1004-00003 · Client 1004 · Closing

funds-flow-memorandum.xlsx DOCUMENT M&A / Corporate

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[sheet: Cover & Summary]

Field	Detail
Document Title	Funds Flow Memorandum — Series B Preferred Stock Closing
Prepared By	Calderwood & Harkness LLP, 555 California Street, Suite 3200, San Francisco, CA 94104
Matter Number	1004-00003
Internal Deal Code	CVF3-HTX-2025
Date Prepared	[Date — to be updated prior to closing]
Expected Closing Date	September 5, 2025
Outside Date	October 15, 2025
Transaction	Series B Preferred Stock Purchase — Heliograph Therapeutics, Inc.
Governing Agreement	Series B Preferred Stock Purchase Agreement dated August 15, 2025
Investor	Cobalt Ventures LP (Delaware limited partnership), EIN 85-4023176
Investor Address	2200 Sand Hill Road, Suite 310, Menlo Park, CA 94025
Issuer / Company	Heliograph Therapeutics, Inc. (Delaware corporation), EIN 87-1654329
Issuer Address	4800 Biopark Drive, Building C, Suite 200, Durham, NC 27709
Escrow Agent	Granite Trust Company, N.A., 300 Park Avenue, 12th Floor, New York, NY 10022
Escrow Agent Contact	Lisa Drummond, Vice President, Corporate Trust Services
Investor's Counsel	Calderwood & Harkness LLP — Beatrice Holloway (Responsible Partner), James Prentice (Billing Partner), Naomi Petersen (Lead Associate), Ryan Kowalski (Working Associate)
Company's Counsel	Breck Alderman & Yost LLP — Catherine Forsythe (Partner), Daniel Reeves (Senior Associate)
Aggregate Purchase Price	$20,000,000
Series B Shares Issued	14,414,414 shares of Series B Preferred Stock at $1.3875 per share
Escrow Amount	$1,000,000 (5% of purchase price; 12-month hold per Escrow Agreement)
Net Funds to Company	$19,000,000
Legal Fee Reimbursement	Up to $50,000 payable by Heliograph to Calderwood & Harkness LLP per SPA §10.4
Confidentiality	PRIVILEGED AND CONFIDENTIAL — ATTORNEY WORK PRODUCT

[sheet: Funds Flow Detail]

Step No.	Description	Payor / Sender	Payee / Recipient	Receiving Bank / Institution	Amount	SPA Reference	Wire Instruction Status	Notes
1	Cobalt aggregate investment — total funds wired from Cobalt Ventures LP	Cobalt Ventures LP	See Steps 2 and 3	N/A — split across two recipient accounts	$20,000,000.00	SPA §2.2	N/A	Total purchase price for 14,414,414 shares of Series B Preferred Stock at $1.3875/share. Actual share amount at 14,414,414 shares = $19,999,999.43; balance of $0.57 treated as additional paid-in capital.
2	Escrow deposit — indemnification escrow funded from Cobalt's aggregate wire	Cobalt Ventures LP	Granite Trust Company, N.A. (as Escrow Agent)	Granite Trust Company, N.A., 300 Park Avenue, 12th Floor, New York, NY 10022	$1,000,000.00	SPA §2.2; Escrow Agreement §2.1	To be provided by Granite Trust — see Wire Instructions tab	5% of $20,000,000 aggregate purchase price. Held for 12 months post-closing (release date: September 5, 2026). Secures indemnification obligations of Heliograph under SPA Article VIII. Escrow agent annual fee: $7,500 ($3,750 payable by each of Cobalt and Heliograph).
3	Net investment proceeds — balance of purchase price to Heliograph operating account	Cobalt Ventures LP	Heliograph Therapeutics, Inc.	[Heliograph's designated bank — wire instructions to be provided at least 5 business days prior to closing per SPA §2.2]	$19,000,000.00	SPA §2.2	PENDING — to be provided by Heliograph at least 5 business days before closing	Net of $1,000,000 escrow deposit. Wired directly to Heliograph's operating account.
4	Legal fee reimbursement — Heliograph reimburses Cobalt's legal fees to Calderwood & Harkness LLP	Heliograph Therapeutics, Inc.	Calderwood & Harkness LLP	Calderwood & Harkness LLP, 555 California Street, Suite 3200, San Francisco, CA 94104	Up to $50,000.00	SPA §10.4	To be provided by Calderwood & Harkness — see Wire Instructions tab	Reimbursement of Cobalt Ventures LP's legal fees and expenses incurred in connection with the Series B transaction. Actual amount to be confirmed by Calderwood & Harkness LLP prior to closing; capped at $50,000. Payable at closing.

TOTALS / RECONCILIATION

Total Cobalt Ventures LP Outflows (Steps 2 + 3)	Cobalt Ventures LP	Various	$20,000,000.00	Reconciliation: $1,000,000 + $19,000,000 = $20,000,000 ✓
Total Heliograph Therapeutics Outflows (Step 4)	Heliograph Therapeutics, Inc.	Calderwood & Harkness LLP	Up to $50,000.00	Separate flow; does not net against the $20,000,000 investor wire

[sheet: Wire Instructions]

Recipient No.

Recipient Name

Recipient Entity Type

Recipient Address

Contact Person

Receiving Bank Name

Receiving Bank Address

ABA / Routing Number

Account Number

Account Name

SWIFT Code

Reference / Memo Line

Status

Date Received

Granite Trust Company, N.A. (Escrow Account)

National Banking Association

300 Park Avenue, 12th Floor, New York, NY 10022

Lisa Drummond, VP, Corporate Trust Services

[To be provided]

Granite Trust Company, N.A. as Escrow Agent — Heliograph Therapeutics Series B Escrow

[To be provided]

Cobalt Ventures LP / Heliograph Therapeutics Series B Indemnification Escrow

PENDING

[TBD]

Heliograph Therapeutics, Inc. (Operating Account)

Delaware Corporation (C-corp)

4800 Biopark Drive, Building C, Suite 200, Durham, NC 27709

Dr. Priya Anand, CEO

[To be provided per SPA §2.2 — at least 5 business days prior to closing]

[To be provided]

[To be provided — Heliograph Therapeutics, Inc. operating account]

[To be provided]

Series B Preferred Stock Purchase — Cobalt Ventures LP

PENDING — due by August 29, 2025 (5 business days before September 5 closing)

[TBD]

Calderwood & Harkness LLP (Legal Fee Reimbursement)

California Limited Liability Partnership

555 California Street, Suite 3200, San Francisco, CA 94104

James Prentice, Billing Partner

[To be provided]

Calderwood & Harkness LLP Client Trust / Operating Account

[To be provided]

Heliograph Therapeutics Series B — Legal Fee Reimbursement per SPA §10.4

PENDING

[TBD]

[sheet: Reconciliation & Confirmation]

Item No.

Wire Description

Sender

Recipient

Expected Amount

Actual Amount Wired

Variance

Wire Initiated Time

Wire Confirmed Time

Confirmation Number

Confirmed By

Status

Notes

Escrow deposit to Granite Trust Company, N.A.

Cobalt Ventures LP

Granite Trust Company, N.A.

$1,000,000.00

[To be completed at closing]

[Actual - Expected]

[To be completed]

PENDING

Confirm receipt with Lisa Drummond at Granite Trust; obtain written confirmation of deposit into escrow account

Net purchase price to Heliograph Therapeutics, Inc.

Cobalt Ventures LP

Heliograph Therapeutics, Inc.

$19,000,000.00

[To be completed at closing]

[Actual - Expected]

[To be completed]

PENDING

Confirm receipt with Dr. Priya Anand or Heliograph's CFO; obtain written confirmation

Legal fee reimbursement to Calderwood & Harkness LLP

Heliograph Therapeutics, Inc.

Calderwood & Harkness LLP

Up to $50,000.00

[To be completed at closing]

[Actual - Expected]

[To be completed]

PENDING

Final invoice amount to be confirmed by James Prentice prior to closing; payable by Heliograph per SPA §10.4

TOTALS / SUMMARY

Total Cobalt Ventures LP Outflows (Items 1 + 2)	Cobalt Ventures LP	Various	$20,000,000.00	[To be completed]	[To be completed]	PENDING	Reconciliation check: All wires must show $0.00 variance and CONFIRMED status before closing deliverables are released
Total Heliograph Therapeutics Outflows (Item 3)	Heliograph Therapeutics, Inc.	Calderwood & Harkness LLP	Up to $50,000.00	[To be completed]	[To be completed]	PENDING	Net funds received by Heliograph = $19,000,000 minus legal fee reimbursement (up to $50,000) = $18,950,000 minimum net

[sheet: Confirmation Procedures]

Step No.	Procedure Description	Responsible Party	Contact Person / Phone / Email	Timing	Notes
1	Heliograph delivers wire instructions for its operating account to Cobalt and Calderwood & Harkness LLP	Heliograph Therapeutics, Inc. / Breck Alderman & Yost LLP	Catherine Forsythe (BA&Y) / Dr. Priya Anand (Heliograph)	At least 5 business days before closing (by August 29, 2025 for September 5 closing)	Per SPA §2.2; Calderwood & Harkness to verify receipt and confirm account details
2	Granite Trust Company, N.A. delivers wire instructions for escrow account to Cobalt and Calderwood & Harkness LLP	Granite Trust Company, N.A.	Lisa Drummond, VP, Corporate Trust Services, 300 Park Avenue, 12th Floor, New York, NY 10022	At least 5 business days before closing	Confirm escrow account is established and ready to receive funds
3	Calderwood & Harkness LLP delivers wire instructions for legal fee reimbursement to Heliograph and BA&Y	Calderwood & Harkness LLP	James Prentice (Billing Partner); Naomi Petersen (Lead Associate)	At least 3 business days before closing	Final fee amount to be confirmed; cap of $50,000 per SPA §10.4
4	All parties confirm all closing conditions have been satisfied or waived; Calderwood & Harkness confirms filing of Amended and Restated Certificate of Incorporation with Delaware Secretary of State	Calderwood & Harkness LLP / Breck Alderman & Yost LLP	Naomi Petersen (C&H) / Daniel Reeves (BA&Y)	Morning of closing date (September 5, 2025)	No wires to be initiated until all closing conditions confirmed satisfied
5	Cobalt Ventures LP initiates wire of $1,000,000 to Granite Trust Company, N.A. escrow account	Cobalt Ventures LP	Tariq Nassar / Dr. Elena Marchetti (Cobalt); coordinated by Naomi Petersen (C&H)	Morning of closing date, upon confirmation of conditions	Wire 1 of 2 from Cobalt
6	Cobalt Ventures LP initiates wire of $19,000,000 to Heliograph Therapeutics, Inc. operating account	Cobalt Ventures LP	Tariq Nassar / Dr. Elena Marchetti (Cobalt); coordinated by Naomi Petersen (C&H)	Morning of closing date, contemporaneous with or immediately following escrow wire	Wire 2 of 2 from Cobalt; net of escrow amount
7	Granite Trust Company, N.A. confirms receipt of $1,000,000 escrow deposit in writing	Granite Trust Company, N.A.	Lisa Drummond	Same day — upon receipt of funds	Written confirmation (email acceptable) to be provided to Calderwood & Harkness LLP and Breck Alderman & Yost LLP
8	Heliograph Therapeutics, Inc. confirms receipt of $19,000,000 in operating account in writing	Heliograph Therapeutics, Inc.	Dr. Priya Anand / Heliograph finance team; confirmed via BA&Y (Catherine Forsythe)	Same day — upon receipt of funds	Written confirmation (email acceptable) to be provided to Calderwood & Harkness LLP
9	Heliograph Therapeutics, Inc. initiates wire of legal fee reimbursement (up to $50,000) to Calderwood & Harkness LLP	Heliograph Therapeutics, Inc.	Dr. Priya Anand / Catherine Forsythe (BA&Y)	Upon confirmation of receipt of $19,000,000	Per SPA §10.4; actual amount per Calderwood & Harkness LLP invoice
10	Calderwood & Harkness LLP confirms receipt of legal fee reimbursement	Calderwood & Harkness LLP	James Prentice (Billing Partner)	Same day — upon receipt of funds	Confirmation to be circulated to all parties
11	All wire confirmations compiled; closing deemed effective; Heliograph delivers stock certificate for 14,414,414 shares of Series B Preferred Stock to Cobalt Ventures LP	Calderwood & Harkness LLP / Breck Alderman & Yost LLP	Naomi Petersen (C&H) / Daniel Reeves (BA&Y)	Upon confirmation of all wires	Closing binder to be assembled; signed transaction documents released from escrow or exchanged

[sheet: Key Transaction Terms Reference]

Term	Detail	Source Document / Section
Aggregate Purchase Price	$20,000,000	SPA §2.1
Price Per Share (Series B)	$1.3875	SPA §2.1
Number of Series B Shares	14,414,414	SPA §2.1
Fractional Share Treatment	Rounded down; $0.57 balance treated as additional paid-in capital	SPA §2.1
Pre-Money Valuation	$88,000,000	Term Sheet
Post-Money Valuation	$108,000,000 ($88M + $20M)	Term Sheet
Cobalt Post-Closing Ownership (Fully Diluted)	18.62% (14,414,414 / 77,414,414)	Cap Table
Fully Diluted Shares Pre-Closing	63,000,000 (40M Common + 15M Series A + 8M Option Pool)	SPA Schedule
Fully Diluted Shares Post-Closing	77,414,414 (63,000,000 + 14,414,414)	SPA Schedule
Escrow Amount	$1,000,000 (5% of purchase price)	SPA §2.2; Escrow Agreement §2.1
Escrow Agent	Granite Trust Company, N.A.	Escrow Agreement
Escrow Duration	12 months post-closing; release date September 5, 2026	Escrow Agreement §4
Escrow Agent Annual Fee	$7,500 ($3,750 each from Cobalt and Heliograph)	Escrow Agreement §6
Indemnification Cap	$5,000,000 (25% of purchase price)	SPA §8.4
Indemnification Basket (Tipping Deductible)	$200,000 (1% of purchase price); once exceeded, recovery from dollar one	SPA §8.5
Fraud / Willful Misconduct	Uncapped; not subject to basket or escrow limitations	SPA §8.6
Legal Fee Reimbursement Cap	Up to $50,000	SPA §10.4
Wire Instruction Delivery Deadline	At least 5 business days before closing	SPA §2.2
Liquidation Preference (Series B)	1x non-participating; $20,000,000 aggregate	Amended & Restated Certificate of Incorporation
Venture Debt Outstanding	$2,500,000 to Ridgeline Capital Finance LLC (9.5%, maturing April 12, 2027)	Due Diligence / SPA Disclosure Schedules
Heliograph Cash on Hand (March 31, 2025)	$9,800,000	Unaudited Interim Financials
Projected Runway Post-Close	~22.1 months (through approximately July 2027)	Management Representation
HSR Act Filing	Not required (transaction value below $119.5M threshold)	SPA §6.3

[sheet: Cover & Summary]
Field | Detail
Document Title | Funds Flow Memorandum — Series B Preferred Stock Closing
Prepared By | Calderwood & Harkness LLP, 555 California Street, Suite 3200, San Francisco, CA 94104
Matter Number | 1004-00003
Internal Deal Code | CVF3-HTX-2025
Date Prepared | [Date — to be updated prior to closing]
Expected Closing Date | September 5, 2025
Outside Date | October 15, 2025
Transaction | Series B Preferred Stock Purchase — Heliograph Therapeutics, Inc.
Governing Agreement | Series B Preferred Stock Purchase Agreement dated August 15, 2025
Investor | Cobalt Ventures LP (Delaware limited partnership), EIN 85-4023176
Investor Address | 2200 Sand Hill Road, Suite 310, Menlo Park, CA 94025
Issuer / Company | Heliograph Therapeutics, Inc. (Delaware corporation), EIN 87-1654329
Issuer Address | 4800 Biopark Drive, Building C, Suite 200, Durham, NC 27709
Escrow Agent | Granite Trust Company, N.A., 300 Park Avenue, 12th Floor, New York, NY 10022
Escrow Agent Contact | Lisa Drummond, Vice President, Corporate Trust Services
Investor's Counsel | Calderwood & Harkness LLP — Beatrice Holloway (Responsible Partner), James Prentice (Billing Partner), Naomi Petersen (Lead Associate), Ryan Kowalski (Working Associate)
Company's Counsel | Breck Alderman & Yost LLP — Catherine Forsythe (Partner), Daniel Reeves (Senior Associate)
Aggregate Purchase Price | $20,000,000
Series B Shares Issued | 14,414,414 shares of Series B Preferred Stock at $1.3875 per share
Escrow Amount | $1,000,000 (5% of purchase price; 12-month hold per Escrow Agreement)
Net Funds to Company | $19,000,000
Legal Fee Reimbursement | Up to $50,000 payable by Heliograph to Calderwood & Harkness LLP per SPA §10.4
Confidentiality | PRIVILEGED AND CONFIDENTIAL — ATTORNEY WORK PRODUCT
[sheet: Funds Flow Detail]
Step No. | Description | Payor / Sender | Payee / Recipient | Receiving Bank / Institution | Amount | SPA Reference | Wire Instruction Status | Notes
1 | Cobalt aggregate investment — total funds wired from Cobalt Ventures LP | Cobalt Ventures LP | See Steps 2 and 3 | N/A — split across two recipient accounts | $20,000,000.00 | SPA §2.2 | N/A | Total purchase price for 14,414,414 shares of Series B Preferred Stock at $1.3875/share. Actual share amount at 14,414,414 shares = $19,999,999.43; balance of $0.57 treated as additional paid-in capital.
2 | Escrow deposit — indemnification escrow funded from Cobalt's aggregate wire | Cobalt Ventures LP | Granite Trust Company, N.A. (as Escrow Agent) | Granite Trust Company, N.A., 300 Park Avenue, 12th Floor, New York, NY 10022 | $1,000,000.00 | SPA §2.2; Escrow Agreement §2.1 | To be provided by Granite Trust — see Wire Instructions tab | 5% of $20,000,000 aggregate purchase price. Held for 12 months post-closing (release date: September 5, 2026). Secures indemnification obligations of Heliograph under SPA Article VIII. Escrow agent annual fee: $7,500 ($3,750 payable by each of Cobalt and Heliograph).
3 | Net investment proceeds — balance of purchase price to Heliograph operating account | Cobalt Ventures LP | Heliograph Therapeutics, Inc. | [Heliograph's designated bank — wire instructions to be provided at least 5 business days prior to closing per SPA §2.2] | $19,000,000.00 | SPA §2.2 | PENDING — to be provided by Heliograph at least 5 business days before closing | Net of $1,000,000 escrow deposit. Wired directly to Heliograph's operating account.
4 | Legal fee reimbursement — Heliograph reimburses Cobalt's legal fees to Calderwood & Harkness LLP | Heliograph Therapeutics, Inc. | Calderwood & Harkness LLP | Calderwood & Harkness LLP, 555 California Street, Suite 3200, San Francisco, CA 94104 | Up to $50,000.00 | SPA §10.4 | To be provided by Calderwood & Harkness — see Wire Instructions tab | Reimbursement of Cobalt Ventures LP's legal fees and expenses incurred in connection with the Series B transaction. Actual amount to be confirmed by Calderwood & Harkness LLP prior to closing; capped at $50,000. Payable at closing.
TOTALS / RECONCILIATION
Total Cobalt Ventures LP Outflows (Steps 2 + 3) | Cobalt Ventures LP | Various | $20,000,000.00 | Reconciliation: $1,000,000 + $19,000,000 = $20,000,000 ✓
Total Heliograph Therapeutics Outflows (Step 4) | Heliograph Therapeutics, Inc. | Calderwood & Harkness LLP | Up to $50,000.00 | Separate flow; does not net against the $20,000,000 investor wire
[sheet: Wire Instructions]
Recipient No. | Recipient Name | Recipient Entity Type | Recipient Address | Contact Person | Receiving Bank Name | Receiving Bank Address | ABA / Routing Number | Account Number | Account Name | SWIFT Code | Reference / Memo Line | Status | Date Received
1 | Granite Trust Company, N.A. (Escrow Account) | National Banking Association | 300 Park Avenue, 12th Floor, New York, NY 10022 | Lisa Drummond, VP, Corporate Trust Services | [To be provided] | [To be provided] | [To be provided] | [To be provided] | Granite Trust Company, N.A. as Escrow Agent — Heliograph Therapeutics Series B Escrow | [To be provided] | Cobalt Ventures LP / Heliograph Therapeutics Series B Indemnification Escrow | PENDING | [TBD]
2 | Heliograph Therapeutics, Inc. (Operating Account) | Delaware Corporation (C-corp) | 4800 Biopark Drive, Building C, Suite 200, Durham, NC 27709 | Dr. Priya Anand, CEO | [To be provided per SPA §2.2 — at least 5 business days prior to closing] | [To be provided] | [To be provided] | [To be provided] | [To be provided — Heliograph Therapeutics, Inc. operating account] | [To be provided] | Series B Preferred Stock Purchase — Cobalt Ventures LP | PENDING — due by August 29, 2025 (5 business days before September 5 closing) | [TBD]
3 | Calderwood & Harkness LLP (Legal Fee Reimbursement) | California Limited Liability Partnership | 555 California Street, Suite 3200, San Francisco, CA 94104 | James Prentice, Billing Partner | [To be provided] | [To be provided] | [To be provided] | [To be provided] | Calderwood & Harkness LLP Client Trust / Operating Account | [To be provided] | Heliograph Therapeutics Series B — Legal Fee Reimbursement per SPA §10.4 | PENDING | [TBD]
[sheet: Reconciliation & Confirmation]
Item No. | Wire Description | Sender | Recipient | Expected Amount | Actual Amount Wired | Variance | Wire Initiated Time | Wire Confirmed Time | Confirmation Number | Confirmed By | Status | Notes
1 | Escrow deposit to Granite Trust Company, N.A. | Cobalt Ventures LP | Granite Trust Company, N.A. | $1,000,000.00 | [To be completed at closing] | [Actual - Expected] | [To be completed] | [To be completed] | [To be completed] | [To be completed] | PENDING | Confirm receipt with Lisa Drummond at Granite Trust; obtain written confirmation of deposit into escrow account
2 | Net purchase price to Heliograph Therapeutics, Inc. | Cobalt Ventures LP | Heliograph Therapeutics, Inc. | $19,000,000.00 | [To be completed at closing] | [Actual - Expected] | [To be completed] | [To be completed] | [To be completed] | [To be completed] | PENDING | Confirm receipt with Dr. Priya Anand or Heliograph's CFO; obtain written confirmation
3 | Legal fee reimbursement to Calderwood & Harkness LLP | Heliograph Therapeutics, Inc. | Calderwood & Harkness LLP | Up to $50,000.00 | [To be completed at closing] | [Actual - Expected] | [To be completed] | [To be completed] | [To be completed] | [To be completed] | PENDING | Final invoice amount to be confirmed by James Prentice prior to closing; payable by Heliograph per SPA §10.4
TOTALS / SUMMARY
Total Cobalt Ventures LP Outflows (Items 1 + 2) | Cobalt Ventures LP | Various | $20,000,000.00 | [To be completed] | [To be completed] | PENDING | Reconciliation check: All wires must show $0.00 variance and CONFIRMED status before closing deliverables are released
Total Heliograph Therapeutics Outflows (Item 3) | Heliograph Therapeutics, Inc. | Calderwood & Harkness LLP | Up to $50,000.00 | [To be completed] | [To be completed] | PENDING | Net funds received by Heliograph = $19,000,000 minus legal fee reimbursement (up to $50,000) = $18,950,000 minimum net
[sheet: Confirmation Procedures]
Step No. | Procedure Description | Responsible Party | Contact Person / Phone / Email | Timing | Notes
1 | Heliograph delivers wire instructions for its operating account to Cobalt and Calderwood & Harkness LLP | Heliograph Therapeutics, Inc. / Breck Alderman & Yost LLP | Catherine Forsythe (BA&Y) / Dr. Priya Anand (Heliograph) | At least 5 business days before closing (by August 29, 2025 for September 5 closing) | Per SPA §2.2; Calderwood & Harkness to verify receipt and confirm account details
2 | Granite Trust Company, N.A. delivers wire instructions for escrow account to Cobalt and Calderwood & Harkness LLP | Granite Trust Company, N.A. | Lisa Drummond, VP, Corporate Trust Services, 300 Park Avenue, 12th Floor, New York, NY 10022 | At least 5 business days before closing | Confirm escrow account is established and ready to receive funds
3 | Calderwood & Harkness LLP delivers wire instructions for legal fee reimbursement to Heliograph and BA&Y | Calderwood & Harkness LLP | James Prentice (Billing Partner); Naomi Petersen (Lead Associate) | At least 3 business days before closing | Final fee amount to be confirmed; cap of $50,000 per SPA §10.4
4 | All parties confirm all closing conditions have been satisfied or waived; Calderwood & Harkness confirms filing of Amended and Restated Certificate of Incorporation with Delaware Secretary of State | Calderwood & Harkness LLP / Breck Alderman & Yost LLP | Naomi Petersen (C&H) / Daniel Reeves (BA&Y) | Morning of closing date (September 5, 2025) | No wires to be initiated until all closing conditions confirmed satisfied
5 | Cobalt Ventures LP initiates wire of $1,000,000 to Granite Trust Company, N.A. escrow account | Cobalt Ventures LP | Tariq Nassar / Dr. Elena Marchetti (Cobalt); coordinated by Naomi Petersen (C&H) | Morning of closing date, upon confirmation of conditions | Wire 1 of 2 from Cobalt
6 | Cobalt Ventures LP initiates wire of $19,000,000 to Heliograph Therapeutics, Inc. operating account | Cobalt Ventures LP | Tariq Nassar / Dr. Elena Marchetti (Cobalt); coordinated by Naomi Petersen (C&H) | Morning of closing date, contemporaneous with or immediately following escrow wire | Wire 2 of 2 from Cobalt; net of escrow amount
7 | Granite Trust Company, N.A. confirms receipt of $1,000,000 escrow deposit in writing | Granite Trust Company, N.A. | Lisa Drummond | Same day — upon receipt of funds | Written confirmation (email acceptable) to be provided to Calderwood & Harkness LLP and Breck Alderman & Yost LLP
8 | Heliograph Therapeutics, Inc. confirms receipt of $19,000,000 in operating account in writing | Heliograph Therapeutics, Inc. | Dr. Priya Anand / Heliograph finance team; confirmed via BA&Y (Catherine Forsythe) | Same day — upon receipt of funds | Written confirmation (email acceptable) to be provided to Calderwood & Harkness LLP
9 | Heliograph Therapeutics, Inc. initiates wire of legal fee reimbursement (up to $50,000) to Calderwood & Harkness LLP | Heliograph Therapeutics, Inc. | Dr. Priya Anand / Catherine Forsythe (BA&Y) | Upon confirmation of receipt of $19,000,000 | Per SPA §10.4; actual amount per Calderwood & Harkness LLP invoice
10 | Calderwood & Harkness LLP confirms receipt of legal fee reimbursement | Calderwood & Harkness LLP | James Prentice (Billing Partner) | Same day — upon receipt of funds | Confirmation to be circulated to all parties
11 | All wire confirmations compiled; closing deemed effective; Heliograph delivers stock certificate for 14,414,414 shares of Series B Preferred Stock to Cobalt Ventures LP | Calderwood & Harkness LLP / Breck Alderman & Yost LLP | Naomi Petersen (C&H) / Daniel Reeves (BA&Y) | Upon confirmation of all wires | Closing binder to be assembled; signed transaction documents released from escrow or exchanged
[sheet: Key Transaction Terms Reference]
Term | Detail | Source Document / Section
Aggregate Purchase Price | $20,000,000 | SPA §2.1
Price Per Share (Series B) | $1.3875 | SPA §2.1
Number of Series B Shares | 14,414,414 | SPA §2.1
Fractional Share Treatment | Rounded down; $0.57 balance treated as additional paid-in capital | SPA §2.1
Pre-Money Valuation | $88,000,000 | Term Sheet
Post-Money Valuation | $108,000,000 ($88M + $20M) | Term Sheet
Cobalt Post-Closing Ownership (Fully Diluted) | 18.62% (14,414,414 / 77,414,414) | Cap Table
Fully Diluted Shares Pre-Closing | 63,000,000 (40M Common + 15M Series A + 8M Option Pool) | SPA Schedule
Fully Diluted Shares Post-Closing | 77,414,414 (63,000,000 + 14,414,414) | SPA Schedule
Escrow Amount | $1,000,000 (5% of purchase price) | SPA §2.2; Escrow Agreement §2.1
Escrow Agent | Granite Trust Company, N.A. | Escrow Agreement
Escrow Duration | 12 months post-closing; release date September 5, 2026 | Escrow Agreement §4
Escrow Agent Annual Fee | $7,500 ($3,750 each from Cobalt and Heliograph) | Escrow Agreement §6
Indemnification Cap | $5,000,000 (25% of purchase price) | SPA §8.4
Indemnification Basket (Tipping Deductible) | $200,000 (1% of purchase price); once exceeded, recovery from dollar one | SPA §8.5
Fraud / Willful Misconduct | Uncapped; not subject to basket or escrow limitations | SPA §8.6
Legal Fee Reimbursement Cap | Up to $50,000 | SPA §10.4
Wire Instruction Delivery Deadline | At least 5 business days before closing | SPA §2.2
Liquidation Preference (Series B) | 1x non-participating; $20,000,000 aggregate | Amended & Restated Certificate of Incorporation
Venture Debt Outstanding | $2,500,000 to Ridgeline Capital Finance LLC (9.5%, maturing April 12, 2027) | Due Diligence / SPA Disclosure Schedules
Heliograph Cash on Hand (March 31, 2025) | $9,800,000 | Unaudited Interim Financials
Projected Runway Post-Close | ~22.1 months (through approximately July 2027) | Management Representation
HSR Act Filing | Not required (transaction value below $119.5M threshold) | SPA §6.3

[sheet: Cover & Summary]

TOTALS / RECONCILIATION

TOTALS / SUMMARY

Record

Parties

Dates

Amounts