On January 4, 2023 (the Closing Date), 89bio, Inc. and certain of its subsidiaries party thereto, as co-borrowers (together with the company, the Borrowers), entered into a Loan and Security Agreement (the Loan Agreement") with the lenders referred to therein (the Lenders), K2 HealthVentures LLC (K2HV), as administrative agent for the Lenders, and Ankura Trust Company, LLC, as collateral agent for the Lenders. The Loan Agreement provides up to $100.0 million principal in term loans (the Term Loan") consisting of a first tranche of $25.0 million funded at closing, two subsequent tranches totaling $25.0 million to be funded upon the achievement of certain time-based, clinical and regulatory milestones, and a subsequent fourth tranche of up to $50.0 million upon the Company's request, subject to review by the Lenders of certain information from the Company and discretionary approval by the Lenders. The Term Loan matures on February 1, 2027; provided, that the maturity date may be extended to August 1, 2027, if the second and third tranches are funded, and the Company achieves certain other financing milestones.

The obligations of the Borrowers under the Loan Agreement are secured by certain assets of the Borrowers, including substantially all of the assets of the Company, excluding the Company's intellectual property. The Term Loan bears a variable interest rate equal to the greater of (i) 8.45% and (ii) the sum of (a) the Prime Rate as reported in The Wall Street Journal plus (b) 2.25%. The Company may prepay, at its option, all, but not less than all, of the outstanding principal balance and all accrued and unpaid interest with respect to the principal balance being prepaid of the Term Loan, subject to a prepayment premium to which the Lenders are entitled and certain notice requirements.