FR EA
1004-00003 · Client 1004 · Closing
closing-checklist.xlsx DOCUMENT M&A / Corporate
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Contract analysis Extract to table

[sheet: Cover]

FieldDetail
TransactionSeries B Preferred Stock Investment
InvestorCobalt Ventures LP
IssuerHeliograph Therapeutics, Inc.
Aggregate Purchase Price$20,000,000
Shares Issued14,414,414 shares of Series B Preferred Stock
Price Per Share$1.3875
Signing DateAugust 15, 2025
Expected Closing DateSeptember 5, 2025
Outside Date (Drop-Dead)October 15, 2025
Escrow Release DateSeptember 5, 2026
Investor's CounselCalderwood & Harkness LLP (Beatrice Holloway, James Prentice, Naomi Petersen, Ryan Kowalski)
Company's CounselBreck Alderman & Yost LLP (Catherine Forsythe, Daniel Reeves)
Escrow AgentGranite Trust Company, N.A. (Lisa Drummond)
Prepared ByCalderwood & Harkness LLP
Matter Number1004-00003
Deal CodeCVF3-HTX-2025
Last UpdatedAugust 18, 2025

[sheet: Closing Checklist]

Item No.

I. CHARTER DOCUMENTS & CORPORATE FILINGS

1.1Charter DocumentsAmended and Restated Certificate of Incorporation of Heliograph Therapeutics, Inc. — to be filed with the Delaware Secretary of State to authorize Series B Preferred Stock (14,414,414 shares; $1.3875 original issue price; 1x non-participating liquidation preference; 8% non-cumulative dividend; broad-based weighted average anti-dilution; voluntary 1:1 conversion; automatic conversion upon IPO at ≥$4.1625/share with gross proceeds ≥$75,000,000; protective provisions requiring majority Series B consent)Breck Alderman & Yost LLP / Calderwood & Harkness LLPFinalSeptember 5, 2025Condition to closing; filing fee to be paid by Heliograph; must be filed prior to or simultaneously with closing; restates existing Series A Preferred and Common Stock provisions
1.2Charter DocumentsCertificate of Good Standing — Heliograph Therapeutics, Inc. from the Delaware Secretary of State (DE File No. 5923417)Breck Alderman & Yost LLPPendingSeptember 2, 2025To be dated within 5 business days of closing; to be attached to Secretary's Certificate
1.3Charter DocumentsCertificate of Good Standing — Cobalt Ventures LP from the Delaware Secretary of State (DE File No. 6178203)Calderwood & Harkness LLPPendingSeptember 2, 2025For Investor's records

II. TRANSACTION AGREEMENTS

2.1Transaction AgreementsSeries B Preferred Stock Purchase Agreement, dated August 15, 2025, between Heliograph Therapeutics, Inc. and Cobalt Ventures LP — purchase and sale of 14,414,414 shares of Series B Preferred Stock at $1.3875/share for aggregate purchase price of $20,000,000; includes reps and warranties, covenants, conditions, indemnification (cap: $5,000,000; tipping basket: $200,000; fraud/willful misconduct uncapped); outside date October 15, 2025; governed by Delaware lawCalderwood & Harkness LLP / Breck Alderman & Yost LLPExecutedAugust 15, 2025Signed at signing; counterpart signature pages held in escrow pending closing; Section 10.4 provides for reimbursement of up to $50,000 of Cobalt's legal fees at closing
2.2Transaction AgreementsInvestors' Rights Agreement, dated August 15, 2025, among Heliograph Therapeutics, Inc., Cobalt Ventures LP, Pinnacle BioVentures Fund II LP, and Lakeshore Health Innovation Fund LP — registration rights (demand and piggyback), information rights (monthly unaudited financials within 30 days; annual audited financials within 120 days of FYE; annual budget by December 15), pro rata participation rights in future equity financingsCalderwood & Harkness LLP / Breck Alderman & Yost LLPExecutedAugust 15, 2025Signed at signing; effectiveness conditioned on closing; governed by Delaware law
2.3Transaction AgreementsRight of First Refusal and Co-Sale Agreement, dated August 15, 2025, among Heliograph Therapeutics, Inc., Cobalt Ventures LP, Pinnacle BioVentures Fund II LP, Lakeshore Health Innovation Fund LP, Dr. Priya Anand, and Dr. Marcus Ellington — ROFR (Company then investors) and tag-along co-sale rights on founder/key holder share transfersCalderwood & Harkness LLP / Breck Alderman & Yost LLPExecutedAugust 15, 2025Signed at signing; effectiveness conditioned on closing; key holders: Dr. Priya Anand (16,000,000 common shares) and Dr. Marcus Ellington (12,000,000 common shares); governed by Delaware law
2.4Transaction AgreementsVoting Agreement, dated August 15, 2025, among Heliograph Therapeutics, Inc. and all stockholders — Board composition: two Common directors (Dr. Priya Anand, Dr. Marcus Ellington), one Series A director (Joanna Whitfield, designated by Pinnacle BioVentures Fund II LP), one Series B director (Dr. Elena Marchetti, designated by Cobalt Ventures LP), one independent director (Dr. Samuel Ogden); drag-along by majority of Preferred and majority of CommonCalderwood & Harkness LLP / Breck Alderman & Yost LLPExecutedAugust 15, 2025Signed at signing; effectiveness conditioned on closing; governed by Delaware law
2.5Transaction AgreementsEscrow Agreement, dated as of the Closing Date, among Heliograph Therapeutics, Inc., Cobalt Ventures LP, and Granite Trust Company, N.A. — $1,000,000 deposit (5% of $20,000,000 purchase price) to secure indemnification obligations under SPA; 12-month term; release date September 5, 2026; annual fee $7,500 split equally ($3,750 each)Calderwood & Harkness LLP / Granite Trust Company, N.A.FinalSeptember 5, 2025To be executed at closing; contact: Lisa Drummond, VP, Corporate Trust Services, 300 Park Avenue, 12th Floor, New York, NY 10022

III. LEGAL OPINIONS

3.1

IV. OFFICER'S AND SECRETARY'S CERTIFICATES

4.1CertificatesOfficer's Certificate (Compliance Certificate) — executed by Dr. Priya Anand, CEO of Heliograph, certifying: (i) all Company reps and warranties in SPA true and correct in all material respects as of closing; (ii) Company compliance with all pre-closing covenants; (iii) no Material Adverse Effect since December 31, 2024 (date of most recent audited financial statements, audited by Whitmore & Kassidy LLP)Breck Alderman & Yost LLP / Heliograph TherapeuticsDraftSeptember 5, 2025Condition to closing; form prepared by Calderwood & Harkness LLP
4.2CertificatesSecretary's Certificate — executed by authorized officer or secretary of Heliograph, attaching and certifying: (i) Amended and Restated Certificate of Incorporation as filed; (ii) Bylaws as currently in effect; (iii) Board resolutions approving Series B financing (adopted August 8, 2025); (iv) incumbency and specimen signatures of authorized officers (Dr. Priya Anand, CEO; Dr. Marcus Ellington, CSO); (v) Certificate of Good Standing from Delaware Secretary of StateBreck Alderman & Yost LLP / Heliograph TherapeuticsDraftSeptember 5, 2025Condition to closing; form prepared by Calderwood & Harkness LLP

V. STOCKHOLDER APPROVALS

5.1Stockholder ApprovalsWritten Consent of the Board of Directors of Heliograph Therapeutics, Inc. approving the Series B financing, issuance of Series B Preferred Stock, execution of transaction documents, and filing of Amended and Restated Certificate of IncorporationBreck Alderman & Yost LLP / Heliograph TherapeuticsExecutedAugust 8, 2025Board approval obtained August 8, 2025; board members: Dr. Priya Anand, Dr. Marcus Ellington, Joanna Whitfield (Pinnacle designee), Dr. Samuel Ogden (independent)
5.2Stockholder ApprovalsWritten Consent of Stockholders of Heliograph Therapeutics, Inc. approving the Amended and Restated Certificate of Incorporation and the Series B financingBreck Alderman & Yost LLP / Heliograph TherapeuticsFinalAugust 15, 2025Required under DGCL; signatories include holders of Common Stock and Series A Preferred Stock

VI. FUNDS FLOW & WIRE TRANSFERS

6.1Funds FlowWire transfer of $1,000,000 from Cobalt Ventures LP to Granite Trust Company, N.A. escrow account — indemnification escrow deposit (5% of purchase price)Cobalt Ventures LP / Calderwood & Harkness LLPPendingSeptember 5, 2025Wire instructions to be provided by Granite Trust Company, N.A.; escrow held for 12 months post-closing
6.2Funds FlowWire transfer of $19,000,000 (net of $1,000,000 escrow) from Cobalt Ventures LP to Heliograph Therapeutics, Inc. operating accountCobalt Ventures LP / Calderwood & Harkness LLPPendingSeptember 5, 2025Wire instructions to be provided by Heliograph at least 5 business days before closing per SPA §2.2; total funds from Cobalt: $20,000,000
6.3Funds FlowConfirmation of receipt of wire transfers — Heliograph operating account and Granite Trust escrow accountHeliograph Therapeutics / Granite Trust Company, N.A.PendingSeptember 5, 2025Closing cannot proceed until confirmation of receipt of all funds

VII. STOCK CERTIFICATE & CAP TABLE

7.1Stock IssuanceDelivery of stock certificate (or book-entry confirmation) for 14,414,414 shares of Series B Preferred Stock issued to Cobalt Ventures LPHeliograph Therapeutics / Breck Alderman & Yost LLPPendingSeptember 5, 2025Certificate to be in the name of Cobalt Ventures LP; par value shares; aggregate purchase price $20,000,000 ($19,999,999.4250 at 14,414,414 shares × $1.3875; balance of $0.575 treated as additional paid-in capital)
7.2Stock IssuanceUpdated capitalization table reflecting post-closing fully diluted ownership: Common Stock 40,000,000 shares; Series A Preferred 15,000,000 shares; Series B Preferred 14,414,414 shares; Stock Option Pool 8,000,000 shares (5,200,000 granted / 2,800,000 available); Total fully diluted: 77,414,414 shares; Cobalt ownership: 18.62%Heliograph Therapeutics / Breck Alderman & Yost LLPPendingSeptember 5, 2025To be confirmed against Heliograph's stock ledger; pre-money valuation $88,000,000; post-money valuation $108,000,000

VIII. LEGAL FEE REIMBURSEMENT

8.1

IX. REGULATORY & HSR

9.1RegulatoryHSR Act filing — determination of applicabilityCalderwood & Harkness LLPN/AN/ANot applicable; transaction value of $20,000,000 is below the $119.5 million HSR filing threshold for 2025; no filing required
9.2RegulatoryFDA or other governmental approval for financing transactionN/AN/AN/ANot required; the financing itself does not require FDA or other regulatory approval (HT-201 clinical trial under IND 178452 is a separate regulatory matter)

X. ANCILLARY DELIVERABLES

10.1AncillaryExecuted Indemnification Agreement for Dr. Elena Marchetti as incoming Series B director on Heliograph Board of DirectorsBreck Alderman & Yost LLP / Heliograph TherapeuticsDraftSeptember 5, 2025Standard form director indemnification agreement; Cobalt designee per Voting Agreement
10.2AncillaryEvidence of D&O insurance coverage for Heliograph Therapeutics, Inc. naming Dr. Elena Marchetti as insured directorHeliograph TherapeuticsPendingSeptember 5, 2025To be confirmed prior to closing
10.3AncillaryConsent/waiver from Ridgeline Capital Finance LLC under venture debt facility (Loan Agreement dated April 12, 2024; $2,500,000 outstanding; 9.5% interest; maturity April 12, 2027) to the extent required for Series B issuanceBreck Alderman & Yost LLP / Heliograph TherapeuticsPendingSeptember 2, 2025Review of Ridgeline loan covenants to determine if consent is required for equity issuance; if required, consent to be obtained prior to closing
10.4AncillaryPayoff letter or confirmation from Ridgeline Capital Finance LLC confirming outstanding balance and no default under venture debt facilityBreck Alderman & Yost LLP / Heliograph TherapeuticsPendingSeptember 2, 2025For investor's records and closing diligence; debt balance: $2,500,000 as of signing
10.5AncillaryFunds flow memorandum — detailing all wire transfers at closingCalderwood & Harkness LLPDraftSeptember 3, 2025To be circulated to all parties for approval at least 2 business days before closing
10.6AncillaryClosing binder / index of executed documentsCalderwood & Harkness LLP / Breck Alderman & Yost LLPPendingPost-closingTo be compiled and distributed following closing

[sheet: Party Contact List]

Party / EntityRoleContact PersonTitleAddressEmail PlaceholderPhone Placeholder
Cobalt Ventures LPInvestorDr. Elena MarchettiCo-Founder & Managing Partner2200 Sand Hill Road, Suite 310, Menlo Park, CA 94025[email][phone]
Cobalt Ventures LPInvestorTariq NassarCo-Founder & Managing Partner2200 Sand Hill Road, Suite 310, Menlo Park, CA 94025[email][phone]
Heliograph Therapeutics, Inc.Issuer / CompanyDr. Priya AnandCo-Founder, CEO & Director4800 Biopark Drive, Building C, Suite 200, Durham, NC 27709[email][phone]
Heliograph Therapeutics, Inc.Issuer / CompanyDr. Marcus EllingtonCo-Founder, CSO & Director4800 Biopark Drive, Building C, Suite 200, Durham, NC 27709[email][phone]
Calderwood & Harkness LLPInvestor's CounselBeatrice HollowayResponsible Partner, M&A555 California Street, Suite 3200, San Francisco, CA 94104[email][phone]
Calderwood & Harkness LLPInvestor's CounselJames PrenticeBilling Partner, M&A555 California Street, Suite 3200, San Francisco, CA 94104[email][phone]
Calderwood & Harkness LLPInvestor's CounselNaomi PetersenLead Associate, M&A555 California Street, Suite 3200, San Francisco, CA 94104[email][phone]
Calderwood & Harkness LLPInvestor's CounselRyan KowalskiWorking Associate, M&A555 California Street, Suite 3200, San Francisco, CA 94104[email][phone]
Breck Alderman & Yost LLPCompany's CounselCatherine ForsythePartner, Emerging Companies & VC200 West Main Street, Suite 900, Durham, NC 27701[email][phone]
Breck Alderman & Yost LLPCompany's CounselDaniel ReevesSenior Associate200 West Main Street, Suite 900, Durham, NC 27701[email][phone]
Pinnacle BioVentures Fund II LPExisting Series A InvestorJoanna WhitfieldPartner; Series A Board Designee101 Federal Street, Suite 2600, Boston, MA 02110[email][phone]
Lakeshore Health Innovation Fund LPExisting Series A Co-InvestorDavid HargrovePrincipal77 West Wacker Drive, Suite 4100, Chicago, IL 60601[email][phone]
Granite Trust Company, N.A.Escrow AgentLisa DrummondVP, Corporate Trust Services300 Park Avenue, 12th Floor, New York, NY 10022[email][phone]
Ridgeline Capital Finance LLCVenture Lender[Contact TBD][Address TBD][email][phone]
Whitmore & Kassidy LLPCompany's AuditorRobert YuenCPA, Engagement Partner421 Fayetteville Street, Suite 1500, Raleigh, NC 27601[email][phone]
Langford Speir Patent Group LLPCompany's IP CounselDr. Teresa LangfordLead Patent Partner1300 I Street NW, Suite 700, Washington, DC 20005[email][phone]
National Registered Agents of Delaware, Inc.DE Registered Agent (Cobalt)160 Greentree Drive, Suite 101, Dover, DE 19904[email][phone]
Capitol Corporate Services, Inc.DE Registered Agent (Heliograph)1675 South Ashbury Asset Advisors, Suite B, Dover, DE 19901[email][phone]

[sheet: Key Dates]

DateEventNotes
June 2, 2025Engagement letter signed — Calderwood & Harkness LLP and Cobalt Ventures LPMatter No. 1004-00003
June 5, 2025Retainer of $50,000 received from Cobalt Ventures LP
June 9, 2025Matter opened at Calderwood & Harkness LLP
June 16, 2025Non-binding term sheet executed between Cobalt and Heliograph
June 23, 2025Due diligence data room opened (Pemberton Technologies)
July 7, 2025First draft SPA circulated by Calderwood & Harkness LLP
July 18, 2025IP diligence report delivered by Langford Speir Patent Group LLP7 patent families; 3 issued U.S. patents; 4 pending applications
August 8, 2025Heliograph Board of Directors approval of Series B financing
August 15, 2025Signing of SPA, IRA, ROFR/Co-Sale Agreement, and Voting Agreement
September 5, 2025Expected Closing Date — filing of A&R COI, execution of Escrow Agreement, fund transfers, stock certificate delivery
October 15, 2025Outside Date (Drop-Dead Date) — SPA terminable if closing has not occurredPer SPA
September 5, 2026Escrow Release Date — release of $1,000,000 indemnification escrow at Granite Trust Company, N.A.12 months post-closing
April 12, 2027Ridgeline Capital Finance LLC venture debt maturity$2,500,000 outstanding; 9.5% interest