnosis and Treatment of Cancer Through
Identification and Suppression of T-cell Anergy by way of the EGR2 Transcriptome,” further identified as UCHI 2232, regarding the work of Thomas Gajewski, Jason Williams, Brendan Horton, Stefani Spranger,
Robbert Spaapen, Yan Zheng, and Yuanyuan Zha, funded in part by the U.S. government; 
 WHEREAS, Company wishes to obtain an
exclusive license under such Licensed Patents and access such Technical Information to diligently develop and commercialize Licensed Products; and 

WHEREAS, University is willing to grant such rights in accordance with the terms and conditions of this Agreement to afford the public
access to Licensed Products. 
 NOW, THEREFORE, for good and valuable consideration, the Parties agree as follows: 

 

	1.	 Definitions 

The capitalized terms listed below and used in this Agreement will have the meanings set forth in this Section 1
(“Defined Terms”). A glossary of Defined Terms is included in Schedule H. 

“Affiliate” means: (i) with respect to University, any corporation or other entity that directly or indirectly
controls, is controlled by, or is under common control with, University where “control” means direct or indirect ownership of, or other beneficial interest in, fifty percent (50%) or more of the voting stock, other voting interest, or
income of a corporation or other entity or the ability to direct the affairs of such other entity through contract rights or otherwise; and (ii) with respect to any entity other than University, any corporation or other entity that directly or
indirectly controls, is controlled by, or is under common control with, such other entity, where “control” means direct or indirect ownership of, or other beneficial interest in, fifty percent (50%) or more of the voting stock, other
voting interest, or income of a corporation or other entity or the ability to direct the affairs of such other entity through contract rights or otherwise, but any portfolio company of any stockholder of Company (which stockholder is a venture
capital fund or private equity fund) shall be deemed not to be “under common control with” Company. 
 “Calendar
Quarter” means each of the four, three-month periods ending on March 31st, June 30th, September 30th, or December 31st. 

  
 Page 1 of 40 

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 “CDA” means the Confidentiality and
Non-Use Agreement between the Parties dated June 27, 2018. 
 “Change of
Control” means an assignment of the Agreement to an unrelated third-party, a direct merger or other change in corporate structure where Company is not the surviving entity, a sale or transfer of the capital stock of Company representing
more than fifty percent (50%) of the voting power of the stockholders of Company immediately prior to such sale. Notwithstanding the foregoing, a Change of Control shall not include a financing in which Company transfers more than fifty percent
(50%) of the voting power of the stockholders to new equity holders (e.g., venture capital investors or other investors) who do not exercise direct control over
day-to-day operations of Company. 

“Commence” or “Commencement” means, with respect to any clinical trial, the first dosing of
the first patient in such clinical trial. 
 “Confidential Information” has the meaning set forth in Schedule G.

 “Field” means all fields. 

“First Commercial Sale” means the first sale of a Licensed Product by a Licensed Entity to an unaffiliated third party
(as defined in Section 9.P.xi) for consideration after receipt of regulatory approval for the sale of such Licensed Product in the relevant jurisdiction. 

“IND” means an Investigational New Drug application, or similar application or submission, filed by Company or any
other Licensed Entity for approval to conduct human clinical investigations filed with or submitted to a regulatory authority in conformance with the requirements of such regulatory authority. 

“Indication” means (a) a cancerous condition resulting from a separate and distinct tumor type or (b) any non-cancerous condition, in each case of (a) or (b) for any size patient population and in each case of (a) or (b) subject to the following: (i) subtypes of the same disease or condition are not
additional Indications; (ii) different symptom domains or domains of impairment of the same disease or condition are not additional Indications; (iii) the approved or potential use of any product for such disease in different combinations
or co-therapies of treatments are not additional Indications (e.g., monotherapy vs. add-on or combination therapy with another agent in the same disease); (iv)
treatment, prevention or cure of a disease or disease subtype each are not additional Indications; (v) the approved or potential use of any product for such disease in a different line of treatment or a different temporal position in a
treatment algorithm for the same disease or condition are not additional Indications (e.g., first line vs. second line therapy in the same disease or condition); and (vi) treatment of the same disease or condition with any product in an
expanded, narrowed, modified or additional patient population or for a different defined subset of patients with such disease or condition (or, with respect to cancer, cancer of the same tumor type) (e.g., elderly, or genetically defined patients
subgroups (e.g., 17 p deletion CLL patients), etc.) are not additional Indications. 
 “Licensed Entity” means
Company, an Affiliate of Company that has obtained a license under Section 2.A, or a Sublicensee. 

  
 Page 2 of 40 

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 K. “Licensed Patents” means (i) (A) the patents and patent
applications listed on Schedule A attached hereto, and (B) except to the extent of any Licensed Entity’s interest therein, the patents and patent applications claiming (1) [***] (2) [***] or (3) [***], (ii) all divisions, continuations, continuations-in-part or foreign counterparts of any of the foregoing, and (iii) any patents which may issue from any such patent applications in clause (i) or (ii),
and any reexaminations, reissues, substitutions, extensions of or to or supplementary protection certificates referencing any of the foregoing patents or patent applications; provided, however, that “Licensed Patents” will
not include any claims in continuations-in-part of any of the foregoing that are not fully supported under 35 U.S.C. §112(a) (except for the best mode requirement)
by at least one of the patents or patent applications listed on Schedule A [***]. 
 “Licensed Product” means: 

(i) any product, device, system, article of manufacture, machine, composition of matter, process, or service (or component thereof); 

(ii) any method of using any of the foregoing; or 

(iii) any process for making any of the foregoing, 

[***]: 
 (a)[***] 

(b) [***] 
 (x) [***] 

(y) [***] 
 (z) [***] 

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

“Materials” means [***]. 

“Net Sales” means [***]: 

A. [***]; 
 B. [***] 

C. [***]; 
 D. [***]; and 

E. [***]. 

  
 Page 3 of 40 

 FINAL 
  

 i. [***]. 

ii. [***]. 

iii. [***]. 

iv. [***]. 

v. [***]. 

“Non-Commercial Research Purposes” means academic research or other not-for-profit scholarly purposes which are undertaken at a non-profit or government institution and publishing in connection
therewith. 
 “Option Agreement” means the Option Agreement between the Parties dated July 13, 2018, as
amended. 
 “Phase I Clinical Trial” means a human clinical trial, in any country, that would satisfy the
requirements of 21 C.F.R. 312.21(a). 
 “Phase II Clinical Trial” means a human clinical trial, in any country, that
would satisfy the requirements of 21 C.F.R. 312.21(b). 
 “Phase III Clinical Trial” means a human clinical trial,
in any country, that would satisfy the requirements of 21 C.F.R. 312.21(c). 
 “Royalty(ies)” means all amounts
payable under Section 3.B of this Agreement. 
 “SRA” means [***]. 

“Sublicense” means any agreement entered into by Company or another Licensed Entity with any third party pursuant to
which: (i) any sublicense to the Licensed Patents or Technical Information is granted, including any sublicense rights to make, offer for sale, use, sell, or import Licensed Products; or (ii) Company covenants not to sue for the practice
or use of any part of the Licensed Patents or Technical Information. 
 “Sublicense Revenue” means [***]. 

“Sublicensee” means any person, company, or other entity granted a Sublicense. A distributor who purchases a Licensed
Product directly or indirectly from a Licensed Entity and does not need a license under the Licensed Patents or Technical Information to resell such Licensed Product is not a Sublicensee. For clarity, such purchase by such non-Sublicensee distributor from a Licensed Entity shall constitute a sale subject to Section 3.B to the extent consistent with Section 3.B. 

“Technical Information” means [***] 

“Territory” means worldwide. 

  
 Page 4 of 40 

 FINAL 
  

 “Unique Target” means [***]. 

“Valid Claim” means (i) an issued claim of any unexpired Licensed Patent or (ii) a claim of any pending
Licensed Patent that, in each case of (i) or (ii), has not been held unenforceable, unpatentable, or invalid by a decision of a court or governmental body of competent jurisdiction in a ruling that is unappealable or unappealed within the time
allowed for appeal and has not been disclaimed or admitted to be invalid or unenforceable through reissue, re-examination, disclaimer or otherwise; [***] 

 

	2.	 Grant 

A. Grant. 
 Subject to the
terms and conditions of this Agreement, University hereby grants to Company and, upon written notice from Company to University, to any applicable Affiliate of Company, and Company on behalf of itself and such of its Affiliates accepts: 

i. an exclusive, royalty-bearing license under the Licensed Patents in the Field and Territory to make, have made, use, import, have sold,
offer to sell and sell Licensed Products within the Field and within the Territory; and 
 ii. a nonexclusive, royalty-bearing (to the extent
consistent with Section 3.B) license to use the Technical Information in the Field and Territory to discover, research, develop, make, have made, use, import, have sold, offer to sell and sell Licensed Products
within the Field and within the Territory. 
 B. Possession of Technical Information. 

i. [***] 
 ii. Technical
Information is provided by University to Company solely for the use permitted in Section 2.A.ii or otherwise expressly provided in this Agreement, and nothing herein will be construed as constituting a sale thereof. 

  
 Page 5 of 40 

 FINAL 
  

 iv. Unless otherwise specified in writing by University, Licensed Entities shall maintain
Technical Information as University’s Confidential Information during and, (subject to Section 6 of Schedule G) after, the term of this Agreement in accordance with Schedule G (subject to Section 5 therein). 

C. Ongoing Obligations of Former Affiliates. 

While an entity is entitled to the benefits of an Affiliate under this Agreement for only the period of time the entity qualifies as an
Affiliate under the definition (in accordance with Section 7.C), all obligations under this Agreement that accrued to such entity while an Affiliate will survive until fulfilled even though the entity no longer qualifies as
an Affiliate. 
 D. Sublicense. 

Subject to the terms and conditions of this Agreement, Company and its applicable Affiliates and Sublicensees will have the right to grant
Sublicenses through multiple tiers. Each Sublicense must be granted pursuant to a valid and binding written agreement that expressly states that such Sublicense is subject to, and the applicable Sublicensee is obligated to comply with, all of the
terms and conditions of this Agreement applicable to the Company: Sections 2.B.iii, 2.E, 2.G.i, 2.H, 8.C, 8.F, 9.A, 9.B and 9.I (the “Flow-Down Provisions”)
(including providing that University is a third-party beneficiary to such provisions of such Sublicense). As specified in Section 2.I, Company will use reasonable efforts to ensure that all Licensed Entities will comply
with all such terms and conditions of this Agreement applicable to Company. In the event of any inconsistency between the Sublicense and any of the Flow-Down Provisions, the applicable Flow-Down Provisions will control with respect to the rights
hereunder subject to such Sublicense. Any Sublicense that does not include the Flow-Down Provisions is null and void ab initio. Company will promptly after Company’s receipt thereof provide University with a copy of each Sublicense and any
amendments thereof; provided, that, any Sublicense may be redacted to delete any terms not material to compliance with this Agreement. Any entity that is an Affiliate may, instead of obtaining rights through Section 2.A, be
granted rights as a Sublicensee. 
 E. Reservation of Rights. 

University reserves the worldwide right to: (i) practice or have practiced, and to grant to third parties the right to practice or have
practiced, the Licensed Patents, including tangible property embodying the same, for Non-Commercial Research Purposes and for the conduct of its operations and the operations of its Affiliates; and
(ii) permit its Affiliates (including the University of Chicago Medical Center (“UCMC”)), contractors, and consultants to do any of the activities set forth in clause (i) in connection with the operations of
University and its Affiliates (including UCMC) for Non-Commercial Research Purposes. For the avoidance of doubt, the rights retained by University include the right of University and its Affiliates to practice
the Licensed Patents for their respective healthcare operations in providing patient care. University reserves the worldwide right to practice or have practiced, and to grant to third parties the right to practice or have practiced, Technical
Information for any purpose. 
 F. [RESERVED] 

G. U.S. Government Rights. 

  
 Page 6 of 40 

 FINAL 
  

 i. Company understands that this Agreement is subject to any rights of or obligations to the
U.S. Government, including, as applicable, under 35 U.S.C. § 200 et seq., 37 C.F.R. § 401 et seq. (“Bayh-Dole Act”), or any other applicable law or regulation, including but not limited to the grant to the U.S.
Government of a nonexclusive, nontransferable, irrevocable, paid-up license to practice or have practiced any Subject Invention (as defined in the Bayh-Dole Act) for or on behalf of the U.S. Government
throughout the world. Company agrees to comply and permit University to comply with the Bayh-Dole Act, including the provisions thereof to provide the reporting required and to substantially manufacture Subject Inventions and products produced
through the use of Subject Inventions in the United States, unless waived. 
 ii. At Company’s request and reasonable expense, such
reasonable expense incurred by University to be reimbursed by Company, University shall seek a waiver of the substantial manufacturing obligations under the Bayh-Dole Act. Company represents to University that, as of the Effective Date, Company and
each of its Affiliates is a “small business firm” as defined in 15 U.S.C. §632, and Company shall promptly notify University of any changes thereto. 

H. No Other Rights. 
 No
rights in and to the Licensed Patents and Technical Information other than those provided in this Section 2 or otherwise expressly provided in this Agreement or in any other agreement between University and any Licensed
Entity, are conveyed by University. No rights to any patents except those included in the Licensed Patents are conveyed by University in this Agreement. Nothing contained in this Agreement or a Party’s performance hereunder will be construed as
conferring, by implication, estoppel or otherwise, upon any Licensed Entity, any party in privity with any Licensed Entity, or any customer of any of the foregoing, any right, title or interest under any intellectual or tangible property right of
University at any time, except for those rights expressly granted in Section 2.A or otherwise expressly provided in this Agreement or in any other agreement between University and any Licensed Entity. No rights are granted
to University in this Agreement under any intellectual property owned by Company or any other Licensed Entity. 
 I. Responsibility for
Licensed Entities. 
 In the event that University believes that any Licensed Entity has breached this Agreement, [***]. For the
avoidance of doubt, a Sublicensee’s failure to comply with the applicable terms of this Agreement or its sublicense agreement will in no way impact the rights and obligations of any other Licensed Entity, other than Company, under this
Agreement. 
  

	3.	 Payments 

A. Common Stock Grant. 

Company shall irrevocably issue to University, in partial consideration of Company’s receipt of the licenses granted under this
Agreement, [***] shares of Company’s common stock, par value $0.001 (“Common Stock”), which shares represent [***] of the sum of the Company’s (i) outstanding Common Stock as of the Effective Date, and (ii)
[***], on an as-converted to Common Stock basis. Such issuance to University shall be pursuant to an agreed-upon common stock purchase agreement, to be executed between Company and University promptly (but in
any event within [***] after the Effective Date. The rights granted to University under this Section 3.A are not transferrable except to an Affiliate of University for administrative convenience. 

  
 Page 7 of 40 

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 B. Royalties. 

Company shall pay to University Royalties as follows, on a Licensed
Product-by-Licensed Product and country-by-country basis: 

i. Valid Claims Royalty. Subject to Section 3.B.ix, with respect to a Valid Claim Licensed Product in the
country of sale (all such Royalties, in the aggregate, the “Valid Claims Royalty”): 
 (1) [***] 

(2) [***] 
 [***]. 

ii. Unique Target Royalty. Subject to Section 3.B.ix, for sales of any Unique Target Licensed Product in a
country in which such Licensed Product is not covered by a Valid Claim (all such Royalties, in the aggregate, the “Unique Target Royalty”): 

(1) [***] 
 (2) [***] 

iii. Materials Royalty. Subject to Section 3.B.ix, for sales of any Materials Licensed Product that is not a
Unique Target Licensed Product, which sales are in a country in which such Licensed Product is not covered by a Valid Claim (all such Royalties, in the aggregate, the “Materials Royalty”): 

(1) [***] 
 (2) [***] 

iv. In no event shall more than one Royalty be owed with respect to the individual sale of any Licensed Product in any country, [***] 

v. No other Licensed Products shall be subject to any Royalties. 

vi. Royalty Period. The Royalties shall be payable only for the following applicable time period (the “Royalty
Period”): (a) with respect to sales of a Valid Claim Licensed Product in the country of sale, until the last to expire Valid Claim of the Licensed Patents covering such Valid Claim Licensed Product in the country of sale,
(b) subject to Section 3.B.iv, with respect to sales of a Unique Target Licensed Product in a country, [***] from the First Commercial Sale of such Licensed Product in such country, and (c) subject to
Section 3.B.iv, with respect to sales of a Materials Licensed Product in a country, [***] from the First Commercial Sale of such Licensed Product in such country. 

  
 Page 8 of 40 

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 vii. Paid-up License. If no Royalty is due
with respect to a sale of a Licensed Product in a country, the license granted pursuant to Section 2.A with respect to such Licensed Product in such country shall become royalty-free, perpetual, irrevocable, freely
sublicenseable and freely transferrable and no other payments shall be due to University with respect to such Licensed Product in such country. 

viii. Importance of Technical Information. Company has requested, and University has agreed, to grant certain rights to Technical
Information. Company requires these rights in order to develop and commercialize the technology licensed. Because of the importance of Technical Information, Company has agreed to pay certain Royalties to University on Licensed Products, as
specified above, even if not covered by a Valid Claim, in order to obtain rights to Technical Information. Company has agreed to these payments because of the commercial value of Technical Information, separate and distinct from the commercial value
of the Licensed Patents. Company acknowledges that the reduced royalty for certain Licensed Products that are not covered by a Valid Claim is fair and reasonable in order to compensate University for Company’s license of the Technical
Information. 
 ix. Third Party Licenses. In the event that a Licensed Entity acquires a license or other right under any patent
owned and controlled by any unaffiliated third party (as defined in Section 9.P.xi) that will otherwise be infringed by, or is necessary for, the manufacture, use, sale, offer for sale or importation of a Licensed Product
by a Licensed Entity, then [***] of the amounts paid by any Licensed Entity for such license or rights may be credited against Royalties. However, in no event will the Royalty paid to University be reduced below: 

(x) Valid Claims Royalty: 

1. [***] 
 2. [***]; 

provided, however, that in no event, including the above described reductions on payments of Net Sales of Sublicensees and any offsets, will
the Valid Claims Royalty paid to University be reduced to below [***] of Net Sales of Valid Claim Licensed Products. 
 (y) Unique Target
Royalty: 
 1. [***] 
 2.
[***] 
 provided, however, that in no event, including the above described reductions on payments of Net Sales of Sublicensees and any
offsets, will the Unique Target Royalty paid to University be reduced below [***] of Net Sales of Unique Target Licensed Products. 
 (z)
Materials Royalty: 

  
 Page 9 of 40 

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 1. [***] 

2. [***] 
 C. Minimum
Royalties. 
 If Company has not paid Royalties with respect to Net Sales made in any period set forth that equal or exceed the
applicable amount set forth below, Company shall pay to University the difference between the amount set forth below and the Royalties paid with respect to Net Sales made in the relevant period, within [***] after the end of such period. 

 

			
	 Period
	  	Minimum Royalties
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]

 The first “Minimum Royalty Period” begins at the start of the first full Calendar Quarter beginning
after the [***] of the First Commercial Sale of any Licensed Product in any country [***]. 
 D. License Maintenance Fees. 

Company will pay to University a maintenance fee of [***] per calendar year or part thereof during which this Agreement is in effect, only in
accordance with the next sentence. The first such maintenance fee payment will be due on the third (3rd) anniversary of the Effective Date, and subsequent payments will be due on each anniversary thereafter until the First Commercial Sale of any
Licensed Product in any country. 
 E. Milestone Payments. 

Company shall notify University within [***] after Company becomes aware thereof, when each of the following events are accomplished regarding
each applicable Licensed Product by a Licensed Entity and pay to University the following amounts (which sums are nonrefundable and noncreditable against Royalties): 

[ 
 i. [***]. 

ii. [***]. 
 iii. [***] 

iv. [***] 

  
 Page 10 of 40 

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 v. [***]. 

vi. [***] 
 vii. [***] 

Each milestone shall be paid [***]. 

F. Payment and Reporting. 

i. (y) Company shall pay Royalties owing to University on a quarterly basis, with such amounts due and received by University on or before
the [***] following the end of the Calendar Quarter [***]. 
 ii. (z) [***]. 

iii. Except as otherwise directed, Company shall pay all amounts owing to University under this Agreement in U.S. dollars to University at the
address provided in Section 9.D or paid via wire transfer to the account specified by University to Company in writing. Any necessary conversion of currency into United States dollars will be at the applicable rate of
exchange (A) of Citibank, N.A. (or its successor), in New York, New York, on the last day of the Calendar Quarter in which the applicable Net Sales were made or such other applicable transaction occurred or (B) with respect to Net Sales by
a Sublicensee, using the methodology consistently applied by such Sublicensee. University is exempt from paying income taxes under U.S. law. Therefore, Company shall make all payments due under this Agreement without deduction for taxes,
assessments, or other charges of any kind which may be imposed on University by any government outside of the United States or any political subdivision of such government with respect to any amounts payable to University pursuant to this Agreement.
Subject to the foregoing, Company or the applicable Licensed Entity shall assume all such taxes, assessments, or other charges that may reduce University’s net Royalties or all other payments due under this Agreement, such as bank transfer
fees. 
 iv. Company shall submit to University a full accounting showing how any amounts owing to University under this
Section 3 have been calculated along with each such payment therefore. For Royalties, such accounting will be on a per country and Licensed Product basis and will be summarized substantially in the form shown in Schedule D
of this Agreement. Such accounting will include completing a quarterly Royalty forecast section. In the event no payment is owed to University, within [***] after the end of each Calendar Quarter after the First Commercial Sale of any Licensed
Product in any country, Company will provide to University a statement setting forth that fact. 
 v. Regardless of the circumstances, no
payment made to University is refundable and only Royalty payments are creditable toward the minimum royalty as set forth in Section 3.C. 

G. Sublicense Revenue. 

  
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 Company shall pay to University a) [***] of any Sublicense Revenue received before the first
anniversary of the Effective Date and b) [***] of any Sublicense Revenue received thereafter. Payments will be made (or assigned, as applicable) to University within [***] of receipt by Company. 

H. Overdue Payments. 
 i.
Any payments by Company that are not received by University on or before the date such payments are due under this Agreement will accrue interest at the lesser of: (a) [***] ] per month; and (b) the maximum rate allowed by law. Interest will
accrue beginning on the first day following the due date for payment and will be compounded monthly. Payment of such interest by Company will not limit, in any way, University’s right to exercise any other remedies University may have as a
consequence of the lateness of any payment. Company will be responsible for all costs of collection incurred by University including attorney’s fees and court costs. 

ii. The foregoing is subject to Section 3.F.i.z. 

 

	4.	 Diligence 

A. Development Obligations. 

Company shall [***]. 

Development Plan. 
 Within
[***] of the Effective Date, Company shall provide University with a detailed development plan for the commercialization of one or more Licensed Products. Such plan will include, as applicable, high-level research and development plans (including
proposed estimated aggregate expenses for such activities), timetables for achieving milestones and necessary government or regulatory approvals, high-level summary of market research information on competitors and market size, and sales and
marketing plans for the twelve (12) months following the Effective Date, as well as a timetable for achieving milestones and/or Company’s strategic development plans for the following two years. Company shall revise the development plan on
an annual basis and provide University with such revised plan within [***] of June 30th, concurrent with the progress report due under Section 5.B. Upon reasonable request, Company shall meet with University in a timely
manner to review any such development plan. [***] 
 B. Promotion and Marketing. 

Company shall use commercially reasonable efforts (and in no event less effort or relative expense than the level of resources and talent as is
customary for Company to use for other products with similar market potential) to promote, advertise, and sell the Licensed Products after receipt of regulatory approval in the applicable jurisdiction. 

C. Extension of Timelines. 

  
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 If Company has failed to achieve any development or other obligation described in
Section 4.A, Section 4.B, Section 4.C or Schedule E, then University shall notify Company thereof [***] 

 

	5.	 Records and Review 

A. Full and Accurate Records. 

University may from time to time and at any reasonable time, not exceeding once every twelve (12) months, through independent auditors as
University may designate that are reasonably acceptable to Company and any other applicable Licensed Entity, inspect and copy the books and records of any Licensed Entity in order to verify the payments due hereunder, the accuracy of any reported
statement by Company, or of any other financial obligation under this Agreement. Company shall keep, and shall obligate each other Licensed Entity to keep, continuous, full and accurate books and records in sufficient detail so that Company’s
compliance with its financial obligations under this Agreement can be properly determined without undue delay or difficulty. Such books and records will be maintained for at least five (5) years after the activity or Royalty reporting period(s)
to which they relate. Such books and records will include but not be limited to the following: accounting general ledgers; invoice/sales registers; original invoice and shipping documents; federal and state business tax returns; company financial
statements; sales analysis reports; inventory and/or manufacturing records; sublicense and distributor agreements; budgets and payment records for Service Payments; price lists, product catalogs and other marketing materials; and, [***] laboratory
notebooks. Company shall, and shall obligate all other Licensed Entities to, comply with this Section 5.A (other than the need to maintain, and subject to inspection, budgets and payment records for Service Payments, which
only Company is obligated to maintain and submit to audit). University shall provide Company with a full copy of any inspection report. 

Such inspection will be made at the expense of University, unless such examination discloses a discrepancy of [***] or more in the amount of
payments due University. In such case Company shall be responsible for reimbursing University for the reasonable examination fee and expenses charged by the auditor along with the underpayment. Any underpayment will bear interest as described in
Section 3.H. Company shall pay past due payments for any error, including any payment deficiency for periods prior to the period under inspection if such deficiency is determined in accordance with such inspection, [***] of
written notice thereof. The foregoing shall be subject to Section 3.F.i.z. 
 University and the auditor will
maintain in confidence such inspection, any information obtained during such inspection (including any financial or proprietary information) and the resulting report. The auditor shall, prior to any audit, enter into a confidentiality agreement with
Company and, if the audit involves any other Licensed Entity, with such Licensed Entity. The auditor may from time to time consult University and any of its employees or third party counsel on questions as they relate to this Agreement, but any
questions involving the interpretation of this Agreement shall be subject to mutual agreement of the Parties or Section 9.G. The auditor may not disclose any of Company’s or any other Licensed Entity’s financial
or proprietary information except (a) to University, as required to conduct the inspection, to report and substantiate the results, as otherwise permitted by this Agreement, or (b) if the information is already publicly known without
breach by the auditor or University. 

  
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 B. Progress Reports. 

Within [***] of each June 30 and December 31 during the term of this Agreement, Company shall deliver a written report to University,
in substantially the form of Schedule F attached hereto. The report will describe the progress of Company toward achieving the goals of the development plan and bringing Licensed Products to market (and any proposed revisions to the plan developed
during the preceding six months). Company shall promptly notify University in writing upon the First Commercial Sale of each Licensed Product and when Company’s obligation to begin making Royalty payments begins. Upon the First Commercial Sale
of each Licensed Product, Company shall provide in writing to University the following information: the date of First Commercial Sale, the generic name, and the tradename of such Licensed product. Notwithstanding anything to the contrary in this
Section 5.B, if Company has made at least one Royalty payment to University, Company will only be required to deliver a written report once annually within [***] after December 31 of each calendar year during the term
of this Agreement. 
  

	6.	 Patents 

A. Prosecution, Defense and Maintenance. 

i. University will control the preparation, filing, prosecution, and maintenance and, subject to the provisions of
Section 6.A.i, abandonment, of the Licensed Patents. Company shall cooperate, and obligate each other Licensed Entity to cooperate, with University in a timely manner in the preparation, filing, prosecution and maintenance
of the Licensed Patents by disclosing such information as may be requested by University and by promptly executing such documents as University may reasonably request in connection therewith. As between the Parties, Company shall, and shall obligate
each other Licensed Entity to, bear its own costs in connection with their cooperation with University under this Section 6.A. University will use reasonable efforts to provide, and will have its legal counsel provide,
Company with copies of material documents received or prepared by University in the filing, prosecution and maintenance of the Licensed Patents such that Company has reasonable time for review and/or comment. University will use reasonable efforts
to provide, and will have its legal counsel provide, Company with the opportunity to consult with the University regarding all patent prosecution actions for the Licensed Patents. University will reasonably consider Company’s comments with
respect thereto and will file any Licensed Patent in any territory requested by Company. Defense of the Licensed Patents is addressed in Sections 6.C.v and 6.D. 

ii. [***]. 
 iii. For the sake of
clarity and notwithstanding anything to the contrary herein, (a) Company retains all its right, title and interest in any patent right which is jointly owned by University and Company; (b) in no event shall Company lose any such right,
title and interest pursuant to this Agreement, even if the license granted to Company under the University’s rights in a jointly owned patent right is terminated, and Company may license or transfer its interest in such patent right; and
(c) while such patent right shall be subject to the provisions of Section 6 with respect to University’s interest therein (as a Licensed Patent), Company and University shall coordinate with respect to the
preparation, filing, prosecution and maintenance of any such jointly owned patent right. 

  
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 B. Patent Costs. 

University shall conduct the activities it controls pursuant to Section 6.A using patent counsel reasonably
acceptable to Company. Company shall pay all necessary and reasonable fees and expenses incurred by University relating to the preparation, filing, prosecution, defense and maintenance of the Licensed Patents (“Patent
Costs”). 
 i. Company shall pay all Patent Costs incurred by University prior to the Effective Date that have not already been
paid prior to the Effective Date pursuant to the Option Agreement. Such payment is due and payable in four quarterly installments, the first due upon execution of this Agreement by Company. The remaining three quarterly installments will be due at
the end of each subsequent full Calendar Quarter. (For the avoidance of doubt, approximately [***] in such unpaid Patent Costs has been incurred by University prior to the Effective Date.) 

ii. Payment for Patent Costs incurred by University on or after the Effective Date will be invoiced to Company and Company shall pay such
invoices within [***] of the date on which Company receives the invoice. 
 iii. If Company fails to pay invoices for Patent Costs more than
twice on or before the date such payment is due, then upon request by University, (a) Company shall make timely estimated advanced payments for the filing of applications of Licensed Patents in accordance with this
Section 6.B.iii; (b) University will specify the amount of any such advanced payments on an invoice provided to Company, identifying the applicable Licensed Patent, country and estimated cost; (c) Company shall
pay all such advance payments of Patent Costs to University on or before the relevant patent deadline, which date shall be specified by University on the invoice; (d) invoices for advanced payments will be reconciled with the advance payments
made by Company every six (6) months; and (e) any excess payment by Company will be credited to future Patent Costs specified in this Section 6.B. 

iv. Notwithstanding any provisions to the contrary in this Agreement, if University does not receive, by the date specified, full payment for
any Patent Costs with respect to a Licensed Patent, then, unless within [***] after written notice from University Company pays such amount or notifies University of a dispute with respect thereto, University may, at its sole discretion at any time,
do any one or more of the following: (a) by written notice to Company, abandon such Licensed Patent to which such payment applies; (b) by written notice to Company, revoke Company’s license under such Licensed Patent; or (c) by
written notice to Company, convert any license Company receives under such Licensed Patent from an exclusive license to a non-exclusive license. 

v. Company may at any time elect to discontinue its support of Patent Costs for one or more patent applications or patents within the Licensed
Patents. If Company decides to discontinue its support of Patent Costs for a specific Licensed Patent(s), Company shall notify University in writing at least [***] prior to any such discontinuation. Company will be responsible for reimbursing
University for any Patent Costs associated with such Licensed Patent(s) that University incurs up to [***] after the date of the receipt of notice, whether or not such costs were invoiced to University during such period. 

  
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 vi. Upon University’s exercise of its rights under
Section 6.B.iv.b following Company’s failure to pay any Patent Costs by the date specified or its discontinuation of support pursuant to Section 6.B.v, all of Company’s rights in or to
such Licensed Patents will automatically terminate regardless of whether Schedule A reflects such termination and all rights therein immediately revert to University. Without limiting any other rights of University, University may in its sole
discretion, abandon the applicable patent or patent application or license such patent or patent application to a third party at any time after such termination. If: 

(1) University continues to prosecute and/or maintain any such former Licensed Patent, 

(2) Company has continued to support at least the European and United States counterparts of such former Licensed Patent, and 

(3) such former Licensed Patent has not been licensed by University to a third party, 

then, at any time on or before the end of the first anniversary after the issuance of any such Licensed Patent, Company may
elect to re-acquire its exclusive license to such former Licensed Patent and any patent applications that claim priority to such former Licensed Patent and any patents issuing from any of the foregoing, by
paying to University before the end of such period both: 
 (y) [***] 

(z) [***] 

Challenges. 

If Company brings an action or proceeding, or assists any third party in bringing an action or proceeding, seeking a declaration or ruling that
any Valid Claim in any of the Licensed Patents is invalid or unenforceable, then to the extent not prohibited by applicable law and in addition to, not in lieu of, other rights and remedies of University: 

i. during the pendency of such action or proceeding, the Royalty rate applicable to payments made pursuant to
Section 3.B.i with respect to Valid Claim Licensed Products covered by the applicable Valid Claim that are sold by Company will automatically increase to [***] the royalty rate currently set forth in
Section 3.B.i; 
 ii. should the outcome of such action or proceeding from which no appeal has been or can be taken
determine that any such claim of a Licensed Patent challenged is valid and enforceable, the Royalty rate applicable to payments made pursuant to Section 3.B.i with respect to Valid Claim Licensed Products covered by the
applicable Valid Claim that are sold by Company will automatically increase to [***] the Royalty rate currently set forth in Section 3.B.i [***] ; 

iii. For clarity, Company will have no right to recoup any Royalties or other amounts paid before such action or proceeding or during the
period in which such action or proceeding is pending (including on appeal); 

  
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 iv. Company shall continue to make all payments directly to University and shall not, and
shall not seek to, pay into any escrow or other similar account; 
 v. For clarity, University will have full control and authority to defend
the Licensed Patents in such action or proceeding (but not other Infringement proceedings); and 
 vi. Company shall provide written notice
to University at least [***] , if practicable, before Company initiates any action or proceeding seeking a declaration or ruling that any claim of any Licensed Patent is invalid or unenforceable. Company shall include with such written notice an
identification of all prior art it believes is material. 
 C. Infringement. 

i. Notice. In the event either Party becomes aware of any possible or actual infringement, misappropriation, or other violation of any
Licensed Patents in the Field in the Territory, or any opposition, inter-partes review, post-grant proceeding, or any other challenge against the validity or enforceability of any Licensed Patent or any claim therein brought by any unaffiliated
third party (each, an “Infringement”), that Party will promptly notify the other Party and provide it with details regarding such Infringement. 

ii. Company’s Right to Bring Infringement Action. Company will have the first right, but not the obligation, to take action in the
prosecution, prevention, defense or termination of any Infringement and University will join as party plaintiff in any such action if requested by Company. Before Company commences an action with respect to any Infringement, Company shall consider
in good faith the views of University and potential effects on the public interest in making its decision whether to sue. Company shall keep University reasonably informed of the progress of the prosecution, prevention, defense and/or termination of
such actions and shall give University a reasonable opportunity in advance to consult with Company and offer its views about major decisions. Company shall give careful consideration to those views, but will have the right to control the action
regarding Infringement; provided, however, that if Company fails to defend in good faith the validity and/or enforceability of the Licensed Patents in the action, or if Company’s license to a Valid Claim in the suit terminates, then University
may elect, but will not be obligated, to take control of the action and, notwithstanding anything to the contrary in this Section 6.D.ii, any costs will be borne by University and any recovery will be apportioned in the
same manner as an action initiated by University pursuant to Section 6.D.iii. Any and all out-of-pocket expenses, including reasonable
attorneys’ fees for counsel selected by University, incurred by University with respect to the prosecution, prevention of further infringement through the negotiation of a license, termination, adjudication and/or settlement of an Infringement
action regarding a Licensed Patent initiated by Company and controlled by Company, including any related appeals, will be paid for entirely by Company, provided that Company, and not University, is controlling the infringement action, and Company
shall hold University free, clear and harmless from and against any and all such expenses. Company shall not compromise or settle any action resulting from an Infringement without the prior written consent of University (including any settlement
with a potential Sublicensee selling a generic or biosimilar version of a Licensed Product) which consent will not be unreasonably withheld or delayed. In the event Company controls the action pursuant to this
Section 6.D.ii, it will first reimburse itself from any sums recovered in such suit or in settlement thereof for all out-of-pocket and
documented costs and expenses, including reasonable attorneys’ fees, necessarily incurred in the prosecution of any such suit. If, after such reimbursement, any funds remain, then University will receive an amount equal to [***] of such
remainder and the remaining [***] of such remainder will be retained by Company. 
  

  
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 iii. University’s Right to Bring Infringement Action. If Company does not take
action in the prosecution, prevention, defense or termination of any Infringement pursuant to Section 6.D.ii above, and has not commenced negotiations with the infringer or challenger for the discontinuance of said
Infringement, within [***] after it becomes aware of such Infringement or, at any time thereafter, ceases to diligently continue such prosecution, prevention, defense or termination, University may elect, but is not obligated, to do so, at
University’s sole expense. Should University so elect to bring suit against an infringer, Company shall cooperate fully with University, including joining as party plaintiff in any such suit if requested by University. In the event University
exercises its right pursuant to this Section 6.D.iii, it will recover for its own account any damages, awards or settlements. 

iv. Own Counsel. Each Party will always have the right to be represented by counsel of its own selection and at its own expense in any
suit instituted by the other Party under this Section 6.D. 
 v. Cooperation. Each Party will cooperate
fully in any action under this Section 6.D that is controlled by the other Party, provided that the controlling Party reimburses the cooperating Party promptly for any reasonable out-of-pocket costs and expenses incurred by the cooperating Party in connection with providing such assistance. University shall not compromise or settle any action in this
Section 6.D without the prior written consent of Company, which consent will not be unreasonably withheld or delayed. Company may exercise its rights under this Section 6 with or through any other Licensed Entity. 

vi. Declaratory Judgment. If a declaratory judgment action is brought alleging invalidity or unenforceability of any claims within the
Licensed Patents, the applicable Party shall promptly notify the other Party in writing and Company will have the right to control such action pursuant to this Section 6.D; provided, however, that if such declaratory
judgment action is brought naming University as a defendant, the Parties will consult regarding such declaratory judgment action and Company will reasonably consider University’s comments with respect thereto. 

vii. Technical Information. University will have the exclusive right (but not the obligation), to the extent applicable, to institute
legal action against any third party arising out of such third party’s actual or threatened infringement or misappropriation of any Technical Information, and University will retain any and all proceeds from any such actions and settlements in
connection therewith. Company shall have no right to make any demands or claims, bring suit, effect any settlements or take any other action with respect to any such infringement or misappropriation without the prior written consent of University.

  

	7.	 Term and Termination 

A. Term. 

  
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 This rights and licenses granted herein will take effect on the Effective Date and will
expire, on a Licensed Product by Licensed Product basis, on the expiration of all applicable Royalty Periods with respect to that Licensed Product. This Agreement will expire, in its entirety, upon the expiration of the last Royalty Period, unless
earlier terminated pursuant to the terms of this Agreement. Upon expiration of the rights and licenses granted herein with respect to a Licensed Product, those rights and licenses shall become perpetual, fully-paid and royalty free. Upon expiration
of this Agreement in its entirety, the rights and licenses granted to Company shall become perpetual, fully-paid and royalty free. 
 B.
University’s Right to Terminate. 
 Without limiting other rights, University will have the right to terminate this
Agreement as follows, in addition to all other available remedies, but subject to any other provisions of this Agreement: 
 i. If Company
fails to make any payment when due, this Agreement will terminate effective thirty (30) days after University’s written notice to Company describing such failure, unless Company makes such payment within such thirty (30) days. 

ii. If Company has not fulfilled one or more of its obligations under Section 4, including having failed to meet any
of the development obligations set forth on Schedule E, then subject to Section 4.D, this Agreement will terminate effective ninety (90) days after written notice from University to Company describing such breach,
unless Company cures such breach within such ninety (90) day period. 
 iii. If Company breaches any obligation of this Agreement other
than an obligation to make a payment when due or a failure to perform the obligations in Section 4, this Agreement will terminate in its entirety, effective ninety (90) days after University’s written notice to
Company describing such failure, unless Company or such Licensed Entity cures such failure to the reasonable satisfaction of University within such ninety (90) days. 

iv. If Company files, or has filed against it, a petition under any bankruptcy or insolvency law, Company shall immediately notify University.
If such petition is not dismissed within [***] of Company’s filing, or if Company makes an assignment of all or substantially all of its assets for the benefit of its creditors, then, unless prohibited by applicable law, this Agreement will
automatically terminate at the end of such [***] period with respect to Company unless University provides written notice to Company within such [***] period. 

v. If Company will be dissolved, is liquidated or otherwise ceases to exist, other than for reasons specified in
Section 7.B.iv or a corporate restructuring, then, unless prohibited by applicable law, this Agreement will automatically terminate as of: (a) the date articles of dissolution or a similar document is filed on behalf
of Company with the appropriate governmental authority; or (b) the date of establishment of a liquidating trust or other arrangement for the winding up of the affairs of Company. 

vi. If any Licensed Entity other than Company breaches any obligation of this Agreement other than an obligation to make a payment when due or
a failure to perform the obligations in Section 4, Company’s right to sublicense the rights granted in Section 2 of this Agreement to such Licensed Entity will terminate in its entirety and,
upon written notice from University, Company will immediately terminate its grant of such rights to such Licensed Entity, unless such Licensed Entity cures such failure to the reasonable satisfaction of University. 

vii. If any Licensed Entity other than Company files, or has filed against it, a petition under any bankruptcy or insolvency law, Company
shall immediately notify University. If such petition is not dismissed within [***] of such Licensed Entity’s filing, or if such Licensed Entity makes an assignment of all or substantially all of its assets for the benefit of its creditors,
then, unless prohibited by applicable law, Company’s right to grant the rights granted in Section 2 of this Agreement will automatically terminate at the end of such [***] period with respect to such Licensed Entity
unless University provides written notice to Company within such [***] period, and Company will immediately terminate its grant of such rights to such Licensed Entity. 
  

  
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 viii. If any Licensed Entity other than Company will be dissolved, is liquidated or otherwise
ceases to exist, other than for reasons specified in Section 7.B.iv or a corporate restructuring, then, unless prohibited by applicable law, Company’s right to grant the rights granted in
Section 2 of this Agreement will automatically terminate as of: (a) the date articles of dissolution or a similar document is filed on behalf of such Licensed Entity with the appropriate governmental authority; or
(b) the date of establishment of a liquidating trust or other arrangement for the winding up of the affairs of such Licensed Entity, and Company will immediately terminate its grant of such rights to such Licensed Entity. 

C. Termination and Affiliates. 

i. For the avoidance of doubt, if this Agreement expires or terminates for any reason, the rights and licenses granted to Company’s
Affiliates hereunder will expire or terminate to the same extent as such rights and licenses expire or terminate with respect to Company. 

ii. In the event that any entity ceases to be an Affiliate of Company, whether as the result of a sale, merger, corporate reorganization, or
otherwise, the licenses granted to such entity pursuant to Section 2.A will automatically and immediately terminate. 

iii. Notwithstanding Section 7.C.i or 7.C.ii, if the applicable Affiliate has become a Sublicensee, such
Sublicense shall continue pursuant to Section 7.E.viii. 
 D. Company’s Right to
Terminate. 
 In the event Company desires to terminate this Agreement in its entirety, or as to any Licensed Product or country, Company
shall provide written notice to University thereof and this Agreement will terminate, in its entirety or with respect to the applicable Licensed Product or country, as applicable, at the end of the Calendar Quarter following the Calendar Quarter
during which Company provides such notice. 
 E. Survival. 

The rights and obligations accruing prior to any termination or expiration of this Agreement for any reason will survive, including:
(i) all rights or causes of action accruing to either Party under this Agreement as of the effective date of termination or expiration or based upon any act or 

  
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omission occurring prior to the effective date of termination or expiration; (ii) Company’s obligation to pay Royalties accrued prior to the date of termination or expiration,
(iii) Company’s obligation to pay Patent Costs accrued prior to the expiration or termination of this Agreement; (iv) Company’s obligation to report Net Sales for sales made during the term of this Agreement and keep records, as
required by Sections 3.F and 5; (v) University’s right to audit under Section 5.A; (vi) Section 2.H (no other rights), any license then described in
Section 3.B.vii, this Section 7.E (survival), Section 7.F (post-termination obligations of Company), clause A through D of Section 8
(representations and warranties), and Section 9 (miscellaneous) of this Agreement and Schedule G until their purposes are fulfilled; (vii) the Licensed Entities may sell or otherwise dispose of all Licensed Products in
the process of manufacture, testing, in use or in stock, provided that Company shall remain obligated to make payment of applicable Royalties to University for such Licensed Products in accordance with Section 3.B;
(viii) any direct Sublicensee of Company that is in good standing (i.e., that is not then in breach of the Flow-Down Provisions with respect to which breach University has provided notice pursuant to Section 2.I) may,
upon written notice to University from such Sublicensee and Company provided within [***] after any termination of this Agreement, retain its rights under the relevant Licensed Patents and Technical Information as a direct license from University if
such Sublicensee agrees in writing to assume all of the applicable obligations of Company hereunder; and (ix) to the extent Company or any other Licensed Entity retains a license hereunder, Company or such other Licensed Entity may retain any
Confidential Information of University to the extent applicable to such surviving license. 
 F. Post Termination Obligations of
Company. 
 If this Agreement is terminated for any reason prior to expiration, then upon such termination, the rights of Company: 

i. (a) to practice the issued Valid Claims in the Licensed Patent(s), or (b) to use the Technical Information that is either
Confidential Information of University or Materials, or 
 ii. to discover, research, develop, make, have made, use, import, have sold, offer
to sell and sell Unique Target Licensed Products and Materials Licensed Products 
 will immediately thereafter cease and revert to University and Company
shall not practice such issued Valid Claims in the Licensed Patents or utilize any Technical Information that is the Confidential Information of University or any Materials for such purposes. 

Except to the extent set forth in Section 7.E, any other rights conferred to Company by this Agreement will also
immediately thereafter cease. Except as necessary to comply with applicable laws, regulations, or the terms and conditions of this Agreement, promptly following the termination or expiration of this Agreement, Company shall, and shall obligate all
other Licensed Entities to, deliver to University, or at University’s request irretrievably destroy, (i) all tangible materials that are Confidential Information of University embodying any unexpired Valid Claims of Licensed Patents or
(ii) any Technical Information that is (i) Confidential Information of University or (ii) Materials; except that each Licensed Entity’s legal counsel may retain one copy of such Confidential Information in its confidential files
for archival purposes only. Company shall provide to University a certification that such delivery or destruction has been completed. 

  
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Company shall not thereafter operate or conduct business in any manner that might tend to create the impression that this Agreement is still in force, or that Company has any right to use any one
or more of such Licensed Patents or Technical Information. All of the foregoing shall be subject to Company’s rights in Section 7.E. Upon termination or expiration, all payments, including fees and costs, then due
under this Agreement and not yet paid will become immediately due and payable. 
  

	8.	 Representations, Warranties, Disclaimers; Indemnification; Insurance; Primary Responsibility

  

	 	A.	 Representations, Warranties and Covenants of Company. 

Company hereby represents, warrants and as applicable covenants that: 

i. Company is a corporation duly organized, validly existing and in good standing under the laws of Delaware, has the corporate power and
authority to execute and deliver this Agreement, and perform all obligations under this Agreement. 
 ii. The execution, delivery and
performance have been duly and validly authorized by Company, and upon execution and delivery by Company and University, this Agreement will constitute a valid, enforceable and binding agreement of Company. 

iii. Company has no other agreements that conflict with the obligations undertaken by Company and rights and licenses granted by Company in
this Agreement. 
 iv. Company shall comply and obligate all other Licensed Entities to materially comply with applicable laws, including
obligating such Licensed Entity that any manufacture of Licensed Product(s) by a Licensed Entity, and/or its respective vendor(s), suppliers, agents or contractors, will materially comply with and conform with applicable law and to all applicable
specifications required by any regulatory body and/or market approval granted. 
  

	 	B.	 [***]. 

  

	 	C.	 Disclaimer of Warranties. 

EXCEPT AS EXPRESSLY PROVIDED IN SECTION 8.B, (a) THE LICENSED PATENTS AND TECHNICAL INFORMATION ARE PROVIDED AS IS AND WHERE IS,
AND UNIVERSITY MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND, WHETHER EXPRESS, STATUTORY, IMPLIED OR OTHERWISE, AND (b) IN PARTICULAR, UNIVERSITY DISCLAIMS ALL REPRESENTATIONS AND 

  
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WARRANTIES, INCLUDING ABOUT (I) THE VALIDITY, SCOPE OR ENFORCEABILITY OF ANY OF THE LICENSED PATENTS; (II) THE ACCURACY, SAFETY OR USEFULNESS FOR ANY PURPOSE OF ANY INFORMATION PROVIDED
BY UNIVERSITY TO ANY LICENSED ENTITY; (III) FURNISHING ANY TECHNICAL INFORMATION; (IV) WHETHER THE PRACTICE OF ANY CLAIM CONTAINED IN ANY OF THE LICENSED PATENTS OR TECHNICAL INFORMATION WILL OR MIGHT INFRINGE INTELLECTUAL PROPERTY RIGHTS;
(V) THE PATENTABILITY OF ANY INVENTION CLAIMED IN THE LICENSED PATENTS; (VI) THE ACCURACY, SAFETY, OR USEFULNESS FOR ANY PURPOSE OF ANY PRODUCT OR PROCESS MADE OR CARRIED OUT IN ACCORDANCE WITH OR THROUGH THE USE OF THE LICENSED PATENTS;
AND (VII) ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. 
  

	 	C.	 Indemnification. 

i. Company shall, and shall obligate each other Licensed Entity to, indemnify, defend and hold harmless University, its Affiliates and the
trustees, directors, officers, students, employees, fellows and agents of any of the foregoing (collectively the “Indemnified Persons”) from and against any and all claims, demands, liabilities, losses, damages, penalties,
costs and/or expense (including attorneys’ and witnesses’ fees and court costs) of any kind or nature, brought by any unaffiliated third party that is not an Indemnified Person, to the extent based upon, arising out of, or otherwise
relating to, as applicable, Company’s or the applicable Licensed Entity’s activities under this Agreement and/or a Sublicense, including without limitation (i) any such claim arising from the development, production, use, sale,
export, import or other disposition of any Licensed Product and all activities associated therewith, or (ii) any such use of Technical Information provided by University to any Licensed Entity. 

ii. Such indemnification is conditioned on the following: (i) University shall promptly notify Company and any other relevant Licensed
Entity of any claim or action that may be subject to this Section 8.D, provide to Company and any such other Licensed Entity a full description of all relevant facts, and cooperate fully with Company and such other Licensed
Entity in the defense of any such action; (ii) Company or the applicable Licensed Entity shall control any legal proceeding subject to this Section 8.D; provided; provided, however, that University’s failure to
promptly notify Company and such other Licensed Entities shall relieve Company and the other Licensed Entities of their obligations under this Section 8.D to the extent Company or the applicable Licensed Entity is actually
prejudiced by such failure; (iii) University will be entitled to participate at its option and expense through counsel of its own selection, and may join, in any legal actions related to any such claims, demands, losses, damages, costs,
expenses and penalties; and (iv) no Indemnified Person will enter into any settlement of any indemnified claim without the prior written consent of Company and any Licensed Entity required to indemnify such Indemnified Person with respect to
such claim. No Licensed Entity will enter into any settlement adversely affecting any rights or obligations of any Indemnified Person or which includes an express or implied admission of liability, negligence or wrongdoing by any Indemnified Person,
without the prior written consent of such Indemnified Person. 

  
 Page 23 of 40 

 FINAL 
  

	 	D.	 Assumption of Risk. 

As between the Parties, the entire risk as to the Licensed Entities’ performance, safety and efficacy of any subject matter claimed in any
Licensed Patent, the Technical Information and of any Licensed Product is assumed by the Company on behalf of the Licensed Entities. NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT (EXCEPT THE LAST SENTENCE OF THIS SECTION 8.E),
(A) UNIVERSITY WILL NOT BE LIABLE TO ANY LICENSED ENTITY OR ANY OTHER PERSON OR ENTITY FOR INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY, PUNITIVE OR ANY OTHER INDIRECT DAMAGES OR LOSSES OF ANY KIND OR NATURE, WHETHER IN CONTRACT, TORT
(INCLUDING NEGLIGENCE), PRODUCTS OR STRICT LIABILITY OR ANY OTHER FORM OF ACTION, WITH RESPECT TO THIS AGREEMENT; AND (B) IN NO EVENT WILL UNIVERSITY’S TOTAL AGGREGATE LIABILITY UNDER THIS AGREEMENT EXCEED THE [***]. The above limitations
on liability apply even though the Indemnified Person may have been advised of the possibility of such injury, loss or damage. Company shall not, and shall obligate all other Licensed Entities not to, make any agreements, statements, representations
or warranties or accept any liabilities or responsibilities whatsoever, on behalf of University, with regard to any person or entity which are inconsistent with this Section 8.E. The foregoing limitations shall not apply
with respect to a breach by University of (i) Section 8.B, (ii) the CDA or the Option Agreement prior to the Effective Date, (iii) any of the exclusive licenses granted to Company hereunder or (iv) the
provisions of Schedule G. 
  

	 	E.	 Insurance. 

Company shall, and shall obligate each other Licensed Entity to agree to, continuously maintain during the term of this Agreement and for [***]
beyond, liability insurance that will cover its obligations hereunder, including any claims for bodily injury, property, or other damage, in each case alleged to relate to the applicable Licensed Entity’s activities undertaken in connection
with this Agreement, Licensed Patents, or Licensed Products, including the development, manufacture, use, sale or other disposition of Licensed Products by such Licensed Entity and all activities associated therewith. Each Licensed Entity shall list
University and its Affiliates, at such Licensed Entity’s expense, as additional insureds under each liability insurance policy (including excess or umbrella liability policies) that such Licensed Entity has or will obtain, that includes any
coverage of claims relating to Licensed Products. Such insurance will be primary and noncontributory to any insurance University and its Affiliates may have. At University’s request, Company shall supply University from time to time with copies
of each such policy, and shall notify University in writing at least [***] prior to any termination of or change in coverage under any such policies. 
  

	9.	 Miscellaneous 

 

	 	A.	 Marking. 

Company shall mark all Licensed Products (or their packaging, as appropriate) sold, offered for sale, imported, or otherwise disposed of in
such a manner not inconsistent with the requirements of the patent laws and practices of the country to which such products are shipped or in which such products are manufactured or sold, including, if in the U.S., 35 U.S.C. § 287. 

  
 Page 24 of 40 

 FINAL 
  

	 	B.	 Export Regulations. 

Without limiting Section 8.A, Company shall comply with United States export control and asset control laws,
regulations, and orders, as they may be amended from time to time, applicable to the export, re-export, or import of goods or services, including software, processes, or technical data to foreign countries.
Such regulations include but are not limited to the International Traffic in Arms Regulations (22 C.F.R. § 120 et seq.), the Export Administration Regulations (15 C.F.R. § 730 et seq.), the regulations administered by the Treasury
Department’s Office of Foreign Assets Control (31 C.F.R. § 500 et seq.), and the Anti-Boycott Regulations (15 C.F.R. § 760). 
  

	 	C.	 Entire Agreement, Amendment. 

This Agreement together with the schedules attached hereto constitutes the entire agreement between the Parties regarding the subject matter
hereof, and supersedes all prior written or oral agreements or understandings (express or implied) between them concerning the same subject matter, including the Option Agreement, the MTA and the CDA in their entirety (including any provisions
stated to survive the expiration or termination thereof); provided, however, that any SRA shall continue in accordance with its terms but shall not supersede, limit or amend any of Company’s or University’s rights under this Agreement. In
entering into this Agreement, no Party has relied upon another person’s statement, representation, warranty or agreement except for those expressly contained in this Agreement. The only conditions precedent to this Agreement’s
effectiveness are those expressly stated in it. This Agreement cannot be amended or modified except in a document signed by duly authorized representatives of each Party. 
  

	 	D.	 Notice. 

Any notice required or otherwise made under this Agreement will be in writing, sent by registered or certified mail properly addressed, or by
facsimile with confirmed answer-back, to the other Party at the address set forth below or at such other address as may be designated by written notice to the other Party. Notice will be deemed effective three (3) business days following the
date of sending such notice if by mail, on the business day following deposit with an overnight courier, if sent by overnight courier, or upon confirmed answer-back if by facsimile. 

 

			
	If to University:	  	Technology Commercialization
		  	Polsky Center for Entrepreneurship and Innovation
		  	The University of Chicago
		  	1452 E 53rd St, 2nd floor
		  	Chicago, Illinois 60615
		  	Facsimile Number: [***]
		  	Attention: Director
		
	If to Company:	  	Pyxis Oncology, Inc.
		  	800 Boylston Street
		  	Boston, MA 02199
		  	Attention: CEO

  

	E.	 Assignment. 

  
 Page 25 of 40 

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 This Agreement will be binding on the Parties and upon their respective permitted successors
and assigns and inure to the benefit of the Parties and their respective permitted successors and assigns. Company may at any time, upon written notice to University, assign or transfer this Agreement to a successor to all or substantially all of
its business pertaining to this Agreement. Any such assignment will be conditioned on and will not be effective until the assignee or transferee has executed and delivered a written agreement assuming and undertaking all of the duties and
obligations of Company under this Agreement, unless such assumption occurs by operation of law. Except as provided above or elsewhere in this Agreement, Company shall not assign, transfer or delegate any right or obligation hereunder without the
prior written consent of University. Any attempted conveyance by a Party in violation of any term of this Agreement will be null and void. University may assign or transfer this Agreement and its rights and obligations hereunder at any time to any
third party to which it also assigns all right, title and interest in and to the Licensed Patents and Technical Information, on written notice to Company. In the event of any such assignment by University, the assignee will be substituted for
University as a party hereto, and University will no longer be bound hereby with respect to obligations arising thereafter. 
  

	 	F.	 Governing Law. 

Illinois law (without regard to any jurisdiction’s
conflict-of-laws principles) exclusively governs all disputes, claims or causes of action between the Parties arising out of or relating to this Agreement as well as the
interpretation, construction, performance and enforcement of this Agreement. To the extent, consistent with Section 9.G, that either Party brings any claim against the other Party in a court of law or equity, such Party
will bring such claim in the U.S. District Court for the Northern District of Illinois situated in Cook County, Illinois (applying the applicable patent law, as relevant), and each Party shall submit to the exclusive jurisdiction of such court, and
waives any objection to venue, for such purposes. 
  

	 	G.	 Arbitration. 

[***]. 
  

	 	H.	 Independent Contractors. 

The Company is an independent contractor under this Agreement. This Agreement does not, is not intended to, and will not be construed to,
establish a partnership or joint venture, nor does this Agreement create or establish an employment, agency or any other relationship. Company has no right, power or authority, nor shall it represent itself or allow another Licensed Entity to
represent itself as having any authority to assume, create or incur any expense, liability or obligation, express or implied, on behalf of the University, or otherwise act as an agent for the University for any purpose. 

 

	 	I.	 No Use of Name. 

University and Company shall not use, and Company shall obligate each other Licensed Entity not to use, the name, insignia, or symbols of the
other in any publicly disclosed commercial activity, marketing, advertising or sales brochures except with the prior written consent of such 

  
 Page 26 of 40 

 FINAL 
  

 
other Party, which consent may be granted or withheld at such other Party’s sole discretion; provided, however, that nothing herein shall prevent Company or any Licensed Entity from
disclosing factual information regarding the licenses granted under this Agreement or the activities of the Licensed Entities with respect to Licensed Products. Company agrees not to use, and shall obligate each other Licensed Entity not to use, the
name of any University employee(s) in any commercial activity, marketing, advertising or sales brochures, except with such University employee’s consent. 
  

	 	J.	 Waiver. 

No term or provision of this Agreement will be waived and no breach excused unless such waiver or consent is in writing and signed by the Party
claimed to have waived or consented. No waiver of a breach will be deemed to be a waiver of a different or subsequent breach. No delay in enforcing a term or provision will be deemed a waiver thereof. 

 

	 	K.	 Construction. 

Each Party has consulted counsel of their choice regarding this Agreement, and each acknowledges and agrees that this Agreement will be
construed without regard to the Party or Parties responsible for the preparation of the same and will be deemed as prepared jointly by the Parties. Any ambiguity or uncertainty existing herein will not be interpreted or construed against any Party
because it participated in the drafting of this Agreement. No course of dealing, course of performance, or usage of trade may be considered in the interpretation or enforcement of this Agreement. Both Parties waive any right they may have to
introduce any such evidence. 
  

	 	L.	 Execution. 

This Agreement may be executed by the Parties in any number of identical counterparts, each of which, for all purposes will be deemed to be an
original, and all of which will constitute, collectively, one instrument. 
  

	 	M.	 Severability. 

If any provision of this Agreement is held to be invalid, illegal, unenforceable, or in conflict with any laws of any federal, provincial,
state, or local government that may exercise jurisdiction over this Agreement, the validity and enforceability of the remaining portions or provisions will not be affected thereby nor the validity and enforceability of such provision where valid,
legal, enforceable and not in such a conflict. Any invalid or unenforceable provision will be promptly reformed by the Parties to effectuate their intent as evidenced on the Effective Date. 

 

	 	N.	 Third Party Beneficiaries. 

Except with respect to Section 7.E,viii, Section 8.D or as otherwise expressly set forth in
this Agreement, all rights, benefits and remedies under this Agreement are solely intended for the benefit of University and Company, and no other person or entity will have any rights whatsoever to (i) enforce any obligation contained in this
Agreement; (ii) seek a benefit or remedy for any breach of this Agreement; or (iii) take any other action relating to this Agreement under any legal theory, including but not limited to, actions in contract, tort (including but not limited
to negligence, gross negligence and strict liability), or as a defense, setoff or counterclaim to any action or claim brought or made by the Parties. 

  
 Page 27 of 40 

 FINAL 
  

	 	O.	 Force Majeure. 

If a Party is prevented from or delayed in the performance of any of its obligations hereunder by reason of acts of God, war, strikes, riots,
storms, fires, earthquake, power shortage or failure, failure of the transportation system, or any other cause whatsoever beyond the reasonable control of such Party (“Force Majeure Event”), such Party shall be excused from
the performance of any such obligation during a period that is reasonable in light of the Force Majeure Event, but no less than the duration of the Force Majeure Event itself. 
  

	 	P.	 Interpretation. 

Except as the context may otherwise require, (i) references to a Section or Schedule means a Section of, or a Schedule to, this Agreement
and all subsections thereof, unless another agreement is specified; (ii) references to a particular law mean such law as in effect as of the relevant time, including all rules and regulations thereunder and any successor law in effect as of the
relevant time, and including the then-current amendments thereto; (iii) words in the singular or plural form include the plural and singular form, respectively; (iv) the word “or” has the inclusive meaning that is typically
associated with the phrase “and/or”; (v) the terms “including,” “include(s)” and “e.g.” mean including the generality of any description preceding such term and will be deemed to be followed by “without
limitation”; (vi) whenever this Agreement refers to a number of days, such number will refer to calendar days unless business days are specified, and if a period of time is specified and dates from a given day or business day, or the day or
business day of an act or event, it is to be calculated exclusive of that day or business day; (vii) a “business day” is a day other than (a) a Saturday, (b) a Sunday or (c) a day on which the banks in Boston,
Massachusetts or Chicago, Illinois are permitted to be closed; (viii) any reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time
amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or therein); (x) the words “hereof,” “herein,” “hereby” and derivative or
similar words refer to this Agreement (including any Schedules); and (xi) “unaffiliated third party” means a third party that is not an Affiliate of any Licensed Entity. University agrees and acknowledges that any projections
disclosed by Company or any Licensed Entity to University are non-binding and need not be disclosed to University if any Licensed Entity is subject to the Securities Act of 1933, the Securities and Exchange
Act of 1934, or the rules or regulations of Nasdaq or any securities exchange. 
  

	 	Q.	 Confidentiality. 

The Parties shall comply with the provisions of Schedule G. 
  

	 	R.	 Timely Countersignature. 

The terms and conditions of this Agreement shall, at University’s sole option, be considered by University to be withdrawn from
Company’s consideration and the terms and conditions of this Agreement, and the Agreement itself to be null and void, unless this Agreement is executed by Company and a fully executed original is received by University within [***] from the
date of University signature found below. 
 [Signature Page Follows] 

  
 Page 28 of 40 

 FINAL 
  

 IN WITNESS WHEREOF, the Parties hereto have caused this agreement to be executed by
their respective duly authorized officers or representatives on the Effective Date. 
  

									
	The University of Chicago	 		 	Pyxis Oncology, Inc.
					
	By:	 	 /s/ Jay Schrankler
	 		 	By:	 	 /s/ Lara Sullivan

		 	 Jay Schrankler
 Associate Vice President

Head of the Polsky Center
 for Entrepreneurship and
Innovation
	 		 		 	 Lara Sullivan, M.D.
 Chief Executive
Officer

			
	Date of signature:     04/17/2020                    	 		 	Date of signature:    04/15/2020                    

  

  
 [Signature Page to
Exclusive License Agreement] 

 FINAL 
  

 Schedule A 

Licensed Patents 
 [***] 

  
 Schedule A - 1 

 FINAL 
  

 Schedule B 

Technical Information 
 [***] 

 FINAL 
  

 Schedule C 

Unique Targets 
 [***] 

 FINAL 
  

 Schedule D 

UNIVERSITY OF CHICAGO ROYALTY REPORT 

[***] 

 FINAL 
  

 Schedule E 

Product Development Plan 
 [***] 

 FINAL 
  

 Schedule F 

Progress Report Form 

[***] 

 FINAL 
  

 Schedule G 

Confidentiality 
 1.
“Confidential Information” means all information, data, plans, materials, know-how, processes, methods, protocols, procedures, formulations whether written or oral, disclosed by a Party (the
“discloser”) to the other Party (the “recipient”) regarding (a) with respect to University as the discloser, technologies developed by Dr. Thomas Gajewski or members of his laboratory, and including related business,
financial or technical information, blueprints, devices, prototypes, software (which includes source codes, object codes and derivatives thereof), patent applications and biological materials, if any, or (b) with respect to Company as the
discloser, any business, financial or technical information of Company or any other Licensed Entity, which information, in each of (a) and (b), is marked as confidential or should, under the circumstances, reasonably be considered confidential
information of the discloser. In addition, “Confidential Information” includes (x) any “Proprietary Information” (as defined in the CDA) that is not, as of the Effective Date of this Agreement, subject to Section 5 of
the CDA, and (y) the terms and conditions of this Agreement. 
 2. Each Party agrees not to use the other Party’s Confidential
Information except to perform its obligations and exercise its rights under this Agreement. In addition, each Party agrees to hold all of the other’s Confidential Information in confidence and agrees not to publish, disclose or disseminate the
same to any other person or entity except as specified herein. Each Party may disclose the other’s Confidential Information to its actual or potential directors, officers, employees, consultants, investors, acquirers, Affiliates, Sublicensees,
financing sources and advisors who are bound by confidentiality obligations no less protective of the other’s Confidential Information than this Schedule G and only to the extent that such disclosures are necessary for the purpose of this
Agreement or for recipient’s formation, fund-raising, acquisition or other corporate activities related to this Agreement. Each Party agrees to be responsible for any disclosure by its actual or potential directors, officers, employees,
consultants, investors, acquirers, Affiliates, Sublicensees, financing sources and advisors. The recipient agrees to preserve the confidentiality of the discloser’s Confidential Information with the same reasonable degree of care which the
recipient uses to protect its own confidential and proprietary information. 
 3. Notwithstanding anything herein to the contrary, the
recipient may disclose the discloser’s Confidential Information to the extent required to comply with a court order or administrative subpoena or order which appears to be lawful on its face, or to comply with securities laws or other
applicable law or the rules of Nasdaq or any securities exchange, provided that the recipient gives the discloser timely notice, where possible, of the contemplated disclosure so as to give the discloser an opportunity to intervene to preserve the
confidentiality of the information. In any such event, the recipient will use its reasonable efforts to ensure that all the discloser’s Confidential Information that is so disclosed will be accorded confidential treatment. 

4. In addition, Company and University may issue mutually agreed press release(s) on the Effective Date. Nothing herein shall prohibit Company
or any other Licensed Entity from disclosing its activities under this Agreement, as long as such disclosure does not include the Confidential Information of University. 

  
 Schedule G - 1 

 FINAL 
  

 5. Confidential Information excludes any information that is: (i) in publicly known or
subsequently becomes publicly known through no improper act of the recipient; (ii) subsequently acquired by the recipient from a third person having no contractual, legal or fiduciary obligation of confidentiality to the discloser known to the
recipient; (iii) known to the recipient at the time of disclosure, as established by competent written proof; or (iv) developed independently by or on behalf of the recipient, without reliance on or use of the discloser’s Confidential
Information. 
 6. The obligations of the parties under this Schedule G will survive for [***]. 

7. It is further understood and agreed that money damages would not be a sufficient remedy for any breach of this Schedule G by the recipient
and that the discloser will be entitled to equitable relief, including injunction and specific performance, as a remedy for any such breach. Such remedies will not be deemed to be the exclusive remedies for a breach by the recipient of this Schedule
G but will be in addition to all other remedies available at law or equity. 
  

  
 Schedule G - 2 

 FINAL 
  

 SCHEDULE H 

GLOSSARY 
  

			
	 Defined Term
	  	 Section

	Affiliate	  	Defined in Section 1; first used in Section 1 (Licensed Entity); numerous
		
	Agreement	  	Defined in Preamble; numerous
		
	Bayh-Dole Act	  	Defined in Section 2.G.i; also used in Section 2.G.ii.
		
	Calendar Quarter	  	Defined in Section 1; first used in Section 1 (Net Sales); numerous
		
	CDA	  	Defined in Section 1; first used in Section 8.E., also used in Section 9.C. and Schedule G.
		
	Change of Control	  	Defined in Section 1; used in Section 1 (SRA)
		
	Combination Product	  	Defined in Section 1 (Net Sales); also used in Section 1 (Net Sales E.v.)
		
	Commencement	  	Defined in Section 1; first used in Section 3.E.i., also used in Section 3.E.ii. and Section 3.E.iii.
		
	Common Stock	  	Defined in Section 3.A.
		
	Company	  	Defined in Preamble; first used in Section 1 (Affiliate); numerous
		
	Confidential Information	  	Defined in Schedule G(1); first used in Section 1; numerous
		
	Dispute	  	Defined in Section 9.G.i; first used in Section 9.G.ii.; numerous
		
	Effective Date	  	Defined in Section 1; first used in Section 1 (Unique Target); numerous
		
	Field	  	Defined in Section 1; first used in Section 2.A.i.; also used in Section 6.A.ii, and Section 6.D.
		
	First Commercial Sale	  	Defined in Section 1; first used in Section 3.B.v.; Numerous
		
	Flow-Down Provisions	  	Defined in Section 2.D; also used in Section 2.I.
		
	Force Majeure Event	  	Defined in Section 9.O.
		
	Gross Price	  	Defined in Section 1; first used in Section 1 (Net Sales); also used in Section 1 (Net Sales E.i.)
		
	IND	  	Defined in Section 1; also used in Schedule E
		
	Indemnified Persons	  	Defined in Section 8.D.i.; also used in Section 8.D.ii. and Section 8.E.
		
	Indication	  	Defined in Section 1; also used in Section 3.E.vi. and Section 3.E.vii.
		
	Infringement	  	Definite in Section 6.D.i.; first used in Section 1 (Sublicense Revenue); numerous
		
	Interact With	  	Defined in Section 1 (Licensed Product); also used in Section 1 (Unique Target)
		
	Inventions	  	Material Transfer Agreement
		
	Licensed Component	  	Defined in Section 1 (Net Sales E.v.); used in Section 1 (Net Sales E.v.)

  
 Schedule H - 1 

 FINAL 
  

			
	Licensed Entity	  	Defined in Section 1; first used in Section 1 (First Commercial Sale); numerous
		
	Licensed Patents	  	Defined in Section 1; first used in Section 1 (Licensed Entity); numerous
		
	Licensed Product	  	Defined in Section 1; first used in Section 1 (Commercial Sale); numerous
		
	Materials	  	Defined in Section 1; first used in Section 1 (Licensed Product); numerous
		
	Materials Licensed Product	  	Defined in Section 1; first used in Section 1 (Net Sales); numerous
		
	Materials Royalty	  	Defined in Section 3.B.v.; also used in Section 3.B.iv and Section 3.B.vii.(z).
		
	MTA	  	Defined in Section 1; first used in Section 1 (Licensed Patents); also used in Section 1 (Material), Section 1 (Technical Information), and Section 9.C.
		
	Net Sales	  	Defined in Section 1; first used in Section 1 (Net Sales); numerous
		
	Non-Commercial Research Purposes	  	Defined in Section 1; first used in Section 2.E.
		
	Option Agreement	  	Defined in Section 1; also used in Section 6.B.i., Section 8.E., and Section 9.C.
		
	Other Component	  	Defined in Section 1 (Net Sales E.v.); used in Section 1 (Net Sales E.v.)
		
	Party	  	Defined in Preamble; numerous
		
	Patent Costs	  	Defined in Section 6.B.; First Used in Section 6.A.ii.; Numerous
		
	Phase I Clinical Trial	  	Defined in Section 1; used in Section 3.E.i.
		
	Phase II Clinical Trial	  	Defined in Section 1; used in Section 3.E.ii.
		
	Phase III Clinical Trial	  	Defined in Section 1; used in Section 3.E.iii.
		
	Royalty Period	  	Defined in Section 3.B.v.; first used in Section 3.B.iv; numerous
		
	Service Payments	  	Defined in Section 1 (Sublicense); also used in Section 5.A.
		
	SRA	  	Defined in Section 1; first used in Section 1 (Licensed Patents; also used in Section 1 (Technical Information), Section 2.B.i.4, Section 2.B.i.5., and Section 9.C.
		
	Subject Invention	  	Defined in Section 2.G.i.
		
	Sublicense	  	Defined in Section 1; first used in Section 1 (Sublicense Revenue); numerous
		
	Sublicense Revenue	  	Defined in Section 1; first used in Section 3.G.
		
	Sublicensee	  	Defined in Section 1; first used in Section 1 (Licensed Entity); numerous
		
	Technical Information	  	Defined in Section 1; first used in (Licensed Product(iii)(d)); numerous
		
	Territory	  	Defined in Section 1; first used in Section 2.A.i; also used in Section 2.A.ii, and Section 6.D.i.

  
 Schedule H - 2 

 FINAL 
  

			
	UCMC	  	Defined in Section 2.E.
		
	Unique Target Royalty	  	Defined in Section 3.B.ii; also used in Section 3.B.ii., Section 3.B.iv., and Section 3.B.vii.(y).
		
	Unique Target(s)	  	Defined in Section 1; first used in Section 1 (Licensed Products); numerous
		
	University	  	Defined in Preamble; first used in Section 1; numerous
		
	Valid Claim	  	Defined in Section 1; first used in Section 1 (Licensed Product); numerous
		
	Valid Claim Licensed Product	  	Defined in Section 1 (Licensed Product); first used in Section 1 (Net Sale); numerous
		
	Valid Claims Royalty	  	Defined in Section 3.B.1.; also used in Section 3.B.iv. and Section 3.B.viii(x).

  
 Schedule H - 3EX-10.10

 Exhibit 10.10 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE
THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. 
 Execution Copy 

THIS LICENSE AGREEMENT (the “Agreement”) is made on 1 December, 2020 (“Effective Date”) 

BETWEEN: 
  

	 	(1)	 Pyxis Oncology, Inc., a company organized and existing under the laws of Delaware, whose office is 35
CambridgePark Drive, Cambridge, MA 02140 (“Pyxis”); and 

  

	 	(2)	 LEGOCHEM BIOSCIENCES INC., a corporation registered in the Republic of Korea, whose registered office is
at 8-26 Munpyeongseo-ro Daedeok-gu Daejeon City, 34302, Republic of Korea (“LCB”, with Pyxis, each a
“Party”). 

 RECITALS 
  

	 	(A)	 LCB is a biopharmaceutical company based in The Republic of Korea focusing on the development of linkers,
toxins, and conjugation technologies useful in the manufacture and development of antibody-drug conjugates. 

  

	 	(B)	 Pyxis is a United States based biopharmaceutical company focused on the development of oncology therapeutics.

  

	 	(C)	 LCB has a preclinical-stage ADC program designated by LCB as LCB67 (as further defined below), targeting DLK-1. 

  

	 	(D)	 Pyxis wishes to obtain a license to LCB’s intellectual property directed to LCB67 and to Develop, and
Commercialize LCB67 for the benefit of both Parties. 

  

	 	(E)	 LCB and Pyxis will simultaneously enter into an Opt-In, Investment and
Additional Consideration Agreement. 

 NOW IT IS HEREBY AGREED as follows: 

 

	1.	 Definitions and Interpretation 

In the Agreement, the following words and expressions have the following meanings: 

 

	 	(a)	 “Accounting Standards” means the IFRS (International Financial Reporting Standards) or GAAP
or, if not applicable, any similar accounting standard, in each case, as generally and consistently applied throughout the relevant organization. 

  

	 	(b)	 “ADC” or “Antibody Drug Conjugate” means an antibody conjugated to a
cytotoxic payload. 

  

	 	(c)	 “Affiliate” means with respect to a legal entity, any other legal entity that directly or
indirectly controls, is controlled by or is under common control with such legal entity; where “control”, and with correlative meanings, “controlled by” and “under common control with”, shall mean: (i) the
possession, directly or indirectly, of the power to direct the management or policies of a company or person, whether through the ownership of voting securities, by contract or otherwise; or (ii) the ownership, directly or indirectly, of over
50% of the outstanding voting securities or other ownership interest of a legal entity. Notwithstanding the foregoing, Longwood Fund IV, L.P., Agent Capital Fund I LP, Bayer Healthcare LLC, Ipsen Farmaceutica BV and the affiliates of each of the
aforementioned entities shall not be considered an Affiliate of Pyxis for the purposes of this Agreement. 

  
 1 

 Confidential 
  

	 	(d)	 “Annual Net Sales” means with respect to all Licensed Products, the worldwide Net Sales
calculated on an aggregate basis for a given Calendar Year. 

  

	 	(e)	 “Annual Report” has the meaning set forth in Section 4.4 (Annual Report).

  

	 	(f)	 “Antibody IP” means the Know-How and Patent Rights
owned by Y-Biologics Inc. and exclusively licensed to LCB for use in ADCs directed to the monoclonal anti-DLK1 antibody within LCB67 and any improvements, modifications, or derivatives thereof made under the
Agreement, which Patent Rights are set forth in Schedule 1(f). 

  

	 	(g)	 “Arising IP” means Intellectual Property Rights generated by or on behalf of Pyxis or LCB or
their respective Affiliates or, in the case of Pyxis, a Sublicensee, in each case, in the performance of any activities under the Agreement during the Term and which specifically relates to Licensed Product or Licensed Compound. For clarity, Arising
IP excludes LCB Background IP, Pyxis Background IP and Antibody IP. 

  

	 	(h)	 “Batch” means a specific quantity of Clinical Supply Product that is produced according to a
single manufacturing order during the same cycle of Manufacture and intended to have uniform character and quality. 

  

	 	(i)	 “BLA” means a Biologics License Application submitted to the FDA pursuant to 42 U.S.C. §
262 and 21 C.F.R. Part 601 for purposes of obtaining Regulatory Approval for a new biologic in the United States, or any equivalent filing in a country or regulatory jurisdiction other than the United States. 

 

	 	(j)	 “Business Day” means Monday to Friday (inclusive) except bank or public holidays in
Massachusetts, United States or Seoul, Korea, and “Day” means any period of 24 consecutive hours commencing at 12:01 a.m. Eastern time and concluding at midnight including Business Days, weekends and bank or public holidays.

  

	 	(k)	 “Calendar Quarter” shall mean the three-month period ending on March 31, June 30,
September 30 and December 31 of each calendar year. 

  

	 	(l)	 “Calendar Year” shall mean four (4) consecutive Calendar Quarters beginning with the
three-month period ending on March 31st. 

  

	 	(m)	 [***]. 

  

	 	(n)	 “CDA” mean that certain Mutual Confidentiality Agreement made as of June 22, 2020, by and
between LCB and Pyxis, as amended. 

  

	 	(o)	 “Change of Control” means, with respect to a Party, (a) a merger, consolidation,
reorganization, amalgamation, arrangement, share exchange, tender or exchange offer, private purchase, business combination or other transaction of such Party with a Third Party that results in the voting securities of such Party outstanding
immediately prior thereto, or any securities into which such voting securities have been converted or exchanged, ceasing to represent more than fifty percent 

  
 2 

	 	
(50%) of the combined voting power of the surviving entity or the parent of the surviving entity immediately after such merger or consolidation, (b) a transaction or series of related
transactions in which a Third Party, together with its Affiliates, becomes the direct or indirect beneficial owner of more than fifty percent (50%) of the combined voting power of the outstanding securities of such Party, or (c) the sale or
other transfer to a Third Party of all or substantially all of such Party’s and its controlled Affiliates’ assets. Notwithstanding the foregoing, any transaction or series of transactions effected for the primary purpose of financing the
operations of the applicable Party or changing the form or jurisdiction of organization of such Party will not be deemed a “Change of Control” for purposes of the Agreement. 

 

	 	(p)	 “Claims” has the meaning set forth in Section 9.3 (Indemnification).

  

	 	(q)	 “Clinical Supply Product” means Licensed Product in filled or finished form, as applicable,
for use in Development of Licensed Products in the Field in the Pyxis Territory. 

  

	 	(r)	 “CMC” means the Chemistry, Manufacturing and Controls portion of the IND or NDA for a
pharmaceutical or biologic product in the United States, Europe, China or equivalent or similar portion of an IND, NDA or Regulatory Approval in another regulatory jurisdiction. 

 

	 	(s)	 “CMO” means a contract manufacturing organization. 

 

	 	(t)	 “Combination Product” means a Licensed Product whether combined in a single formulation or
package with any Other Components, or formulated or packaged separately but required pursuant to approved product labelling to be used with any Other Component and sold together with such Other Component for a single price. 

 

	 	(u)	 “Commercialization” means any and all activities directed toward obtaining pricing and
reimbursement approvals, marketing, promoting, distributing, importing, exporting, selling or offering to sell a pharmaceutical or biologic product, excluding activities directed to Development, Manufacturing, or Medical Affairs, and
“Commercialize” and “Commercializing” shall have a corresponding meaning. 

  

	 	(v)	 “Commercially Reasonable Efforts” means, the efforts and resources that are substantially
similar to the efforts and resources that a reasonable Third Party pharmaceutical company of the size of, and with the resources available to the relevant Party (or where applicable, its Sublicensee) would typically devote to a pharmaceutical or
biologic product of similar market potential at a similar stage in Development or Commercialization, taking into account all relevant factors, including technical, medical, efficacy, safety, manufacturing, and the patent and other proprietary
position of the pharmaceutical or biologic product, and the regulatory environment; and requiring that the Party (1) assigns a budget and responsibility for such obligations to employees or contractors as the case may be, who are held
accountable for progress and monitoring such progress, and (2) set and seek to achieve specific objectives for carrying out such obligations. Commercially Reasonable Efforts shall be deemed not to be made if a Party suspends Development of the
one Licensed Product required to be Developed pursuant to Section 4.1, for [***] or more in the absence of a Technical Failure or significant scientific evidence that the Licensed Product will unreasonably impact patient safety.

  
 3 

	 	(w)	 “Competent Authority” means any local or national agency, authority, department, inspectorate,
minister, ministry official, or public or statutory person (whether autonomous or not) of any government of any country having jurisdiction over the manufacture, sale, or use of pharmaceutical or biologic products, including the United States Food
and Drug Administration (FDA), Health Canada, the European Medicines Agency of the European Union (EMA), the National Medical Products Administration (NMPA) of China, the European Commission and the European Court of Justice, or any equivalent
agency in any other jurisdiction. 

  

	 	(x)	 “Confidential Information” means the terms of the Agreement and any and all information of a
confidential or proprietary nature that is obtained directly or indirectly by one Party (the “Receiving Party”) or its Affiliates, from the other Party (the “Disclosing Party”) or its Affiliates at any time on or
after the Effective Date, without regard to the form or manner in which such information is recorded, preserved, disclosed or obtained. In addition, Confidential Information shall include all Confidential Information (as defined under the CDA
between the Parties) obtained by either Party pursuant to the CDA relating to the Licensed Compound or Licensed Product, which shall be deemed to be Confidential Information obtained by such Party pursuant to the Agreement (and the use and
disclosure of which shall, as from the Effective Date, be governed by the terms of the Agreement). LCB Background IP shall be LCB’s Confidential Information for which LCB shall be the Disclosing Party and Pyxis shall be the Receiving Party.

  

	 	(y)	 “Cover”, “Covering” or “Covered” means, with respect to a
product, technology, process or method, that, in the absence of ownership of, or a license granted under, a Valid Claim, the practice or Exploitation of such product, technology, process or method would infringe such Valid Claim (or, in the case of
a Valid Claim that has not yet issued, would infringe such Valid Claim if it were to issue). 

  

	 	(z)	 “Development” means all internal and external development, and regulatory activities related
to a pharmaceutical or biologic product, including (i) non-clinical testing, toxicology, testing and studies, non-clinical and preclinical animal studies, and
clinical trials, and (ii) preparation, submission, review, and development of data or information for the purpose of submission to a Competent Authority to obtain authorization to conduct clinical trials and to obtain, support, or maintain
Regulatory Approval of a pharmaceutical or biologic product, but excluding activities directed to Manufacturing, Medical Affairs or Commercialization, and “Develop” and “Developing” shall have a corresponding
meaning. 

  

	 	(aa)	 “Europe” means the countries and territories in Europe, including the United Kingdom and
members of the European Union. 

  

	 	(bb)	 “Exploit” means to make, have made, use, offer to sell, sell, Develop, Manufacture, perform
Medical Affairs activities, Commercialize, or otherwise exploit; and “Exploitation” shall have a corresponding meaning. 

  

	 	(cc)	 “Extra Milestone Payment” has the meaning set forth in Section 10.5(a).

  
 4 

	 	(dd)	 “Field” means the treatment of human diseases in all therapeutic and prophylactic
areas. 

  

	 	(ee)	 “Financing Date” has the meaning set forth in Section 5.1(b) (Second Payment).

  

	 	(ff)	 “First Commercial Sale” means, with respect to a Licensed Product in a country or region in
the Pyxis Territory, the first sale to a Third Party of such Licensed Product in such country or region after all Regulatory Approvals required to market and sell the Licensed Product in such country or region have been obtained.

  

	 	(gg)	 “First Launch” means the first offer for sale of Licensed Product. 

 

	 	(hh)	 “First Milestone Payment Event” has the meaning set forth in Section 5.2(a). 

  

	 	(ii)	 “Force Majeure” has the meaning set forth in Section 12.8 (Force Majeure).

  

	 	(jj)	 “Global Development Plan” means a reasonably detailed written plan prepared by Pyxis
setting forth those Development activities, to be completed by Pyxis that are reasonably necessary to obtain or maintain Regulatory Approvals for the Licensed Products in the Pyxis Territory. The Global Development Plan shall include: (i) all
key Development activities to be conducted with respect to the Licensed Compound and Licensed Products, (ii) milestones to evaluate the progress of the Licensed Compound and Licensed Products, and (iii) an allocation of responsibilities in
relation to the foregoing activities between the Parties, including those responsibilities of Party that will be performed by Subcontractors or Sublicensees. The Global Development Plan shall be updated from time to time, by Pyxis, in its reasonable
discretion. 

  

	 	(kk)	 “GMP” shall mean the current good manufacturing practice requirements and standards for the
production of drug and biological products, including, as applicable, FDA regulations as set forth in 21 C.F.R. Parts 210, 211, 600, and 610, and related guidance documents, and as interpreted by relevant ICH guidelines, and the applicable laws in
any other jurisdiction corresponding to the foregoing; in each case, as amended from time to time. 

  

	 	(ll)	 “GMP Clinical Supply Product” has the meaning set forth in Section 5.1 (Upfront Payment).

  

	 	(mm)	 “ICH” means the International Conference on Harmonisation of Technical Requirements for
Registration of Pharmaceuticals for Human Use. 

  

	 	(nn)	 “IND Application” means an application submitted to a Competent Authority for authorization by
the applicable Competent Authority to initiate human clinical trials, including an (i) Investigational New Drug application filed with the US Food and Drug Administration in the United States, (ii) a clinical trial application submitted to
the European Medicines Agency of the European Union, (iii) a clinical trial application submitted to the National Medical Products Administration (NMPA) of China, and (iv) any equivalent filing in any other jurisdiction.

  

	 	(oo)	 “Indemnifying Party” has the meaning set forth in Section 9.3(c). 

  
 5 

	 	(pp)	 “Indemnitee” has the meaning set forth in Section 9.3(c). 

 

	 	(qq)	 “Indication” means (1) types of indications by organ/tissue as described on Exhibit 2,
and (2) if not set forth in Exhibit 2, any indication for which Pyxis notifies LCB that it has initiated a Phase 3 Clinical Trial or a Phase 2 Clinical Trial that is intended to be a registrational study and which is (i) agreed to by the
Parties to be a new Indication on a case-by-case basis, acting in good faith, and (ii) is consistent with the types of Indications described on Exhibit 2.

  

	 	(rr)	 “Initiation” means for a clinical trial the first dosing of the first patient (or subject in
the case of a Phase 1 Clinical Trial) for such trial. 

  

	 	(ss)	 “Intellectual Property Rights” means all Patent Rights, rights to inventions, utility models,
copyright and related rights, trademarks, trade names and domain names, rights in goodwill or to sue for passing off, rights in designs, rights in computer software, database rights, rights in confidential information (including Know-How, unpatented technical information, and trade secrets) and any other intellectual property rights, in each case, whether registered or unregistered and including all applications (or rights to apply) for,
and renewals or extensions of, such rights and all similar or equivalent rights or forms of protection that may now or in the future subsist in any part of the world. 

 

	 	(tt)	 “Japan” means Japan and its territories and possessions. 

 

	 	(uu)	 “Joint Arising IP” has the meaning set forth in Section 6.1 (Ownership of Arising IP).

  

	 	(vv)	 “Joint Patent Committee” has the meaning set forth in Section 6.5(a) (Joint Patent
Committee). 

  

	 	(ww)	 “Joint Steering Committee” and “JSC” have the meaning set forth in
Section 4.5(a) (Formation and Purpose). 

  

	 	(xx)	 “Know-How” means any data, results, and information of
any type whatsoever, in any tangible or intangible form, including trade secrets, practices, techniques, methods, processes, inventions, discoveries, developments, specifications, formulations, formulae, materials or compositions of matter of any
type or kind (patentable or otherwise), software, algorithms, marketing reports, clinical and non-clinical study reports, clinical and non-clinical data, regulatory
filings and regulatory submission documents and summaries, technology, test data including pharmacological, biological, chemical, biochemical, toxicological, and clinical test data, analytical and quality control data, stability data, studies and
procedures and any other know-how, and any physical embodiments of any of the foregoing. 

  

	 	(yy)	 “Knowledge” shall mean the actual knowledge of the Chief Executive Officer, the Chief Business
Development Officer and the Chief Scientific Officer, after reasonable inquiry without additional inquiry or investigation into the prior art or freedom-to-operate of
the practice of LCB Background IP or LCB Product-Specific IP. 

  
 6 

	 	(zz)	 “LCB67” means an antibody drug conjugate that is directed to
DLK-1, having the amino acid sequence set forth on Schedule 1(mmm) or the sequence otherwise specified in the LCB Product-Specific Patent Rights. 

 

	 	(aaa)	 “LCB Arising IP” has the meaning set forth in Section 6.1 (Ownership of Arising IP).

  

	 	(bbb)	 “LCB Background IP” means the LCB Patent Rights and the LCB
Know-How, and Intellectual Property Rights therein, in each case regarding enzymatic conjugation technologies, beta-glucuronide containing linker technologies, and monomethyl auristatin E based prodrug and
other proprietary prodrug payload technologies, (i) in existence at the date of the Agreement, (ii) that are owned or controlled or otherwise obtained or generated by LCB independently of the Agreement, and (iii) any related
improvements or enhancements that are identified, developed, generated or conceived pursuant to the Agreement which Patent Rights as of the Effective Date are set forth in Schedule 1(bbb). 

 

	 	(ccc)	 “LCB Elements” has the meaning set forth in Section 4.11. 

 

	 	(ddd)	 “LCB Indemnitees” has the meaning set forth in Section 9.3 (Indemnification).

  

	 	(eee)	 “LCB IP” means LCB Background IP, LCB Know-How, LCB
Patent Rights, LCB Arising IP and LCB’s interests in Joint Arising IP. 

  

	 	(fff)	 “LCB Know-How” means all Know-How that is (i) owned or controlled by LCB or any of its Affiliates as of the Effective Date or during the Term and (ii) necessary or useful to Exploit the Licensed Compound and Licensed Product in
the Field in the Pyxis Territory or otherwise for Pyxis to perform its obligations or exercise its rights under the Agreement. 

  

	 	(ggg)	 “LCB Patent Rights” means all Patent Rights, other than Patent Rights included in the Joint
Arising IP or Antibody IP, that are (i) owned or controlled by LCB or any of its Affiliates as of the Effective Date or during the Term and (ii) necessary or useful (or, with respect to patent applications, would be necessary or reasonably
useful if such patent applications were to issue as patents) to Exploit the Licensed Compound and Licensed Product in the Field in the Pyxis Territory or otherwise for Pyxis to perform its obligations or exercise its rights under the Agreement;
including all LCB Patent Rights as of the Effective Date are set forth on Schedules 1(bbb) (LCB Background Patent Rights) and 1(jjj) (LCB Product-Specific Patent Rights). 

 

	 	(hhh)	 “LCB Product-Specific Know-How” means
any and all Know-How (whether or not patentable) controlled by LCB on the Effective Date or during the Term to the extent such Know-How specifically relates to the
Licensed Compound or Licensed Product, which must in each case specifically relate in some manner to the anti-DLK-1 antibody of the Licensed Compound.

  

	 	(iii)	 “LCB Product-Specific IP” means the LCB Product-Specific
Know-How and LCB Product-Specific Patent Rights. 

  

	 	(jjj)	 “LCB Product-Specific Patent Rights” means any LCB Patent Rights, other than the LCB
Background Patent Rights and the Patent Rights in Antibody IP, having claims that specifically cover Licensed Compound or Licensed Product, which must in each case specifically relate in some manner to the anti-DLK-1 antibody of the Licensed Compound, as of the Effective Date are set forth on Schedule 1(jjj). 

  
 7 

	 	(kkk)	 “LCB Regulatory Information” means any information and data that may be in regulatory
submissions held by LCB or LCB’s CMO or (sub)licensees related to the Manufacture of a Licensed Product in respect of LCB’s Background Technology to the extent not specifically related to the Licensed Compound; 

 

	 	(lll)	 “LCB Territory” means Republic of Korea and any country for which the Agreement has
been terminated pursuant to Section 10.2 (Termination). 

  

	 	(mmm)	 “Licensed Compound” means (i) LCB67, which is directed to DLK1 and includes [***]

  

	 	(nnn)	 “Licensed Product” means a pharmaceutical or biologic product containing the Licensed
Compound, together with any formulations generated of the Licensed Compound by either Party under the Agreement, whether alone or in combination with one or more Other Components. 

 

	 	(ooo)	 “Major Market Territory” means any of the United States, China, Japan, or any three or more of
the following countries: United Kingdom, Spain, France, or Germany. 

  

	 	(ppp)	 “Manufacture” means activities directed to manufacturing, processing, packaging, labelling,
filling, finishing, assembly, shipping, storage, or freight of any pharmaceutical or biologic product (or any components or process steps involving such product or any companion diagnostic), placebo, or comparator agent, as the case may be,
including quality assurance and stability testing, characterization testing, quality control release testing of drug substance and drug product, quality assurance batch record review and release of such product, process development, qualification,
and validation, scale-up, pre-clinical, clinical, and commercial manufacture and analytic development, and product characterization, but excluding activities directed to
Development, Medical Affairs, or Commercialization, and “Manufacturing” shall have a corresponding meaning. 

  

	 	(qqq)	 “Marketing Authorization Application” means any new drug application, BLA, or other
application submitted to a Competent Authority for authorization by the applicable Competent Authority to market and sell a Licensed Product commercially. 

  

	 	(rrr)	 “Medical Affairs” means activities conducted by a Party’s medical affairs departments
(or, if a Party does not have a medical affairs department, the equivalent function thereof), including communications with key opinion leaders, medical education, symposia, advisory boards (to the extent related to medical affairs or clinical
guidance), activities performed in connection with patient registries, and other medical programs and communications, including educational grants, research grants (including conducting investigator-initiated studies), and charitable donations to
the extent related to medical affairs and not to other activities that do not involve the promotion, marketing, sale, or other Commercialization of the Licensed Product and are not conducted by a Party’s medical affairs (or equivalent)
departments. 

  
 8 

	 	(sss)	 “Milestone” or “Milestone Event” means each of the
milestone event specified in Section 5.2 (Development Milestones), Section 5.3 (Regulatory Milestones), and Section 5.4 (Sales Milestones) of the Agreement. 

 

	 	(ttt)	 “Milestone Payment” means the sums due from Pyxis to LCB on achievement of each Milestone
Event in accordance with Section 5.2 (Development Milestones), Section 5.3 (Regulatory Milestones), and Section 5.4 (Sales Milestones) of the Agreement. 

 

	 	(uuu)	 “Multi-Epitope DLK1” shall have the meaning set forth in the definition of ROFN Product.

  

	 	[***]	 “Net Sales” means [***] 

 

	 	[***]	 [***] 

  

	 	[***]	 [***] 

  

	 	[***]	 [***] 

  

	 	[***]	 [***] 

  

	 	[***]	 [***] 

  

	 	[***]	 [***]; 

  

	 	[***]	 [***] 

  

	 	[***]	 

  

	 	(A)	 [***] 

  

	 	(B)	 [***] 

  

	 	(C)	 [***] 

  

	 	[***]	 

  

	 	(vvv)	 [***] 

  

	 	(www)	 “Other Component” means any therapeutically active drug or biological ingredient that is not
the Licensed Compound (including any product of Pyxis) not covered by LCB IP, Antibody IP, or Joint Arising IP. 

  

	 	(xxx)	 “Opt-In Agreement” means the “Opt-In, Investment and Additional Consideration Agreement” to be executed simultaneously with the Agreement, in the form attached as Exhibit 1 hereto. 

 

	 	(yyy)	 “Parties” means LCB and Pyxis and “Party” shall mean either of them.

  

	 	(zzz)	 “Patent Challenge” means any assertion by Pyxis or any of its Affiliates or Sublicensees or
any knowing assistance given to a Third Party in or in preparation for a legal or administrative proceeding or other similar legal proceeding, including with respect to the Patent Trial and Appeal Board and foreign equivalents, challenging the
scope, ownership, validity or enforceability of any of the LCB Patent Rights or the Antibody Patent Rights without the permission or consent of LCB. 

  
 9 

	 	(aaaa)	 “Patent Rights” means (i) any national, regional or international patent or patent
application, including any provisional patent application, (ii) any patent application filed either from such a patent, patent application or provisional application or from an application claiming priority from any of these, including any
divisional, continuation, continuation-in-part, provisional, converted provisional, and continued prosecution application, (iii) any patent that has issued or in
the future issues from any of the foregoing patent applications ((i) and (ii)), including any utility model, petty patent, design patent and certificate of invention, (iv) any extension or restoration by existing or future extension or
restoration mechanisms, including any revalidation, reissue, re-examination and extension (including any supplementary protection certificate and the like) of any of the foregoing patents or patent
applications ((i), (ii) and (iii)), and (v) 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. 

  

	 	(bbbb)	 “Pharmacovigilance Agreement” has the meaning set forth in Section 4.6(c) (Adverse Event
Reporting). 

  

	 	(cccc)	 “Phase 1 Clinical Trial” means the first clinical trial in which a Licensed Product is
administered to human subjects under an authorized or otherwise valid and effective IND Application in any country or region. 

  

	 	(dddd)	 “Phase 2 Clinical Trial” means a clinical trial in which a Licensed Product is administered to
human subjects, the principal purpose of which is to identify any common short-term side effects and risks associated with the Licensed Product and to evaluate Licensed Product’s safety and efficacy in the proposed therapeutic indication, in a
manner that is generally consistent with 21 C.F.R. § 312.21(b), as amended (or its successor regulation), or, with respect to any other country or region, the equivalent of such a clinical trial in such other country or region.

  

	 	(eeee)	 “Phase 3 Clinical Trial” means the first clinical trial in which a Licensed Product is
administered to human subjects, that is (ii) designated to produce statistically meaningful data to establish the safety and effectiveness of the Licensed Product for its intended use under specified conditions of use; in a manner sufficient to
support a Marketing Authorization Application without any Phase 1 or Phase 2 clinical trials; and (ii) in a manner that is generally consistent with 21 C.F.R. § 312.21(c), as amended (or its successor regulation), or, with respect to any
other country or region, the equivalent of such a clinical trial in such other country or region. 

  

	 	(ffff)	 “Product Marks” has the meaning set forth in Section 6.4 (Product Marks).

  

	 	(gggg)	 “Pyxis Arising IP” has the meaning set forth in Section 6.1 (Ownership of Arising IP).

  

	 	(hhhh)	 “Pyxis Background IP” means all Patent Rights and
Know-How of Pyxis owned or controlled by Pyxis or its Affiliates as of the Effective Date, or arising outside of the scope of the Agreement the Patent Rights in the Pyxis Background IP are set forth on
Schedule 1(hhhh). 

  

	 	(iiii)	 “Pyxis-Developed Materials” has the meaning set forth in Section 10.4(d).

  
 10 

	 	(jjjj)	 “Pyxis Exclusive License Grant” has the meaning set forth in Section 10.4(d).

  

	 	(kkkk)	 “Pyxis IP” means any and all Know-How (whether or not
patentable) controlled by Pyxis on the Effective Date or during the Term to the extent such Know-How is (i) incorporated by Pyxis into a Licensed Product or into the Manufacture of the Licensed Product,
and (ii) necessary or useful to Exploit the Licensed Compound or Licensed Product in the LCB Territory and all Patent Rights control by Pyxis on the Effective Date or during the Term that claim any such
Know-How; Pyxis IP includes Pyxis Arising IP and its interests in Joint Arising IP to the extent (i) incorporated by Pyxis into a Licensed Product or into the Manufacture of Licensed Product, and
(ii) necessary or useful to Exploit the Licensed Compound or Licensed Product in the LCB Territory. 

  

	 	(llll)	 “Pyxis Indemnitees” has the meaning set forth in Section 9.3 (Indemnification).

  

	 	(mmmm)	 “Pyxis Territory” means all of the countries in the world other than LCB Territory.

  

	 	(nnnn)	 “Regulatory Approval” means, with respect to a country or other jurisdiction, all
registrations, authorization or approval by any Competent Authority, necessary for the Licensed Product to be sold in such country or jurisdiction. For clarity, Regulatory Approval may, in a particular country, include pricing approval.

  

	 	(oooo)	 “Regulatory Exclusivity” means any exclusive marketing rights or data exclusivity rights
conferred by any Competent Authority with respect to a Licensed Product in a country, other than a Patent Right but including patent term extension based on FDA or other Competent Authority review times and research times, in each case, that confers
exclusive rights to Pyxis, its Affiliates or Sublicensees, as applicable to market such Licensed Product in such country. As an example, and not a limitation of the foregoing definition, as of the Effective Date, Regulatory Exclusivity includes in
the U.S., the applicable period of exclusivity for an initial reference product granted under the U.S. Biologics Price Competition and Innovation Act of 2009. 

 

	 	(pppp)	 “Representatives” means the directors, officers, employees, consultants, advisors and
permitted contractors of the relevant Party or its Sublicensees. 

  

	 	(qqqq)	 “Results” means all data, information, or materials identified, developed, generated,
created, or conceived in the exercise of the Agreement, including all tangible records of such data and information. 

  

	 	(rrrr)	 [***] 

  

	 	(ssss)	 “ROFN Eligible Product” means any ADC directed to DLK1 (including any bi-specific or multi-specific ADC directed to DLK1 and one or more targets other than DLK1). For clarity, an ADC directed to more than one epitope of DLK1 (a “Multi-Epitope DLK1”) shall not be
deemed a ROFN Eligible Product. 

  

	 	(tttt)	 “Royalty Rate” means the amount of consideration due as calculated in accordance with
Section 5.5 (Royalty Payments). 

  
 11 

	 	(uuuu)	 “Royalty Report” has the meaning set forth in Section 5.6 (Royalty Reports).

  

	 	(vvvv)	 “Royalty Term” means, on a
country-by-country basis and Licensed Product-by-Licensed Product basis, the period
commencing on the date of the First Commercial Sale of such Licensed Product in such country and ending on the latest of: 

  

	 	(i)	 the date of expiry of the last Valid Claim of a Patent Right included in Antibody IP, Patent Right included in
LCB Arising IP, Joint Arising IP or an LCB Patent Right Covering the composition of matter or a method of use of the Licensed Product; or 

  

	 	(ii)	 ten (10) years from the First Commercial Sale of such Licensed Product in such country; or

  

	 	(iii)	 the expiration of Regulatory Exclusivity for such Licensed Product in such country. 

 

	 	(wwww)	 “Second Payment” has the meaning set forth in Section 5.1(b). 

 

	 	(xxxx)	 “Selling Entity” means Pyxis, or its Affiliates, or Sublicensees. 

 

	 	(yyyy)	 “Senior Officers” means for LCB, the President or the Chief Executive Officer of LCB, and for
Pyxis, the Chief Executive Officer of Pyxis. 

  

	 	(zzzz)	 “Sublicense” means a grant of rights (or grant of an option to obtain such rights) by Pyxis to
a Sublicensee in the Field under any of the rights licensed to Pyxis by LCB under Section 2.1 (Pyxis License) with respect to the Exploitation of the Licensed Compound or Licensed Product. The grant of ordinary course rights to contract
research organizations, contract manufacturing organizations and similar vendors shall not be considered a Sublicense. 

  

	 	(aaaaa)	 “Sublicense Revenue(s)” means [***] 

 

	 	(bbbbb)	 “Sublicensee” means (a) a Third Party to which Pyxis grants a Sublicense (b) a Third
Party to whom such Third Party defined in the foregoing clause (a) grants a license in the Field under any of the LCB IP (through multiple tiers). 

  

	 	(ccccc)	 [***] 

  

	 	(ddddd)	 “[***] 

  

	 	(eeeee)	 “Technical Failure” means that the Licensed Product for the Indication for which it is being
studied is reasonably determined by the Parties to: (i) be unsafe, based on results of testing; (ii) fail to meet the statutory standard of effectiveness to obtain approval; or (iii) be not feasible to Manufacture for
Commercialization, in each case as determined by the Parties in good faith upon reviewing and discussing all pertinent, objective evidence; provided that in the event a dispute between the Parties regarding such determination as discussed in the JSC
has lasted longer than [***] rom the date a Party first presents that a Technical Failure has occurred to the other Party at the JSC, Pyxis shall have the right to make the final determination regarding whether a Technical Failure has occurred.

  
 12 

	 	(fffff)	 “Term” has the meaning set forth in Section 10.1 (Term). 

 

	 	(ggggg)	 “Third Party” means a person other than LCB, Pyxis or each of their Affiliates.

  

	 	(hhhhh)	 “United States” or “US” means the United State of America and its territories
and possessions. 

  

	 	(iiiii)	 “Valid Claim” means a claim of: 

 

	 	(i)	 a granted patent that: (A) has not expired; (B) has not been revoked nor held invalid or
unenforceable by an administrative agency, court or other government agency of competent jurisdiction in a final and non-appealable decision (or a decision unappealed within the time limit allowed for appeal)
nor admitted to be invalid or unenforceable through reissue, re-examination, or disclaimer or otherwise; (C) has not been abandoned, and (D) has not been lost through an interference proceeding,
inter partes review, ex partes re-examination or similar proceeding; or 

  

	 	(ii)	 a pending patent application that has not been pending for more than [***] from its initial filing date and has
not been finally rejected by a patent office or other governmental agency of competent jurisdiction in an unappealable decision or a decision that is un-appealed within the time allowed for appeal.

 In the Agreement: 
  

	 	(a)	 references to Parties, Sections and Schedules are to the Parties, Sections and Schedules of the Agreement

  

	 	(b)	 references to persons include all forms of legal entity including an individual, company, body corporate,
unincorporated association and partnership, and such persons’ successors and assigns; 

  

	 	(c)	 the words ‘include,” “including,” and “in particular” are to be construed as
being by way of illustration or emphasis only and are not to be construed so as to limit the generality of any words preceding them; 

  

	 	(d)	 the words “other” and “otherwise” are not to be construed as being limited by any words
preceding them; 

  

	 	(e)	 the headings are used for convenience only and do not affect its interpretation; 

 

	 	(f)	 any financial sums are expressed in US Dollars unless otherwise specified; 

 

	 	(g)	 the term “or” means “and/or” hereunder; 

 

	 	(h)	 the word “will” shall be construed to have the same meaning and effect as the word “shall”;

  

	 	(i)	 “herein,” “hereby,” “hereunder,” “hereof” and other equivalent words
refer to the Agreement as an entirety and not solely to the particular portion of the Agreement in which any such word is used; 

  
 13 

	 	(j)	 any definition of or reference to any agreement, instrument or other document herein will be construed as
referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein); 

 

	 	(k)	 the word “notice” means notice in writing (whether or not specifically stated) and will include
notices, consents, approvals and other written communications contemplated under the Agreement; 

  

	 	(l)	 references to any specific law, rule or regulation, or section or other division thereof, will be deemed to
include the then-current amendments thereto or any replacement or successor law, rule or regulation thereof; and 

  

	 	(m)	 a reference to the singular includes a reference to the plural and vice versa and a reference to any gender
includes a reference to all other genders. 

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

 

	2.	 Grant of License 

 

	 	2.1	 Pyxis License. Subject to the terms of the Agreement, LCB hereby grants to Pyxis and its Affiliates, on
behalf of itself and its Affiliates:  

  

	 	(a)	 an exclusive (even as to LCB and its Affiliates), transferable (solely as permitted in accordance to
Section 12.3 (Assignment)) license under the LCB Product-Specific IP, the LCB IP and the Antibody IP, with the right to Sublicense through multiple tiers, to Exploit the Licensed Compound and Licensed Product in the Field in the Pyxis Territory
except that the foregoing license to Pyxis under LCB IP and Antibody IP applies solely to the Licensed Compound and not to any Other Component; and 

  

	 	(b)	 a non-exclusive, transferable (solely as permitted in accordance to
Section 12.3 (Assignment)) license under the LCB IP and the Antibody IP with the right to sublicense through multiple tiers, to Develop, Manufacture or have Manufactured the Licensed Compound and Licensed Product in the LCB Territory solely to
Exploit the Licensed Compound and Licensed Product in the Field in the Pyxis Territory. 

  

	 	2.2	 LCB License. Subject to the terms of the Agreement, Pyxis hereby grants to LCB and its Affiliates an
exclusive (except as to Pyxis for itself and subcontractors under this Agreement), fully-paid, royalty-free, non-transferrable, non-sublicensable (other than to
subcontractors acting on behalf of LCB) license under the Pyxis IP to Manufacture and have Manufactured the Licensed Product in the Pyxis Territory solely to the extent reasonably necessary for LCB to (i) perform its obligations under the
Agreement, and (ii) Exploit the Licensed Compound and Licensed Product in the LCB Territory. 

  

	 	2.3	 Restrictions. Pyxis shall not directly or indirectly by virtue of the Agreement or otherwise:

  
 14 

	 	(a)	 modify, disassemble, decompile, reverse engineer, or attempt to modify, disassemble, decompile or attempt to
reverse engineer, the Licensed Compound, including LCB Background IP, Antibody IP or any component of the foregoing; or 

  

	 	(b)	 engage in any activities in breach of any jurisdiction’s export-import or other applicable laws, rules or
regulations. 

  

	 	2.4	 Companion Diagnostics. If during the Term, Pyxis elects to Develop a companion diagnostic for use in
conjunction with the Licensed Products or to Develop Licensed Compound or Licensed Product for diagnostic use, it may do so under a separate license to Intellectual Property Rights Controlled by LCB. Such license to include reasonable additional
consideration for LCB, which, when taken as a whole, is no greater than the consideration paid to LCB for the Licensed Product under the Agreement, and the Parties will enter (i) an amendment to the Agreement, or (ii) a separate agreement
between Pyxis and LCB regarding such license for the companion diagnostics (in the case of each of (i) or (ii) for the purpose of licensing such Intellectual Property Rights to Pyxis). 

 

	 	2.5	 [***]. 

  

	 	    	         [***] 

 

	 	    	         [***] [***] 

 

	 	2.6	 [***] 

  

	 	2.7	 [***]. 

  

	 	2.8	 Patent Challenge. In the event of a Patent Challenge, where none of the exceptions in
Section 10.2(d) (Termination for Patent Challenge) apply, LCB may elect, in lieu of exercising its right to terminate, to convert the exclusive licenses granted to Pyxis in 2.1 (Pyxis License) to
non-exclusive licenses. 

  

	3.	 Sublicensing & Subcontracting 

 

	 	3.1	 Sublicenses by Pyxis. In the event that Pyxis grants a Sublicense of a Licensed Compound or Licensed
Product in the Field pursuant to Section 2.1 (Pyxis License): 

  

	 	(a)	 Pyxis shall notify LCB of such potential Sublicense (excluding any Subcontractor) in advance of signing such
Sublicense agreement including a summary of terms and the relevant financial terms thereof; 

  

	 	(b)	 Such Sublicense shall be consistent with the terms of the Agreement and require the applicable Sublicensee to
comply with applicable obligations of the Agreement including, the obligation to use Commercially Reasonable Efforts to Develop and Commercialize Licensed Compound and Licensed Products; 

 

	 	(c)	 Pyxis shall within [***] after the Effective Date provide a complete copy of each Sublicense to LCB if
permitted by the Sublicense. Pyxis may make reasonable redactions where the redactions do not adversely impact the rights of LCB hereunder, provided the redacted copy fully enables LCB to determine the scope of the rights granted, the financial
terms thereunder to the extent applicable to LCB and confirm compliance with and enforce obligations under the Agreement; and 

  
 15 

	 	(d)	 Any Sublicense Revenue Pyxis receives under such Sublicenses will be shared in accordance with the Opt-In Agreement. 

  

	 	3.2	 Subcontracting by Pyxis. Pyxis will have the right to engage Subcontractors to exercise its rights or
perform its obligations under the Agreement, including any activities set forth in the Global Development Plan; provided that any such Subcontractor is required to comply with the terms of the Agreement that are applicable to such
Subcontractor. 

  

	 	3.3	 Pyxis Remaining Primarily Liable. Pyxis acknowledges that the grant of any Sublicense shall not relieve
Pyxis of its obligations under the Agreement, except to the extent they are performed by any such Sublicensee, and Pyxis will remain responsible for the performance of any of its obligations under the Agreement that are allocated to a Subcontractor
or Sublicensee to the same extent as if it had performed (or failed to perform) such obligations itself. 

  

	4.	 Development, Manufacture and Commercialization 

 

	 	4.1	 Development Responsibilities. Subject to Section 4.5 (JSC) below regarding oversight by the JSC,
Pyxis will lead and will have sole control and decision making authority with respect to the Development of the Licensed Compound and Licensed Product in the Pyxis Territory. Pyxis shall provide LCB with the Global Development Plan no later than
[***] after the Effective Date. Pyxis shall use Commercially Reasonable Efforts to Develop at least one Licensed Compound and one Licensed Product for at least one Indication in the Pyxis Territory, including by using Commercially Reasonable Efforts
to conduct the activities set forth in the Global Development Plan and Developing Licensed Product at least one Indication at one time. For the avoidance of doubt, if Pyxis Develops only one Licensed Product in only one Indication during the Term,
Pyxis will be deemed to have met its diligence obligations with respect to Development of the Licensed Product hereunder. Subject to Section 4.5 (JSC) below regarding the oversight by the JSC, LCB will lead and have primary
control and decision making authority with respect to the Development of the Licensed Compound and Licensed Product in the LCB Territory.  

 

	 	4.2	 Pyxis shall be deemed to have used Commercially Reasonable Efforts under Section 4.1, if Pyxis, its
Affiliates or a Sublicensee has achieved the following events listed below by the dates set forth below: 

  

	 	(a)	 Initiate a preclinical toxicology program (GLP) for the Licensed Compound or Licensed Product within [***]
after the delivery of the non-GMP-compliant Batch as set forth in Section 5.1 (Upfront Payment); 

 

	 	(b)	 Submit an IND Application for a Licensed Product within [***]after the completion of such preclinical
toxicology program (GLP) in a Major Market Territory; 

  

	 	(c)	 Dose a first patient in a Phase 1 Clinical Trial for a Licensed Product in a Major Market Territory within
[***] after submission of the first IND Application; 

  
 16 

	 	(d)	 Dose a first patient in a Phase 2 Clinical Trial for a Licensed Product in a Major Market Territory within
[***]after completion of a Phase 1 Clinical Trial in a Major Market Territory; 

  

	 	(e)	 Dose a first patient in a Phase 3 Clinical Trial for a Licensed Product in a Major Market Territory within
[***] after completion of a Phase 2 Clinical Trial in a Major Market Territory; 

  

	 	(f)	 Submit a BLA Application for a Licensed Product in a Major Market Territory within [***]after completion of a
Phase 3 Clinical Trial; and 

  

	 	(g)	 Achieve First Commercial Sale of a Licensed Product within [***]after receiving Regulatory Approval.

  

	 	4.3	 LCB Territory Development Discussion. LCB shall provide Pyxis an update of LCB’s Development of
activities including Licensed Products on a quarterly basis at each JSC meeting. If Pyxis reasonably believes that any Development activities proposed by LCB would reasonably be expected to have a material adverse impact upon the Development of the
Licensed Product in the Field in the Pyxis Territory, then Pyxis shall have the right to bring the matter to the attention of the JSC setting forth its concerns in a written report along with a proposed resolution, taking into account LCB’s
interests, and the Parties shall discuss in good faith a resolution to such concern. [***]Further, any action by LCB that adversely or materially affects the Development of Pyxis shall be taken into account when considering whether Pyxis has used
Commercially Reasonable Efforts as required under the Agreement. 

  

	 	4.4	 Annual Report. Pyxis shall provide to LCB a report at least once every 12 months (an “Annual
Report”) that includes: 

  

	 	(a)	 the progress of Development for the Licensed Compound and Licensed Product measured against the Global
Development Plan for each Major Market; 

  

	 	(b)	 for each Major Market where all required Regulatory Approvals have been obtained for the Licensed Product, at
least [***]prior to launch of a Licensed Product in such country or region, a summary of the Commercialization strategy and plan of Pyxis in respect of the Licensed Product in such Major Market; and 

 

	 	(c)	 the Parties shall discuss the Annual Report and the progress of Commercialization activities as measured
against the plan and LCB shall have the opportunity to ask questions of Pyxis and Pyxis shall be reasonably available and, in any event, respond to LCB’s questions within [***]. 

 

	 	4.5	 Joint Steering Committee (JSC). 

 

	 	(a)	 Formation and Purpose. Pyxis and LCB will establish and convene a joint steering committee (the
“Joint Steering Committee” or the “JSC”) promptly after the Effective Date. The JSC shall consist of representatives from each Party and operate by the procedures in accordance with this Section 4.5 (Joint
Steering Committee). The purpose of the JSC shall be to provide a forum for the coordination, communication, and oversight of the Parties’ activities under the Development Plan, and the JSC shall not have any decision-making authority outside
of the scope contemplated herein. 

  
 17 

	 	(b)	 JSC Responsibilities. The JSC’s responsibilities shall be to: 

 

	 	(i)	 Discuss the Global Development Plan and all material amendment and updates thereto; 

 

	 	(ii)	 Facilitate the exchange of information between the Parties related to the Development of the Licensed Product
under the Global Development Plan in the Pyxis Territory and LCB’s Development efforts in the LCB Territory; 

  

	 	(iii)	 Review, discuss, and coordinate the overall progress of the Development activities for the Licensed Compound
and Licensed Product conducted under the Global Development Plan and in the LCB Territory; 

  

	 	(iv)	 Oversee, discuss and coordinate regulatory activities as they pertain to Licensed Product;

  

	 	(v)	 Serve as the first forum to hear and resolve disputes in respect of Development matters; and

  

	 	(vi)	 Perform such other functions as appropriate to further the Development of the Licensed Compound or Licensed
Product, as determined by the Parties in writing. 

  

	 	(c)	 JSC Decisions and Actions. The Parties shall use good faith efforts to achieve consensus regarding any
actions. If the JSC fails to reach agreement on a matter before it for decision regarding the Development of Licensed Compound or Licensed Product, Pyxis shall have final decision making authority on such matters in the Pyxis Territory and LCB shall
have final decision making authority on such matters in the LCB Territory. 

  

	 	(d)	 JSC Membership. Within [***]after the Effective Date, each Party shall designate two representatives for
the JSC and be responsible for its representatives’ compliance with the terms of the Agreement and that each representative has agreed in advance to confidentiality, intellectual property ownership and assignment and non-use obligations at least as restrictive as those set forth herein. Each representative shall have the appropriate level of experience in the subject area of the JSC, and at least one representative shall have
sufficient seniority within the applicable Party’s organization to have the necessary decision-making authority in order for the JSC to fulfill its responsibilities. Either Party may designate a substitute for its JSC representatives if one of
such Party’s designated representatives is unable to be present at a meeting so long as such substitutes are subject to the same obligations of confidentiality, intellectual property ownership and assignment and
non-use as the formal representative. From time to time, each Party may replace its JSC representatives by written notice to the other Party specifying the prior representative(s) and their replacement(s).

  

	 	(e)	 JSC Chairperson. The JSC will have a chairperson, to be designated by Pyxis. The chairperson shall be
responsible for calling and convening meetings. The chairperson (or its designate) shall: (i) prepare and circulate an agenda reasonably in advance of each upcoming meeting; and (ii) prepare and issue minutes of the JSC meeting within
[***] hereafter. Such minutes shall not be finalized until each JSC representative reviews and approves such minutes in writing; provided that any minutes shall be deemed approved unless a JSC representative objects to the accuracy of such
minutes within [***] fter the circulation of the minutes. 

  
 18 

	 	(f)	 Meetings. 

  

	 	(i)	 Timing and Frequency. Until the completion of all activities under the Global Development Plan (after
which the JSC shall disband) or unless otherwise agreed by the Parties, the JSC shall meet at least once each Calendar Quarter. Additional meetings of the JSC may be held with the consent of each Party (such consent not to be unreasonably withheld,
delayed or conditioned), and as required under the Agreement. 

  

	 	(ii)	 Meeting Procedures. The JSC may meet either (A) in person at either Party’s facilities or at
such locations as the Parties may otherwise agree; or (B) by audio or video teleconference. Each Party shall be responsible for all of its own expenses incurred in connection with participating in the JSC, including all travel and lodging.

  

	 	(g)	 Non-Member Participation. Additional non-members of the JSC having relevant experience may from time to time be invited to participate in a JSC meeting, provided that such participants shall have no voting rights or powers. Non-member participants who are not employees of a Party or its Affiliates shall only be allowed to attend if: (i) the other Party’s representatives have consented to the attendance; and (ii) such non-member participant is subject to and has agreed in advance to confidentiality, intellectual property ownership and assignment and non-use obligations at least as
restrictive as those set forth in the Agreement. 

  

	 	(h)	 Limitation of Authority. The JSC shall only have the powers expressly assigned to it in this Article 4
and elsewhere in the Agreement and shall not have the authority to: (i) modify or amend the terms and conditions of the Agreement; (ii) waive either Party’s compliance with the terms and conditions of the Agreement;
(iii) determine any such issue in a manner that would conflict with the express terms and conditions of the Agreement; or (iv) impose any other obligations on either Party without the prior written consent of such Party.

  

	 	4.6	 Regulatory Matters. 

 

	 	(a)	 Regulatory Responsibilities; Ownership. Pyxis will lead and have sole control and decision-making
authority with respect to all regulatory activities specific to the Licensed Product as a whole, but not activities related to LCB Regulatory Information, in the Pyxis Territory, including all applications for Regulatory Approvals in the Pyxis
Territory. Pyxis will have the sole right to conduct all communications with Competent Authorities in the Pyxis Territory, including all meetings, conferences and discussions (including advisory committee meetings), with regard to Licensed Product
in the Pyxis Territory, but not LCB Regulatory Information. Pyxis shall involve LCB in all material regulatory matters and coordinate material regulatory activities with LCB for the LCB Territory, including through the oversight of the JSC. LCB
shall have the right to review and provide comments on regulatory materials and participate with Pyxis in regulatory meetings, unless prohibited by applicable law, in each 

  
 19 

	 	
case, as they relate to or involve questions about LCB Background IP or Antibody IP as incorporated in Licensed Product, at LCB’s sole cost and expense. Pyxis will own any and all Regulatory
Approvals and regulatory submissions for each Licensed Product as a whole in the Pyxis Territory, which will be held in the name of Pyxis or its designees, except for LCB Regulatory Information. 

 

	 	(b)	 Right of Reference. Each Party will grant, and hereby does grant, to the other Party a right of
reference to all Regulatory Approvals and related regulatory materials, including the drug master file (or any equivalent thereof outside the United States), for the Licensed Products in the Field submitted by or on behalf of such Party or its
Affiliates, solely for the purpose of seeking, obtaining, supporting, and maintaining Regulatory Approvals for the Licensed Products in each Party’s respective territory. Each Party will bear its own costs and expenses associated with providing
the other Party with the right of reference pursuant to this Section 4.6(b) (Right of Reference), and will take such actions as may be reasonably requested by the other Party to give effect to the intent of this Section 4.6(b) (Right of
Reference) and to give the other Party the benefit of the granting Party’s Regulatory Approvals and related regulatory materials in the other Party’s territory as provided herein. 

 

	 	(c)	 Adverse Event Reporting. No later than [***] after the submission of the first IND application in the
Pyxis Territory, Pyxis and LCB shall develop and agree in a written agreement to worldwide safety and pharmacovigilance procedures for the Parties with respect to the Development and Commercialization of Licensed Products, such as safety data
sharing and exchange, adverse events reporting, and prescription events monitoring (the “Pharmacovigilance Agreement”). 

  

	 	4.7	 Commercialization. Each Party shall lead and have sole control over and decision-making authority with
respect to all aspects of Commercialization of the Licensed Products in the Pyxis Territory in the case of Pyxis, and in the LCB Territory in the case of LCB, subject to the terms and conditions of the Agreement. Pyxis shall use Commercially
Reasonable Efforts to Commercialize at least one Licensed Product for at least one Indication at one time, following receipt of all Regulatory Approvals therefor in Major Markets in the Pyxis Territory. For the avoidance of doubt, if Pyxis
Commercializes only one Licensed Product in only one Indication, Pyxis will be deemed to have met its diligence obligations with respect to Commercialization of the Licensed Product hereunder. 

 

	 	4.8	 Medical Affairs. Each Party shall lead and have sole control over and decision-making authority with
respect to all aspects of Medical Affairs of the Licensed Products in the Pyxis Territory in the case of Pyxis, and in the LCB Territory in the case of LCB, subject to the terms and conditions of the Agreement. 

 

	 	4.9	 Exclusivity; Diversion. 

[***] Exclusivity Covenant. During the Term of the Agreement, neither Party shall nor shall their Affiliates and Sublicensees research,
in-license, Develop or Commercialize any other ADC directed to DLK-1, including a Multi-Epitope DLK1 or a modification or derivative of [***]. 

[***] Diversion Covenant. Subject to applicable law, LCB and Pyxis each hereby covenants and agrees that (i) it and its Affiliates
shall not, and it shall contractually obligate (and use Commercially Reasonable Efforts to enforce such contractual obligation) its licensees, sublicensees and contractors not to, directly 

  
 20 

 
or indirectly, actively promote, market, distribute, import, sell or have sold any Licensed Product, including via the internet or mail order, to any Third Party or to any address or internet
protocol address or the like, in the Pyxis Territory in the case of LCB and in the LCB Territory in the case of Pyxis, and (ii) it shall not engage, nor permit its Affiliates, licensees, sublicensees or contractors to engage, in any advertising
or promotional activities relating to any Licensed Product for use directed primarily to customers or other buyers or users of such product located in any country or jurisdiction in the Pyxis Territory in the case of LCB and in the LCB Territory in
the case of Pyxis, or solicit orders from any prospective purchaser located in any country or jurisdiction in the Pyxis Territory in the case of LCB or in the LCB Territory in the case of Pyxis. As between the Parties, nothing in this
Section 4.9(b) will prevent either Party or its Affiliates and licensees from undertaking, or having undertaken, any of the foregoing activities with respect to any Licensed Product in the LCB Territory in the case of LCB and in the Pyxis
Territory in the case of Pyxis. 
  

	 	4.10	 Technology Transfer; Exchange of Information. 

 

	 	(a)	 Technology Transfer by LCB. No later than [***] after the Effective Date, LCB shall disclose to Pyxis
all existing and available Product-Specific LCB Know-How and supporting documents including results, data and reports that may be required or useful for the Exploitation of the Licensed Compound and Licensed
Product in the Pyxis Territory or otherwise provide such information by the right of reference set forth in Section 4.6(b) (Right of Reference). Thereafter, on an ongoing basis at each meeting of the JSC or as reasonably requested by Pyxis, LCB
shall also disclose to Pyxis all Product-Specific LCB Know-How and supporting documents in each case as may be so required or useful, generated after the Effective Date. All of the foregoing Know-How and documents shall be provided, in each case, in English. 

  

	 	(b)	 Technology Transfer by Pyxis. Twice each Calendar Year and as LCB reasonably requests, in each case
during the Term, Pyxis shall disclose to LCB all material Results, Regulatory materials, material Know-How incorporated by Pyxis in its Exploitation of the Licensed Product and other supporting documents that
are reasonably required or useful for LCB’s Exploitation of Licensed Product in the LCB Territory. LCB will be entitled to use the Pyxis Arising IP solely for the purpose of LCB’s internal research and the Exploitation of the Licensed
Compound and Licensed Product in the LCB Territory. 

  

	 	(c)	 Costs of Technology Transfer. Each Party will be responsible for its internal costs incurred in
connection with the technology transfer set forth under this Section 4.10 (Technology Transfer; Exchange of Information). Each Party will reimburse the other Party for the reasonable and verifiable external expenses and costs incurred by or on
behalf of such other Party or its Affiliates in connection with the technology transfer set forth under this Section 4.10 (Technology Transfer; Exchange of Information). 

 

	 	4.11	 Manufacturing and Supply. Prior to the payment by Pyxis for GMP Clinical Supply Product under
Section 5.1(c) (Reimbursement of CMC and Product Costs), LCB shall Manufacture or have Manufactured the Licensed Compound and Licensed Products on behalf of Pyxis according to the quantities and timelines set forth in the Global Development
Plan; provided that Pyxis shall have full access to documentation relating to such Manufacturing, including true and complete copies of all LCB CMO agreements, the ability to manage and interact directly with LCB CMOs, and final approval and
acceptance of any Licensed 

  
 21 

	 	
Product delivered by LCB, which shall be, in each case, provided to Pyxis in English. Following the payment by Pyxis for GMP Clinical Supply Product under Section 5.1(c) (Reimbursement of
CMC and Production Cost), Pyxis shall have the sole right (and shall solely control, at its discretion) itself or with or through its Affiliates, sublicensees, or other Third Parties, to Manufacture or have Manufactured the Licensed Compound and
Licensed Products for Development and Commercialization in the Pyxis Territory. All such Manufacturing shall be at Pyxis’s sole cost and expense. Notwithstanding the foregoing, the Parties agree that LCB shall control the Manufacture or
use of the conjugation methods and materials, linker and payload elements of LCB Background IP (the “LCB Elements”) and LCB Regulatory Information (other than for the Licensed Compound after the GMP Clinical Supply Product);
provided that Pyxis shall have oversight over all such Manufacturing and use. Promptly following the payment for Clinical Supply, LCB shall transfer to Pyxis or its designated CMO (i) all LCB Product-Specific Know-How and all data, information, assets and other materials (including starting materials and research materials, DNA, protein sequences, constructs, cell lines, reagents, antibodies and tissue samples), and GMP
and shelf-life information relating thereto, Controlled by LCB or its Affiliates (or Third Party CMOs, to the extent LCB has the right to assign, transfer and/or sublicense such materials under its agreements with such Third Party CMOs; provided,
that LCB shall use good-faith efforts to obtain such right), necessary or reasonably useful for Pyxis to Manufacture the Licensed Compound and Licensed Product, in each case as a whole, in the Pyxis Territory, as its sole cost and expense. At the
reasonable request of Pyxis from time to time, LCB shall make its employees and consultants (including personnel of its Affiliates and Third Party CMOs) available to Pyxis and its designees to provide reasonable consultation and technical assistance
in order to ensure an orderly transfer of such materials and technology to Pyxis and its designees and to assist Pyxis and its designees in the Manufacture of the Licensed Compound or Licensed Products, in each case as a whole. It is expressly
acknowledged and agreed by the Parties that Pyxis or its Affiliates may contract directly with Third Party CMOs that Manufacture the Licensed Compounds or Licensed Products, in each case as a whole, on behalf of LCB or its Affiliates, provided
however, that the Parties shall cooperate and coordinate in good faith through the JSC as to such matters and LCB shall retain decision making authority in respect of Manufacturing matters concerning the LCB Elements or involving the LCB Regulatory
Information, unless such Manufacturing matters are reasonably likely to have a material adverse impact on the safety of the Licensed Products or will delay any material Development activities of Pyxis, its Affiliates or their Sublicensees, in which
case the dispute resolution mechanism in the Agreement will apply. 

  

	5.	 Payments 

  

	 	5.1	 Upfront Payments. 

 

	 	(a)	 Initial Payment. No later than [***] after the Effective Date, Pyxis shall pay to LCB a one-time, non-refundable, payment of $500,000 (Five Hundred Thousand US Dollars). 

  

	 	(b)	 Second Payment. No later than [***] after [***] yxis shall pay to LCB a
one-time, non-refundable, non-creditable payment of $9,000,000 (Nine Million US Dollars) (the “Second
Payment”).  

  

	 	(c)	 Third Payment. Subject to Section 4.11, Pyxis shall pay to LCB an additional payment to reimburse
LCB’s CMC/manufacturing costs, in an amount equal to LCB’s costs of goods and invoiced CMO charges, estimated to be [***] ***]. Any increased number of Batches or changes to or additional tests for the manufacturing runs will be as agreed
by the Parties and shall be provided to Pyxis at a price to be agreed with LCB. 

  
 22 

	 	5.2	 Development Milestones. Subject to the terms and conditions set forth in the Agreement, Pyxis shall pay
to LCB the following one-time, non-refundable, non-creditable payments set forth in the table immediately below for the first
achievement by Pyxis or its Affiliates or Sublicensees, of the development milestone events for a Licensed Product in the Field in the Pyxis Territory. [***] or the avoidance of doubt, no payment set forth in this Section 5.2 below shall be
payable more than once no matter how many times a Licensed Product achieves an applicable milestone. Milestones are separately due for: (i) each new Indication for any Licensed Product which has previously achieved a milestone for a prior
Indication; (ii) any Indication for a different Licensed Product for which Indication such Licensed Product has not previously achieved a milestone for such Indication; or (iii) in the case where a clinical trial milestone has not been
achieved for the same Indication for the same Licensed Product, the highest applicable development milestone will be deemed to have been achieved. For example, if one Licensed Product achieves Initiation of a first Phase 1 Clinical Trial for a first
Indication achieved by any Licensed Product, a development milestone for Initiation of a first Phase 2 Clinical Trial by a second Licensed Product (even if for a different or the same Indication than the first Indication for the other Licensed
Product) a second milestone will be paid. Or, if a Licensed Product achieves Initiation of Phase 3 Clinical Trial, for an Indication for which such Licensed Product has not previously achieved a Phase 3 Clinical Trial development milestone, the
payment shall be the highest payment for a Phase 3 Clinical Trial development milestone that has not yet been paid. 

 [

  

									
	 	  	Payment
(US Dollars)
	 Development Milestone Event
	  	First
Indication	 	Second
Indication	 	Third
Indication	 	Fourth
Indication
	 [***]
	  	[***]	 	[***]	 	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]	 	[***]

 [***] ach development milestone payment with respect to a particular Indication that is earned but has not
been paid, as permitted under sub clause 5.2(b) below, shall be payable upon the first to occur of [***] [***] 
 [***] [***] 

Subject to sub clauses (a) and (b) of this Section 5.2 (Development Milestones), for each Indication, in the event any development
milestone event is bypassed and a later development milestone event is achieved for the same Indication, the payments corresponding to any such bypassed development milestone event shall be due at the same time that payment is due for the
achievement of such later development milestone event. In the event that submission for Regulatory Approval for an Indication is made without meeting the development milestone events, the payments corresponding to all bypassed development milestone
events shall be due at the time of submission for such Indication. 

  
 23 

 [***] 

Regulatory Milestones. Subject to the terms and conditions set forth in the Agreement, Pyxis shall pay to LCB the following one-time, non-refundable, non-creditable payments set forth in the table immediately below for the first achievement by Pyxis or its
Affiliates or Sublicensees, of regulatory milestone events for a Licensed Product [***] in the Field in the Pyxis Territory. For the avoidance of doubt, no payment set forth in this Section 5.3 below shall be payable more than once no matter
how many times a Licensed Product achieves an applicable milestone. Milestones are separately due for: [***] [***] 
 [***] 

 

							
	 Regulatory Milestone Event
	  	Payments (US Dollars)
	  	U.S.	 	Europe	 	Japan
	 [***]
	  	[***]	 	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]

 5.3 Sales Milestones. Subject to the terms and conditions set forth in the Agreement, in the event
that the Annual Net Sales made by or on behalf of a Selling Entity for all Licensed Products in a given calendar year first exceeds a threshold set forth in the table immediately below, Pyxis shall pay to LCB the following one-time, non-refundable, non-creditable milestone payments. 
  

			
	 Annual Net Sales Milestone Threshold
	  	Payment
(US Dollars)
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]

 In the event that in a given calendar year more than one (1) Annual Net Sales milestone threshold is
achieved, Pyxis shall pay to LCB each separate Annual Net Sales milestone payment with respect to each Annual Net Sales milestone threshold that is achieved in such calendar year. 

  
 24 

 Pyxis shall notify LCB in writing upon the first achievement, in respect of a Licensed
Product, by or on behalf of Pyxis or its Affiliate or Sublicensee, of each of the Milestones set forth in Section 5.2 (Development Milestones), Section 5.3 (Regulatory Milestones) and Section 5.4 (Sales Milestones) no later than [***]
of Pyxis’s knowledge of achievement thereof, and in any event, each of the Milestones set forth in Section 5.4 (Sales Milestones) no later than [***] after the end of the applicable calendar year in which such Milestone is achieved. No
later than [***] of receipt of an appropriate invoice from LCB, Pyxis shall pay the applicable payment due upon achievement of the corresponding Milestone Event. Each Milestone Event shall be deemed to be achieved once for all Licensed Products and
shall be payable only once. 
  

	 	5.4	 Royalty Payments. Pyxis shall pay to LCB royalties in respect of Annual Net Sales of all Licensed
Products sold by or on behalf of a Selling Entity until the end of the Royalty Term in each country or jurisdiction at the Royalty Rate set forth in the chart below and the terms of Section 5.6 (Royalty Reports). 

 

			
	 Annual Net Sales Threshold
	  	Royalty Rate
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]

 Concurrent with the Royalty Report pursuant to Section 5.6 (Royalty Reports), Pyxis shall pay to LCB
royalties calculated pursuant to this Section 5.5 (Royalty Payments). 
 In the event that Pyxis enters into an agreement with a Third
Party to obtain a license under a Patent Right or other Intellectual Property Right owned or controlled by such Third Party that is necessary to Exploit a Licensed Compound, then royalties due for the Net Sales of the Licensed Product shall be
reduced by [***] of the amount of royalties paid to such Third Party in respect of such agreement. 
 On a country by country basis in the
Pyxis Territory, if during the applicable Royalty Term for a Licensed Product if such Licensed Product is sold in a country and is not Covered by a Valid Claim of any Patent Claim in the LCB IP in such country at the time of such sale, then the
royalties due for the Net Sales of such Licensed Product in such country shall be reduced by [***]. 
 In no event, however, will royalties
payable be reduced by more than [***] of the royalty provided in the table above. 
  

	 	5.5	 Royalty Reports. Within [***] following the end of each Calendar Quarter after the First Commercial Sale
of Licensed Product in the Pyxis Territory, Pyxis shall provide LCB with a report (“Royalty Report”) containing the following information for the applicable Calendar Quarter: the amount of gross sales of the Licensed Product in the
Pyxis Territory, an itemized calculation of Net Sales in the Pyxis Territory showing deductions provided for in the definition of “Net Sales,” a calculation of the royalty payment due on such sales (on an aggregate and not on a sale-by-sale basis), an accounting of the number of units of the Licensed Product sold, the exchange rate for each country in which the Licensed Product was sold, the
application of the reductions, if any, made in accordance with the royalty reduction provisions of Section 5.5 (Royalty Payments). 

  
 25 

	 	5.6	 Payments and Taxes. All sums due under the Agreement: 

 

	 	(a)	 all payments made under the Agreement shall be paid in US Dollars; 

 

	 	(b)	 unless otherwise agreed by the Parties, shall be paid in US Dollars to the account notified to the other Party,
and in the case of Net Sales received in a currency other than US Dollars, the royalty shall be calculated in the other currency and then converted into equivalent US Dollars at the buying rate of such other currency, as quoted by Bloomberg as at
the close of business on the last Business Day of the reporting period with respect to which the payment is made; and 

  

	 	(c)	 shall be made without deduction of income tax or other taxes, charges, or duties of any kind whatsoever that
may be imposed, except insofar as a Party is required by applicable laws to withhold tax from the payment to the other Party. If a Party is required by applicable laws to withhold tax from a payment to the other Party under the Agreement, then the
Party who is making the payment shall: (i) deduct such tax from the payment made to the other Party; (ii) timely pay the withheld taxes to the proper taxing authority; and (iii) promptly send proof of payment to the other Party and
certify the receipt of the payment by the taxing authority. Prior to the imposition of any withholding tax on a payment under the Agreement, the Party making the payment that is subject to the withholding shall inform the other Party of its
obligation to withhold tax and the Parties shall co-operate and take all steps reasonably and lawfully available to them to avoid such withholding taxes and to obtain double taxation relief under any
applicable income tax treaty or otherwise. The Party required by applicable laws to make any such withholding, shall provide the other Party with all such certificates or other documents to enable the Parties to obtain a refund of such withheld
taxes and any appropriate relief from double taxation of the payment in question. Pyxis shall make any payments due under the Agreement to LCB either by itself, or through an Affiliate in the United States where the only withholding or other taxes
deducted from the payments is from the United States to the Republic of Korea or another jurisdiction with no greater withholding or other taxes for payments from United States (without regard to other jurisdictions) made to Republic of Korea as of
the Effective Date. 

  

	 	(d)	 Audit. Pyxis shall maintain complete and accurate records in sufficient detail to permit LCB to confirm
the accuracy of the calculation of royalties, milestones, and other payments under the Agreement. Upon reasonable prior notice, but not more than once per Calendar Year, unless there has been a prior underpayment by more than [***] such records
shall be available during regular business hours for a period of [***] from the end of the calendar year to which they pertain for examination at the expense of LCB by an independent certified public accountant selected by LCB and reasonably
acceptable to Pyxis, for the sole purpose of verifying the accuracy of the financial reports and correctness of the payments furnished by Pyxis pursuant to the Agreement. Any amounts shown to be owed but unpaid shall be paid within [***] ] from the
accountant’s report, plus interest, as set forth in Section 5.7(e) (Late Payment) from the original due date. Any amounts shown to have been overpaid shall be refunded within [***] ] from the accountant’s report. LCB shall bear the
full cost of such audit unless such audit discloses an underpayment by Pyxis of more than [***] of the amount due, in which case Pyxis shall bear the cost of such audit. The audit rights in this Section 5.7(d) (Audit) shall survive the Term for
[***]. Once a particular Calendar Year has been audited, that Calendar Year may not be audited again. 

  
 26 

	 	(e)	 Late Payment. All payments due to a Party hereunder shall be made in US Dollars by wire transfer of
immediately available funds into an account designated by the receiving Party. If a Party does not receive payment of any sum due to it on or before the due date, such payment will bear interest from the due date until the date of payment at the per
annum rate of the lesser of: (i) [***] over the then-current US prime lending rate (as reported in the Wall Street Journal); or (ii) the maximum rate permitted by applicable law. 

 

	6.	 Intellectual Property 

 

	 	6.1	 Ownership of Arising IP. 

 

	 	(a)	 Except as set specifically set forth in Sections 6.1(d) and 6.1(e) ownership will follow inventorship for all
Arising IP, with inventorship being determined in accordance with United States patent laws (regardless of where the applicable activities occurred). Arising IP invented solely by or on behalf of LCB or any of its Affiliates will be solely owned by
LCB or any of its Affiliates (“LCB Arising IP”). Arising IP invented solely by or on behalf of Pyxis or any of its Affiliates will be solely owned by Pyxis or any of its Affiliates (“Pyxis Arising IP”). Arising IP
invented jointly by LCB or any of its Affiliates and Pyxis or any of its Affiliates will be jointly owned by both Parties (“Joint Arising IP”). 

 

	 	(b)	 Each Party will promptly disclose to the other Party any Arising IP developed, created, conceived, or reduced
to practice by or on behalf of such Party or any of its Affiliates during the Term. Each Party will obligate any employees, Sublicensees, and Third Party contractors to assign all Arising IP to such Party so that each Party can comply with its
obligations under this Section 6.1 (Ownership of Arising IP), and each Party will promptly obtain such assignment. 

  

	 	(c)	 Each Party will have an undivided one-half (1/2) interest in and to the
Joint Arising IP. Each Party, for itself and on behalf of any of its Affiliates, licensees and Sublicensees, and employees, subcontractors, consultants and agents of any of the foregoing, hereby assigns (and to the extent such assignment can only be
made in the future hereby agrees to assign), to the other Party a joint and undivided interest in and to all Joint Arising IP. 

  

	 	(d)	 For Antibody IP, any improvements, modifications or derivatives identified, developed, generated or conceived
pursuant to the Agreement shall be owned by LCB. Pyxis shall disclose to LCB any Antibody IP arising hereunder promptly and in any event within [***], after becoming aware of such Intellectual Property. Pyxis hereby assigns, and agrees to assign, to
LCB all right, title and interest in and to any Antibody IP identified, developed, generated or conceived by Pyxis pursuant to the Agreement. 

  

	 	(e)	 For LCB Background IP, any improvements or enhancements identified, developed, generated or conceived pursuant
to the Agreement shall be owned by LCB. Pyxis shall disclose to LCB any LCB Background IP arising hereunder promptly and in any event within [***], after becoming aware of such Intellectual Property. Pyxis hereby assigns, and agrees to assign, to
LCB all right, title and interest in and to any LCB Background IP identified, developed, generated or conceived by Pyxis pursuant to the Agreement. 

  
 27 

	 	6.2	 Filing and Prosecution of Product-Specific Patent Rights. As promptly as reasonably practicable after
the Effective Date and where possible LCB shall file, in consultation with Pyxis and in coordination with Pyxis’s counsel (in each case in good faith),    appropriate divisionals, continuations or other appropriate filings
so as to create separate LCB Product-Specific Patent Rights. LCB shall provide Pyxis with drafts of such filings sufficiently in advance of submitting such filings or responses so as to allow for a reasonable opportunity for Pyxis to review and
comment thereon in consultation with LCB, and LCB shall implement all reasonable comments it receives from Pyxis thereon. 

  

	 	6.3	 Prosecution, Enforcement, and Defense. Subject to the foregoing, the prosecution, maintenance,
enforcement, and defence of LCB Product-Specific Patent Rights in the Pyxis Territory shall be at the discretion, cost and responsibility of Pyxis, through the use of counsel selected by Pyxis reasonably acceptable to LCB. Pyxis shall keep LCB
informed regarding the prosecution, maintenance, defense, and enforcement of the LCB Product-Specific Patent Rights, including by providing LCB with a copy of any material communications to and from any relevant authority regarding such LCB
Product-Specific Patent Rights, through the Joint Patent Committee and by providing LCB drafts of any material submissions or responses to be made to such authorities sufficiently in advance of submitting such submissions or responses so as to allow
for a reasonable opportunity for LCB to review and comment thereon in advance of the Joint Patent Committee meeting. The Parties shall consider in good faith the requests and suggestions with respect to such drafts in the Joint Patent Committee and
with respect to strategies for filing and prosecuting such LCB Product-Specific Patent Rights. In the event that Pyxis decides not to file, prosecute, or maintain any such LCB Product-Specific Patent Rights during the Term, (a) Pyxis shall
provide reasonable prior written notice to LCB of such intention in advance of a Joint Patent Committee meeting (which notice shall, in any event, be given no later than [***] prior to the next deadline for any action that may be taken with respect
to such LCB Product-Specific Patent Rights in such territory or other jurisdiction), and (ii) LCB shall thereupon have the option, in its sole discretion, to assume the control and direction of the filing, prosecution, and maintenance of such
LCB Product-Specific Patent Rights at its sole cost and expense in such country or other jurisdiction. 

  

	 	6.4	 Product Marks. Each Party will have the right to Commercialize the Licensed Product in its respective
territory using trademarks, logos, and trade names that it determines appropriate, which may vary by region or within a region (“Product Marks”). Each Party will solely own all rights, title, and interests in and to any Product
Marks adopted for use with the Licensed Product in its respective territory, including all goodwill related thereto, and will be responsible for the registration, filing, maintenance and enforcement of such Product Marks in its respective territory.

  

	 	6.5	 Joint Patent Committee. 

 

	 	(a)	 Pyxis and LCB agree to establish and convene a joint patent committee (the “Joint Patent
Committee”) to coordinate protection of each Party’s respective intellectual property rights and obligations under the Agreement. Within [***] after the Effective Date or at least prior to any action that needs to be taken with respect
to any intellectual property under the Agreement, each Party shall designate one (1) representative 

  
 28 

	 	
for the Joint Patent Committee with the appropriate level of experience in the subject area and sufficient seniority to have the necessary decision-making authority in order for the Joint Patent
Committee to fulfill its responsibilities. Either Party may designate substitutes for its Joint Patent Committee representative if such Party’s designated representative is unable to be present at a meeting. From time to time, each Party may
replace its Joint Patent Committee representatives by written notice to the other Party specifying the prior representative(s) and their replacement(s). The Parties shall use good faith efforts to achieve consensus regarding any actions. If the
Joint Patent Committee fails to reach agreement on any such matter, it shall be referred to the JSC. The Joint Patent Committee responsibilities are as follows: 

  

	 	(i)	 Each Party shall disclose any intellectual property arising under the Agreement, including improvements to LCB
Background IP, to the other Party promptly and in any event within [***], after becoming aware of such intellectual property. 

  

	 	(ii)	 The Parties agree to cooperate fully in the filing, prosecution, and maintenance of any LCB Product-Specific
Patent Rights and LCB Arising IP and Joint Arising IP Patent Rights under the Agreement and to coordinate any transfer of information therefore. 

  

	 	(iii)	 The Parties shall agree which Patent Rights in the LCB Arising IP or Joint Arising IP or LCB Product-Specific
IP shall be listed in the Purple Book or the Lists of Licensed Biological Products with Reference Product Exclusivity and Biosimilarity or Interchangeability Evaluations for any Licensed Product. 

 

	 	6.6	 Further Assurances. If requested by either Party, the other Party shall execute without delay such
formal licenses, assignments, or powers of attorney as may be necessary or appropriate for registration with patent offices and other relevant authorities of the rights granted under the Agreement. In the event of any conflict in meaning between any
such license, assignment or power of attorney and the provisions of the Agreement, the provisions of the Agreement shall prevail wherever possible. 

  

	7.	 Confidential Information and Disclosure 

 

	 	7.1	 Confidentiality Obligations. Except as provided in this Article 7 (Confidential Information and
Disclosure), each Receiving Party shall: 

  

	 	(a)	 keep the Confidential Information of the Disclosing Party secret and confidential at all times;

  

	 	(b)	 not disclose or permit the disclosure of any Confidential Information of the Disclosing Party, in whole, in
part, or in summary, to any person, except as expressly permitted by the Agreement; 

  

	 	(c)	 take reasonable steps necessary to prevent the unauthorized disclosure or use of any of the Confidential
Information of the Disclosing Party; 

  

	 	(d)	 not use the Confidential Information of the Disclosing Party or permit it to be used, in whole or in part, for
any purpose other than performance of the obligations and enjoyment of the rights granted under the Agreement; and 

  
 29 

	 	(e)	 inform the Disclosing Party immediately if it becomes aware of the possession, use or knowledge of any of the
Confidential Information of the Disclosing Party by a Third Party, and to provide any assistance in relation to such unauthorised possession, use or knowledge that the Disclosing Party may reasonably require. 

 

	 	7.2	 Exceptions. Information of a Disclosing Party will not be considered Confidential Information to the
extent that the Receiving Party can prove by means of reasonable written evidence: 

  

	 	(a)	 was known to the Receiving Party prior to disclosure by the Disclosing Party and at its free disposal;

  

	 	(b)	 is or becomes publicly known other than as a result of breach of the Agreement by the Receiving Party or by
anyone to whom the Receiving Party disclosed the Confidential Information of the Disclosing Party; 

  

	 	(c)	 is received by the Receiving Party from a Third Party lawfully entitled to make the disclosure without
restrictions on the Receiving Party’s rights to disclose or use; or 

  

	 	(d)	 is developed by any of the Receiving Party’s Representatives without use of or knowledge of, the
Confidential Information of the Disclosing Party; 

 except that the above exceptions do not extend to circumstances where
the Confidential Information is specific, does not fall within the above exceptions, and is embraced by more general information which does fall within the above exceptions. 
  

	 	7.3	 Disclosure Required by Law. The Receiving Party will not be in breach of its obligations under the
Agreement to the extent that it is required to disclose Confidential Information of the Disclosing Party by law (provided, in the case of a disclosure under any freedom of information legislation, that the exemptions under that legislation do
not apply) or order of a court or other public body or Competent Authority that has jurisdiction over it (including applicable national securities exchange regulations or listing requirements), provided that, to the extent reasonably possible
before making such a disclosure, the Receiving Party shall, to the extent it is legally permitted to do so: 

  

	 	(a)	 inform the Disclosing Party of the proposed disclosure as soon as possible, and if possible before the court or
other public body orders the disclosure; 

  

	 	(b)	 take into account reasonable requests of the Disclosing Party in relation to such disclosure;

  

	 	(c)	 ask (or permit the Disclosing Party to ask as appropriate) the court or other public body to treat such
Confidential Information as confidential; and 

  

	 	(d)	 permit the Disclosing Party to make representations to the court or other public body in respect of the
disclosure or confidential treatment of such Confidential Information. 

  

	 	7.4	 Permitted Disclosure. Notwithstanding the obligations set forth in Section 7.1 (Confidentiality
Obligations) and subject to Section 7.10, a Receiving Party may disclose the Disclosing Party’s Confidential Information (including the Agreement and the terms herein) to the extent such disclosure is reasonably necessary in the following
situations: 

  
 30 

	 	(a)	 (i) for the filing and prosecution of any Patent Rights, as decided by the Joint Patent Committee in
accordance with the Agreement; or (ii) for regulatory submissions and other filings with Competent Authorities, as necessary for the Exploitation of the Licensed Compound or Licensed Product as contemplated by the Agreement; and

  

	 	(b)	 disclosure of the Confidential Information of the Disclosing Party to (i) those of its Representatives who
reasonably require such access in connection with the performance of the obligations and enjoyment of the rights granted under the Agreement, and (ii) to actual or potential (sub)licensees, acquirers or assignees, collaborators, investment
bankers, investors, or lenders (including in connection with any royalty factoring transaction), in both cases (i) and (ii), (A) have been informed of the confidential nature of such Confidential Information, the Disclosing Party’s
interest in such Confidential Information, and the provisions of the Agreement, and have been instructed to comply with the applicable provision of Article 7 of the Agreement; and (B) are bound by legally binding confidentiality obligations to
the Receiving Party on terms that are no less onerous than those set out in the Agreement, and which extend to such Confidential Information. The Receiving Party shall ensure that all those Representatives or other recipients who have access to the
Confidential Information of the Disclosing Party comply with the provisions of the Agreement, and the Receiving Party shall be liable to the Disclosing Party for any acts or omissions of any such Representative or other recipients, that would, if
effected by the Receiving Party, constitute a breach of the Agreement. 

  

	 	7.5	 Public Announcement. Except as set forth in Section 7.9 (Press Release), neither Party shall make,
nor permit any person to make, any public announcement, whether oral or written, concerning the Agreement that is not previously disclosed or otherwise in the public domain, or make any use of the name, symbol, trade mark, trade name or logo of the
other Party or its Affiliates without the prior written consent of the other Party (such consent not to be unreasonably withheld or delayed). 

  

	 	7.6	 Publications. Each Party shall ensure that any and all intended publications or presentations in
respect of Licensed Compound and Licensed Product to be made public, shall not disclose the other Party’s Confidential Information, shall be subject to the approval of the Joint Patent Committee and shall be disclosed to the other Party for
review at least [***]] prior to any submission or other public disclosure of such publication or presentation. If the other Party determines that the publication contains patentable subject matter, the publishing Party agrees to postpone publication
or presentation of such Presentation for an additional [***] to permit the filing of a patent application. 

  

	 	7.7	 Disclosure of Results. Subject to Section 7.6 (Publications), each Party may publish or promote any
Results of that Party (but for clarity, not of Results obtained by the other Party). Each Party may publish or promote any Results of the other Party if permitted under Section 7.4, or with the prior consent of the other Party (not to be
unreasonably withheld, conditioned or delayed), in each case after providing the other Party with as much notice as is reasonably practicable. The Party intending to disclose any Results shared by the other Party shall disclose such intended
publication to the other Party shall postpone any portion of the publication for an additional period of up to [***], to permit the filing of a patent application and shall reasonably take into account any comments and recommendations of such other
Party prior to publication. 

  
 31 

	 	7.8	 Use of Name. Neither Party shall use the name of the other Party in any public disclosure, publicity or
advertising involving the existence of the Agreement or its subject matter without the prior written approval of the other Party, unless otherwise permitted under this Article 7 (Confidential Information and Disclosure). 

 

	 	7.9	 Joint Press Release. The Parties have agreed on a joint press release announcing the Agreement to be
issued by the Parties on the Effective Date or such date and time as may be agreed by the Parties. No other disclosure of the existence or the terms of the Agreement may be made by either Party or its Affiliates except as provided in
Section 7.3 (Disclosure Required by Law), Section 7.4 (Permitted Disclosures), Section 7.5 (Public Announcement) or Section 7.7 (Disclosure of Results). 

 

	 	7.10	 Non-Disclosure of Financial Terms. Notwithstanding the foregoing
in Sections 7.1 (Confidentiality Obligations) through 7.9 (Press Release), the Parties shall not ever disclose under any circumstances the financial terms, except those financial terms set out in Article 5 (Payments) of the Agreement as permitted
under Section 7.3 (Disclosure Required by Law) or this Section 7.10 (Non-Disclosure of Financial Terms), without the prior written consent of the other Party (such consent not to be unreasonably
withheld, conditioned or delayed in the case of disclosures under Section 7.4) except for the total upfront payment and total aggregate sum of the payments and any revenue-sharing ratio. Notwithstanding the foregoing, Pyxis may disclose the
financial terms set out in Article 5 (Payments) without LCB’s consent to bona fide actual or potential bankers, investors, or lenders interested in investing in Pyxis’s Series B Financing, each of which has entered into
confidentiality agreements at least as restrictive and protective of LCB as set forth in this Agreement. 

  

	 	7.11	 Subsequent Disclosures. Once information under the Agreement has been disclosed in accordance with this
Article 7, subsequent disclosures of the same or similar information shall not require the notification or consent of the other Party. 

  

	8.	 Representations and Warranties 

 

	 	8.1	 Mutual Representations and Warranties. Pyxis and LCB each represents and warrants to the other, as of
the Effective Date, as follows: 

  

	 	(a)	 Organization. It is duly organized, validly existing, and in good standing under the laws of the
jurisdiction of its organization, and has all requisite power and authority, corporate or otherwise, to execute, deliver, and perform the Agreement. 

  

	 	(b)	 Authorization. The execution and delivery of the Agreement and the performance by it of the transactions
contemplated hereby have been duly authorized by all necessary corporate action, and do not violate (i) in any material respect, any agreement to which such Party is bound, (ii) any requirement of any applicable law, or (iii) any
order, writ, judgment, injunction, decree, determination, or award of any court or governmental agency presently in effect applicable to such Party. 

  

	 	(c)	 Binding Agreement. The Agreement is a legal, valid, and binding obligation of such Party enforceable
against it in accordance with its terms and conditions, subject to the effects of bankruptcy, insolvency, or other laws of general application affecting the enforcement of creditor rights, judicial principles affecting the availability of specific
performance, and general principles of equity (whether enforceability is considered a proceeding at law or equity). 

  
 32 

	 	(d)	 No Conflicts. It is not under any obligation, contractual or otherwise, to any person that conflicts
with the terms of the Agreement. 

  

	 	(e)	 Necessary Rights. Each Party has all the necessary rights, title and interest to grant the licenses
hereunder. 

  

	 	(f)	 No Debarment. Neither Party nor any of its Affiliates (i) has ever been debarred or subject to
debarment or has received notice from the FDA of an intent to debar or has been convicted of a crime for which an entity or person could be debarred under 21 U.S.C. §335a; (ii) has ever been under indictment for a crime for which a person
or entity could be debarred under 21 U.S.C. §335a; or (iii) or any of its personnel has been disqualified or is subject of a notice to disqualify as an investigator. 

 

	 	8.2	 Additional Representations and Warranties. LCB further represents and warrants to Pyxis, as of the
Effective Date, as follows: 

  

	 	(a)	 No Claims. There are no claims, judgments or settlements against LCB pending, or to
LCB’s Knowledge, threatened that invalidate or seek to invalidate the LCB Patent Rights or Patent Rights in the Antibody IP. To LCB’s Knowledge, use of the LCB Know-How and LCB Patent Rights and
Patent Rights in the Antibody IP by Pyxis in accordance with the terms of the Agreement, including Pyxis’s further research, Development, Manufacturing or Commercialization or other Exploitation of Licensed Products does not infringe on,
misappropriate or violate the rights of any Third Party, including any Third Party Intellectual Property Rights. 

  

	 	(b)	 No Assignment. Except as set forth in Schedule 1(bbb) LCB has not granted any right, license or
interest in or to the LCB IP and Antibody IP that is inconsistent with the licenses and rights granted to Pyxis under the Agreement. 

  

	 	(c)	 Ownership. Except as set forth in Schedule 1(bbb) LCB is the sole and exclusive owner or
otherwise controls the LCB IP, and, in each case, has the ability to grant to Pyxis the licenses and rights granted to Pyxis under the Agreement, and such ownership is free and clear of all encumbrances, security interests, options and licenses.
None of the LCB IP is subject to any existing royalty or other payment obligations to any Third Party under any agreement or understanding entered into by LCB or its Affiliates, and to LCB’s Knowledge of any obligation to pay any royalties or
other amounts to any Third Party by reason of Pyxis’s use thereof as contemplated by the Agreement. 

  

	 	(d)	 Completeness. To LCB’s Knowledge, the Intellectual Property Rights licensed to Pyxis
hereunder represents all of the Intellectual Property Rights that are being used by LCB or its Affiliates, or that are necessary or useful, for the research, Development, Manufacture and Commercialization or other Exploitation of the Licensed
Compound or Licensed Products. 

  

	 	(e)	 No Litigation. There is no claim, action, suit, proceeding, complaint or investigation pending
before any court or administrative office or agency or, to LCB’s Knowledge, currently threatened against LCB or any of its Affiliates, with respect to any of the LCB IP. 

  
 33 

	 	(f)	 No Third Party Infringement. LCB has not initiated or been involved in any proceedings or claims
in which it alleges that any Third Party is or was infringing or misappropriating any LCB IP nor have any such proceedings been threatened by LCB. To LCB’s Knowledge, no Person is infringing or threatening to infringe or misappropriating or
threatening to misappropriate any of the LCB IP. 

  

	 	(g)	 Assignment by Employees, Agents and Consultants. All employees and agents of, and consultants to,
LCB are obligated to assign to LCB their rights in and to any inventions arising out of their work at LCB either pursuant to written agreement or by operation of law. 

 

	 	(h)	 Public or Philanthropic Funding. None of the LCB IP were supported in whole or in part by funding
or grants by any governmental agency or philanthropic or charitable organization in any manner that would impose an obligation on Pyxis, its Affiliates or any Sublicensee hereunder. 

 

	 	(i)	 Disclosure. LCB has made available to Pyxis all material toxicology studies, clinical data,
process and analytical development information, manufacturing process data, material filings and material correspondence with Regulatory authorities, and all other material information in its possession or control relating to the Licensed Compound
and, to LCB’s Knowledge, all written information are true and correct copies. 

  

	 	(j)	 Confidentiality. LCB has used Commercially Reasonable Efforts to protect the confidentiality of
those parts of the LCB IP that constitute confidential or proprietary information of LCB. 

  

	 	8.3	 LCB Covenant. From and after the Effective Date, LCB shall not amend,
modify,    terminate, or waive compliance with any material provision of, the license with Y-Biologics Inc. to LCB for use of the monoclonal anti-DLK1 antibody within LCB67 in a manner that
would adversely affect Pyxis’s rights under this Agreement, except with Pyxis’s prior consent (not to be unreasonably withheld, delayed or conditioned). 

 

	 	8.4	 Debarment. If, during the Term, a Party has reason to believe that it or any of its employees, officers,
independent contractors, consultants or agents rendering services relating to the Licensed Compound and Licensed Product: (i) is or will be debarred or convicted of a crime for which a person could be debarred under 21 U.S.C. §335a; or
(ii) is or will be under indictment for a crime for which a person could be debarred under 21 U.S.C. §335a, then such Party shall immediately notify the other Party of same in writing; or (iii) has committed a wrongful act for which
FDA would have grounds for invoking the Application Integrity Policy (AIP). 

  

	9.	 Liability 

  

	 	9.1	 No Limitation on Certain Liabilities. Nothing in the Agreement shall exclude or limit, or purport to
exclude or limit, a Party’s liability in the case of: 

  

	 	(a)	 breach of Article 2 (License), Section 4.9 (Exclusivity), Article 6 (Intellectual Property) or Article
7 (Confidential Information and Disclosure); 

  

	 	(b)	 fraud or fraudulent misrepresentation; 

  
 34 

	 	(c)	 death or personal injury resulting from its gross negligence; or 

 

	 	(d)	 any other matter in respect of which it would be unlawful to exclude or restrict liability.

  

	 	9.2	 Limitation of Liabilities. Subject to Section 9.1 (No Limitation on Certain Liabilities), neither
Party nor any of its Affiliates shall be liable in contract, tort, negligence, breach of statutory duty or otherwise to the other Party for any consequential, incidental, special, punitive, exemplary or indirect loss or damage, loss of profits, loss
of business or loss of goodwill arising out of the Agreement, except to the extent any such losses or damages are required to be paid as part of a Claim for which either Party provides indemnification under Section 9.3 (Indemnification). EXCEPT
AS SPECIFICALLY SET FORTH IN ARTICLE 8 (REPRESENTATIONS AND WARRANTIES) NEITHER PARTY MAKES ANY REPRESENTATIONS OR GRANTS ANY WARRANTIES, EXPRESS OR IMPLIED, EITHER IN FACT OR BY OPERATION OF LAW, BY STATUTE OR OTHERWISE, AND EACH PARTY SPECIFICALLY
DISCLAIMS ANY OTHER WARRANTIES, WHETHER WRITTEN OR ORAL, OR EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY OF QUALITY, MERCHANTABILITY, OR FITNESS FOR A PARTICULAR USE OR PURPOSE OR ANY WARRANTY AS TO THE VALIDITY OF ANY PATENT OR THE NON-INFRINGEMENT OF ANY INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES. 

  

	 	9.3	 Indemnification. 

 

	 	(a)	 Pyxis shall indemnify, defend, and hold harmless LCB and its Affiliates and their respective officers,
directors, employees and agents (the “LCB Indemnitees”), from and against any and all losses, liability, damages, costs, infringement, or expenses of any kind or nature (including reasonable attorneys’ fees, expert witness
fees, and court costs) arising with respect to any claims, suits, demands, judgments or causes of action (collectively, “Claims”) brought against a LCB Indemnitee by a Third Party arising out of or relating to (i) the
Exploitation of any Licensed Compound and Licensed Product by Pyxis or its Affiliates or its or their Sublicensees or subcontractors in the Field in the Pyxis Territory, (ii) a breach of any of Pyxis’s representations, warranties, or
obligations under the Agreement, (iii) the wilful misconduct or gross negligence of Pyxis or any of its Affiliates, or (iv) violation of applicable law by Pyxis or any of its Affiliates, in each case, save to the extent that such Claim is
finally determined to arise from the wilful misconduct or gross negligence of LCB. 

  

	 	(b)	 LCB shall indemnify, defend, and hold harmless Pyxis and its Affiliates and their respective officers,
directors, employees and agents (the “Pyxis Indemnitees”), from and against Claims brought against a Pyxis Indemnitee by a Third Party arising out of or relating to (i) the Exploitation of any Licensed Compound and Licensed
Product by LCB or its Affiliates or its or their sublicensees or subcontractors in the LCB Territory, (ii) a breach of any of LCB’s representations, warranties, or obligations under the Agreement, (iii) the wilful misconduct or gross
negligence of LCB or any of its Affiliates, or (iv) violation of applicable law by LCB or any of its Affiliates, in each case, save to the extent that such Claim is finally determined to arise from the wilful misconduct or gross negligence of
LCB. 

  

	 	(c)	 For the purposes of the Agreement, the term “Indemnitee” shall refer to an LCB Indemnitee or a
Pyxis Indemnitee, as applicable. The indemnifying party under the Agreement shall be referred to as, the “Indemnifying Party”. 

  
 35 

	 	9.4	 Indemnification Procedure. Where an Indemnitee seeks indemnification pursuant to Section 9.3
(Indemnification), the Indemnitee shall provide prompt written notice to Pyxis of the assertion or commencement of any such Claim. The Indemnifying Party shall have the right to assume the defence of any such claim and shall not be liable for
settlement of any claim effected without its written consent. The Indemnitee shall provide all assistance and information reasonably required by the Indemnifying Party, at such Indemnifying Party’s sole expense. The Indemnitee shall:

  

	 	(a)	 not make any admission of liability, conclude any agreement in relation to such liability or make any
compromise with any person, body or authority in relation to such liability without the prior written consent of the Indemnifying Party; and 

  

	 	(b)	 have the right to participate in (but not control) the defence of a claim and to retain its own counsel in
connection with such claim at its own expense. 

  

	 	9.5	 Insurance. Pyxis shall obtain and maintain such types and amounts of insurance as is normal and
customary for it to cover its activities under the Agreement, and will upon request by LCB, provide LCB with a certificate of insurance in that regard, along with any amendments and revisions thereto. Without prejudice to the foregoing:

  

	 	(a)	 at least [***] before the start of any Commercialization of any Licensed Product, Pyxis shall obtain and
maintain during the remainder of the Term (and for the longer of either 3 years after the expiry or termination of the Agreement or 3 years after the last Licensed Product is sold) of the Agreement product liability insurance on a “claims-made
basis” in an amount no lower than $[***] per occurrence and $[***] in the aggregate on a worldwide basis, and shall provide to LCB evidence of the same; 

  

	 	(b)	 upon the screening of the first patient in any clinical trials of a Licensed Product in human subjects, Pyxis
shall obtain and maintain clinical trials insurance on a “claims-made basis” in an amount no lower than $[***] per occurrence and $[***] in the aggregate on a worldwide basis, and shall provide to LCB evidence of the same; and

  

	 	(c)	 all such policies or coverages shall name LCB as an additional insured. Pyxis will provide to LCB a certificate
evidencing the insurance it is required to obtain and shall keep in force such policy upon LCB’s reasonable request during the Term. Such certificate will evidence that LCB is an additional insured. Notice of cancellation or material
change will be made in accordance with the policy provisions. 

  

	10.	 Term and Termination 

 

	 	10.1	 Term. The Agreement shall come into effect on the Effective Date and shall continue on a country-by-country basis until the expiration of each Royalty Term in each country (unless earlier terminated in accordance with Section 10.2 (Termination) or by
operation of law) (“Term”). Upon expiry of the Royalty Term in respect of a country and a Licensed Product, all licenses granted to Pyxis hereunder in respect of such Licensed Product and such country shall become perpetual,
irrevocable, and fully paid in the Field. 

  
 36 

	 	10.2	 Termination. 

  

	 	(a)	 Termination for Material Breach. Either Party may terminate the Agreement at any time by notice in
writing to the other Party, such notice to take effect [***] from receipt of such notice if such other Party is in material breach of the Agreement (including failure to make any payment, which failure shall automatically be deemed a material
breach, or Commercially Reasonable Efforts or breach of any provisions of Article 6 or 7), unless the breach is failure to make a payment, in which case the notice will take effect [***] from receipt. If such breach can be cured within such [***]
period (or [***] period in the case of failure to make a payment), then such termination will not be effective if the breaching Party promptly commences actions to cure such breach and thereafter diligently continues such actions and cures such
breach during such [***] period after such notice. If an allegedly breaching Party disputes the occurrence of the material breach, then the cure period set forth in this Section 10.2(a) (Termination for Material Breach) shall be tolled during
the period that the alleged material breach is being disputed in accordance with Sections 11.1 (Disputes) and 11.2 (Arbitration) of the Agreement, until the dispute is finally resolved. From the after the date that the dispute has been finally
resolved the cure period shall resume. 

  

	 	(b)	 Termination for Technical Failure. At any time during the Term, Pyxis may terminate the Agreement
for Technical Failure, [***]. 

  

	 	(c)	 Termination for Insolvency or Cessation of Business. To the extent permitted by applicable law, either
Party may terminate the Agreement if: 

  

	 	(i)	 the other Party becomes insolvent, or is unable its debts as they mature; 

 

	 	(ii)	 an order is made, or a resolution is passed for the winding up of such other Party (other than voluntarily for
the purpose of solvent amalgamation or reconstruction); 

  

	 	(iii)	 a liquidator, administrator, administrative receiver, receiver, or trustee is appointed in respect of the whole
or any part of such other Party’s assets or business; or 

  

	 	(iv)	 seeks relief or if proceedings are commenced against the other Party, or on its behalf, under any bankruptcy,
insolvency or debtors’ relief law and those proceedings have not been vacated or set aside within [***] after the commencement of those proceedings. 

  

	 	(d)	 Termination for Patent Challenge. In the event of a Patent Challenge by Pyxis or its Affiliates or
Sublicensee, LCB may, in its sole discretion, as and to the extent permissible under applicable law, elect to terminate the Agreement in whole or in part with respect to the Patent Rights that are the subject of the Patent Challenge, upon [***]
notice in writing to Pyxis, such termination to take effect immediately following such notice period; provided that if Pyxis or its Affiliate or Sublicensee withdraws (or causes to be withdrawn) such Patent Challenge within [***] after being
requested to do so by LCB in writing (which termination notice will be deemed a request), then LCB will have no right to terminate the licenses under the Agreement with respect to such Patent Rights pursuant to this Section 10.2(d) (Termination
for Patent Challenge). In addition, notwithstanding 

  
 37 

	 	
the foregoing, LCB will have no right to terminate the relevant licenses under the relevant Patent Rights under the Agreement pursuant to this Section 10.2(d) (Termination for Patent
Challenge) with respect to: (i) any affirmative defense or other validity, enforceability, or non-infringement challenge, whether in the same action or in any other agency or forum of competent
jurisdiction, advanced by Pyxis, or any of its Affiliates or Sublicensees in response to any claim or action brought in the first instance by, or on behalf of, LCB, (ii) any Patent Challenge that is commenced by a Sublicensee, provided that
Pyxis demands that such Sublicensee withdraw such Patent Challenge promptly after Pyxis becomes aware of such Patent Challenge and terminates the sublicense agreement with the applicable Sublicensee if such Sublicensee does not withdraw such Patent
Challenge within [***]] after receipt of notice from Pyxis; or (iii) any Patent Challenge brought by a Third Party [***] or more prior to the initial written indication of interest that results in such Third Party becoming an Affiliate of Pyxis
as a result of a Change of Control of Pyxis or such Third Party as long as Pyxis or such Third Party, its Affiliates and their sublicensees, as applicable, institute commercially reasonable safeguards or firewalls between the personnel and advisors
assisting or working on such Patent Challenge and personnel and advisors assisting or working on any Licensed Product or ROFN Eligible Product so that personnel and advisors assisting or working on such Patent Challenge do not have access to or
knowledge of, and may not use, LCB IP or Arising IP; 

  

	 	(e)	 Termination for Convenience. Pyxis may terminate the Agreement with respect to any country in the Pyxis
Territory upon ninety (90) Days prior written notice to LCB. 

  

	 	(f)	 Breach of Opt-In Agreement. Without limiting either Party’s
right to terminate pursuant to Section 10.2(a) a Party may terminate the Agreement in whole or in part if the other Party materially breaches the Opt-In Agreement including by LCB for Pyxis’s failure
either to issue LCB the Initial Shares (as defined in the Opt-In Agreement) by the Financing Date or to pay to LCB the [***] required by Section 2.2(b) of the
Opt-In Agreement. For the avoidance of doubt, termination of the Opt-In Agreement by LCB shall not terminate Pyxis’ obligation to share Sublicense Revenue with LCB
if LCB elects not to terminate the Agreement. 

  

	 	10.3	 Rights in Bankruptcy. 

 

	 	(a)	 The Parties agree that the Agreement constitutes an executory contract under Section 365 of Chapter 11 the
United States Code as amended (the “Code”) for the license of “intellectual property” as defined under Section 101 of the Code and constitutes a license of “intellectual property” for purposes of any similar
applicable laws in any other country in the Territory. The Parties further agree that Pyxis, as licensee of such rights under the Agreement, shall retain and may fully exercise all of its protections, rights, and elections under the Code, including
under Section 365(n) of the Code, and any similar applicable laws in any other country in the Territory. 

  

	 	(b)	 All rights, powers, and remedies of Pyxis provided for in this Section 10 are in addition to and not in
substitution for any and all other rights, powers, and remedies now or hereafter existing at law or in equity (including under the Code and any similar applicable laws in any other 

  
 38 

	 	
country in the Territory). The Parties agree that they intend the following Pyxis rights to extend to the maximum extent permitted by law, including, for purposes of the Code in the event of a
bankruptcy case of LCB under the Code or any similar insolvency proceeding under any similar applicable laws, in each case subject to Pyxis’s election to retain its rights as a licensee under Section 365(n) of the Code (or such similar
applicable laws) and the Agreement, including continuing payments as provided thereby or hereunder: (i) the right of a complete duplicate or access to, as appropriate, any LCB Product-Specific IP (including all embodiments thereof), or, if any
such LCB Product-Specific IP (or embodiments thereof) are not already in LCB’s possession, any Third Party with whom LCB contracts to perform an obligation of LCB under the Agreement which is necessary for the Exploitation of the Licensed
Compounds or Licensed Products in the Field in the Territory; (ii) the right to contract directly with any Third Party described in paragraph (i) to complete the contracted work; and (iii) the right to cure any breach of LCB under any
such agreement with a Third Party if LCB becomes incapable of curing, or refuses in writing to cure any such breach and the right to set off or recoup the costs thereof against amounts payable to LCB under the Agreement. The Parties agree that this
Section 10.3 (Rights in Bankruptcy) shall apply to LCB as if LCB were the licensee and Pyxis were the licensor mutatis mutandis, in the event of the bankruptcy of Pyxis and LCB and Pyxis are party to a license set forth in
Section 10.4(d). 

  

	 	10.4	 Effect of Termination. Upon termination of the Agreement by either Party under Section 10.2
(Termination), then with respect to the countries or regions for this which the Agreement is terminated: 

  

	 	(a)	 Termination of License. Pyxis and its Affiliates shall immediately cease to exercise the rights under
the LCB IP, except that Pyxis and its Affiliates shall be entitled to sell, use, or otherwise dispose of (subject to payment of royalties due) any unsold or unused stocks of the Licensed Products during a period of [***]] after the effective date of
the termination of the Agreement. 

  

	 	(b)	 Termination of the Opt-In Agreement. At the effective date of
termination of the Agreement the Opt-In Agreement shall terminate. 

  

	 	(c)	 Sublicenses. All Sublicenses of the LCB IP shall survive any termination of the Agreement provided the
applicable Sublicensee is not then in material breach of its Sublicense, and such Sublicense shall become a direct license to such Sublicensee, and in such direct license, the scope of the license grant shall be the same as the scope of such
Sublicensee’s Sublicense grant under the applicable Sublicense. 

  

	 	(d)	 Assignment of Results and License under Pyxis IP. Pyxis shall, at LCB’s request, [***]transfer and
assign to LCB the following items with respect to Licensed Compounds and Licensed Products, to the extent reasonably necessary or reasonably useful for the Exploitation of the Licensed Compounds and Licensed Products in the region or Territory: all
clinical and regulatory correspondence; all Regulatory Approvals held by Pyxis or its Affiliates; all Results, including the trial master file, the clinical database and the safety database; and marketing reports, reimbursement studies and
promotional materials specifically related to the Licensed Compound or Licensed Product (collectively, the “Pyxis-Developed Materials”). 

  
 39 

	 	Upon termination, Pyxis shall, at LCB’s request, grant to LCB an exclusive, royalty-bearing (in the case of termination under Section 10.2(a) or 10.2(e)), and worldwide license (with the right to sublicense in
multiple tiers) to the Pyxis IP solely for purposes of the Exploitation of the Licensed Compound and Licensed Products as they exist as of the effective date of termination, as applicable (the “Pyxis Exclusive License Grant”). The
Parties will agree in good faith regarding a technology transfer plan with respect to the Pyxis-Developed Materials to facilitate LCB’s practice of the foregoing license at LCB’s cost (to the extent in addition to what is required under
Section 4.10) which shall be at an agreed reasonable Pyxis FTE rate thereafter. In consideration for the Pyxis Exclusive License Grant and the transfer and assignment of Pyxis-Developed Materials, LCB shall pay Pyxis the following royalty rate
with respect to Net Sales of the returned Licensed Product by LCB, its Affiliates or Sublicensees depending upon the stage of Development of Licensed Product at the time of termination for a period beginning on the date of the license grant and
continuing until the expiration of the last patent claim covering composition of matter covering the Licensed Compound included in the Pyxis Non-Exclusive License Grant. 

 

					
	 Development stage of the Licensed Product at termination
	  	Royalty rate to Pyxis	 
	 [***]
	  	 	[	***] 
	 [***]
	  	 	[	***] 
	 [***]
	  	 	[	***] 

  

	 	(e)	 Transfer of Inventory. Upon LCB’s request, LCB may procure any unsold or unused stocks of
the Licensed Products from Pyxis. Such stocks shall be provided at a transfer price that equals [***] 

  

	10.5	 Effect of Expiration or Termination by either Party. 

 

	 	(a)	 Accrued Rights. Expiry or termination of the Agreement will not affect any accrued rights or liabilities
that either Party may have by the time termination takes effect, including the Second Payment and under the Opt-In Agreement, the right as of the Effective Date to equity in the next Pyxis Financing (as
defined in the Opt-In Agreement) and any accrued obligations to share the full amount of Sublicense Revenue, the obligation to pay Milestone Payments in respect of milestones which have been achieved before
the effective date of termination and the obligation to pay royalties in relation to Net Sales in respect of Licensed Products sold or supplied prior to the effective date of termination, [***] 

 

	 	(b)	 Return of Confidential Information. Upon any expiration or termination of the Agreement pursuant to
Section 10.2, the Receiving Party shall return to the Disclosing Party any documents or other materials that contain the Disclosing Party’s Confidential Information in relation to the countries and regions with respect to which the
Agreement has been terminated, including all copies made, and make no further use or disclosure thereof. The Receiving Party may, however, keep copies of the Confidential Information of the Disclosing Party in its legal adviser’s files solely
for the purpose of enabling it to comply with the provisions of the Agreement. 

  
 40 

	 	10.6	 Termination Not Sole Remedy. A Party’s right of termination under the Agreement, and the exercise
of any such right, shall be without prejudice to any other right or remedy (including any right to claim damages) that such Party may have in the event of a breach of contract or other default by the other Party. 

 

	 	10.7	 Survival. Upon termination (but not expiration) of the Agreement for any reason, the provisions of
Article 1 (Definitions and Interpretation), Section 2.3 (Restrictions), Sections 3.1(b) and 3.1(d) (Sublicenses), Article 5 (Payments) (solely with respect to the amounts accrued prior to termination but not paid and the reporting tax, auditing
and information sharing procedures associated therewith), Sections 6.1 (Ownership) and 6.6 (Further Assurances), Section 7 (Confidential Information and Disclosure other than Sections 7.6 (Publications) and 7.7 (Disclosure of Results) which
shall not be applicable to LCB), Article 9 (Liability), Section 10.4 (Effect of Termination), Section 10.5 (Effect of Expiration or Termination by either Party), Section 10.6 (Termination Not Sole Remedy), this Section 10.7
(Survival), Article 11 (Dispute Resolution), and Article 12 (General) shall remain in force. 

  

	11.	 Dispute Resolution and Governing Law 

 

	 	11.1	 Disputes. Any dispute between the Parties arising out of or relating to the Agreement, including any non-contractual disputes or claims or any question regarding its existence, validity, or termination, shall be resolved by binding arbitration. The proceedings shall be initiated by the service of a written notice
of dispute by a Party on the other Party setting out details of the dispute and the reasons why the Party serving the notice believes that the dispute has arisen. Upon service of such a notice, the dispute shall be referred to the Senior Officers
(or their respective delegates), who shall endeavour to resolve the dispute amicably (each acting reasonably and in good faith). 

  

	 	11.2	 Arbitration. In the event that a dispute cannot be resolved to the satisfaction of both Parties within
[***] of referral to the Senior Officers (or their respective delegates), or if a Party either fails to participate or to continue to participate in the process referred to in Section 11.1 (Disputes), it shall be finally settled through an
arbitration in accordance with the Rules of Arbitration of the International Chamber of Commerce 2021 in accordance with the Expedited Procedure Rules irrespective of the amount in dispute. The right and obligation to arbitrate under this
Section 11.2 (Arbitration) shall extend to any claims by or against the Parties and their respective Affiliates and any agents, principals, officers, directors, or employees of either of the Parties or their respective Affiliates. The
arbitration tribunal shall be composed of one arbitrator agreed by the Parties. If the Parties are unable to agree on an arbitrator within [***] after the transmission of the request for arbitration by one of the Parties, then the arbitration
tribunal shall be composed of one arbitrator selected by each Party and one arbitrator selected by the first two arbitrators. The arbitral award shall be final and binding. A judgment on any award rendered by the arbitrator(s) may be entered in any
court having jurisdiction thereof. The legal seat of arbitration shall be Boston, Massachusetts, and the language of the arbitral proceedings shall be English. Either party may apply to the arbitrator(s) seeking injunctive relief until the
arbitration award is rendered or the controversy is otherwise resolved. The arbitrators shall have the authority to grant specific performance, issue summary judgments or grant other depository motions and, if either Party engages attorneys to
enforce any rights arising out of or relating to the Agreement, then the prevailing Party shall be entitled to recover its reasonable fees and costs expended in engaging such attorneys. The Parties agree that all information, including the result,
of such arbitration and the fact that arbitration takes place shall be regarded as Confidential Information of both Parties and shall not be disclosed without the written consent of the other Party. 

  
 41 

	 	11.3	 Governing Law. The Agreement (and any dispute or claim relating to it, its subject matter, its
enforceability or its termination, including non-contractual claims) is governed by and construed in accordance with the substantive laws of Massachusetts without regard to its conflicts of law provisions.

  

	 	11.4	 Other Remedies. Nothing in the Agreement shall prevent either Party or their Affiliates from seeking
interim relief or a temporary restraining order or injunction concerning a dispute either prior to or during any proceeding if necessary to protect the interests of such Party or to preserve the status quo pending the proceeding, including any such
remedy against the Receiving Party from any court of competent jurisdiction in the event of a threatened or actual breach of any confidentiality obligation hereunder, or to prevent wrongful use of any Confidential Information hereunder without
posting of a bond or other security. 

  

	12.	 General 

  

	 	12.1	 No other license. Nothing in the Agreement shall be construed as giving to either Party any rights to
use any Intellectual Property Rights other than as expressly granted by the Agreement. 

  

	 	12.2	 Amendment. The Agreement may only be amended in writing signed by duly authorized representatives of
Pyxis and LCB. 

  

	 	12.3	 Assignment. 

  

	 	(a)	 Subject to Section 12.3(b), neither Party may assign, mortgage, charge, or otherwise transfer any rights
or obligations under the Agreement without the prior written consent of the other Party. 

  

	 	(b)	 With written notice to the other Party before such assignment or transfer, either Party may assign and transfer
all its rights and obligations under the Agreement to (i) an Affiliate, or (ii) any counter-party to a Change of Control transaction, provided that the assignee undertakes in writing to the other Party to be bound by and perform the
obligations of the assignor under the Agreement. Any assignment or attempted assignment by either Party in violation of the terms of this Section 12.3 (Assignment) will be null, void and of no legal effect. 

 

	 	12.4	 Waiver. No failure or delay on the part of either Party to exercise any right or remedy under the
Agreement shall be construed or operate as a waiver thereof, nor shall any single or partial exercise of any right or remedy preclude the further exercise of such right or remedy. 

 

	 	12.5	 Invalid Clauses. If any provision or part of the Agreement is held to be invalid, amendments to the
Agreement may be made by the addition or deletion of wording as appropriate to remove the invalid part or provision but otherwise retain the provision and the other provisions of the Agreement to the maximum extent permissible under applicable law
such that the objectives contemplated by the Parties when entering into the Agreement may be realized. 

  

	 	12.6	 No agency. Neither Party shall act or describe itself as the agent of the other, nor shall it make or
represent that it has authority to make any commitments on the other’s behalf. Each Party will act solely as an independent contractor, and nothing in the Agreement will be construed to give either Party the power or authority to act for, bind,
or commit the other Party in any way. Nothing herein will be construed to create the relationship of partners, principal and agent, or joint-venture partners between the Parties. 

  
 42 

	 	12.7	 Performance by Affiliates. Each Party may perform any obligations and exercise any right
hereunder through any of its Affiliates, provided that such Party will remain primarily responsible for the other Party hereunder. Each Party hereby guarantees the performance by any of its Affiliates of such Party’s obligations under
the Agreement, and will cause its Affiliates to comply with the provisions of the Agreement in connection with such performance. Any breach by a Party’s Affiliate of any of such Party’s obligations under the Agreement will 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. 

 

	 	12.8	 Force Majeure. Neither Party will be held liable to the other Party nor be deemed to have defaulted
under or breached the Agreement for failure or delay in achieving any objective, satisfying any condition, or performing any obligation under the Agreement to the extent that such failure or delay is caused by or results from acts or events beyond
the reasonable control of such Party, including acts of God, embargoes, war, acts of war (whether war be declared or not), terrorism, insurrections, riots, civil commotions, government actions, unavailability of supplies, materials or
transportation, fire, earthquakes, floods, epidemics, pandemics, the spread of infectious diseases, and quarantines (“Force Majeure”). The affected Party will notify the other Party in writing of any Force Majeure circumstances as
soon as reasonably practical, will provide a good faith estimate of the period for which its failure or delay in performance under the Agreement is expected to continue based on currently available information and shall use best efforts to mitigate
the effects such Force Majeure and promptly resume performance upon the cessation thereof. 

  

	 	12.9	 Notices. Any notice to be given under the Agreement must be in writing and be delivered to the other
Party by hand or courier. Any notice shall be deemed to have been received on the Day of delivery. This Section 12.9 (Notices) is not intended to govern the
day-to-day business communications necessary between the Parties in performing their obligations under the terms of the Agreement. Until changed by notice given in
accordance with this clause, all notices should be addressed as follows: 

  

			
	For LCB:	  	For Pyxis:
		
	 Attention:
  

*** or Chief Business Development Officer
  

Address:
  

8-26 Munpyeongseo-ro Daedeok-gu

Daejeon, 34302, Republic of Korea
	  	 Attention:
  

Chief Executive Officer
  

Address:
  

Pyxis Oncology, Inc.
 35 Cambridge Park Dr.

Cambridge, MA 02140

	
	With copies, which shall not constitute notice to:

  
 43 

			
	 For LCB:
  

***
  

Foley Hoag
 Seaport West

Boston, MA 02210-2600
 ***
	 	 For Pyxis:
  

***
  

Hogan Lovells US LLP
 100 International Drive, Suite 2000

Baltimore, MD 21202
 ***

  

	 	12.10	 Further Action. Each Party agrees to execute, acknowledge and deliver such further instruments,
and do all reasonable further similar acts, as may be necessary or appropriate to carry out the purposes and intent of the Agreement. 

  

	 	12.11	 Entire Agreement. The Agreement and the Opt-In Agreement,
including their Schedules, set out the entire agreement between the Parties relating to its subject matter and supersede all prior oral or written agreements, arrangements, or understandings between them relating to such subject matter.

  

	 	12.12	 Third Parties. The Agreement does not create any right enforceable by any person who is not a party to
it except as otherwise expressly provided in Sections 9.3 (Indemnification) and 9.4 (Indemnification Procedure). Except as expressly provided in Sections 9.3 (Indemnification) and 9.4 (Indemnification Procedure), no person who is not a Party
to the Agreement shall have the right to enforce any term of the Agreement. 

  

	 	12.13	 Counterparts; Electronic Signatures. The Agreement may be executed in any number of counterparts, each
of which is an original but all of which together will constitute one document. Each Party acknowledges and agrees that the Agreement and all schedules, related documents, amendments and modifications thereof, may be executed by electronic
signature, which shall be considered as an original signature for all purposes and shall have the same force and effect as an original signature. Without limitation, “electronic signature” shall include faxed versions of an original
signature or electronically scanned and transmitted versions (e.g., via pdf) of an original signature. 

 —Signature
Page Follows— 

  
 44 

 The Agreement has been entered into on the Effective Date. 

 

			
	For and on behalf of	  	For and on behalf of
		
	LegoChem Biosciences Inc.	  	Pyxis Oncology, Inc.
		
	 /s/ Yong-Zu Kim

Signed
	  	 /s/ Lara Sullivan, M.D.

Signed

		
	  

Yong-Zu Kim
	  	  
 Lara Sullivan, M.D.

		
	  
 CEO & President
	  	  
 Chief Executive
Officer

  
 45 

 Exhibit 1 

Opt-In, Investment and Additional Consideration Agreement 

[***] 

  
 46 

 Exhibit 2 

Indications 
 [***] 

  
 47 

 Schedule1(f): 

Antibody IP: Patent Rights 
 [***] 

 Schedule 1(bbb): 

LCB Background Patent Rights 
 [***] 

 Schedule (jjj): 

LCB Product-Specific Patent Rights 

[***] 

 Confidential 
  

 Schedule 1(mmm): 

Sequence ID of DLK1-Antibody (Licensed Compound) 

[***] 

 Confidential 
  

 Schedule 1(hhhh): 

Patent Rights in Pyxis Background IP 

[***]

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