AJ201

In April 2025, Avenue and AnnJi Pharmaceutical Co., Ltd. entered into a License Termination and Program Transfer Agreement, pursuant to which the 2023 License Agreement (and related agreements) was terminated, Avenue transferred to AnnJi all of its rights, title and interest to and under the assets arising under the 2023 License Agreement and otherwise related to AJ201, and other terms as disclosed in Avenue’s 8-K filing with the SEC on April 30, 2025.

Under the License Termination and Program Transfer Agreement, Avenue will be eligible to receive from AnnJi:

• • payments totaling up to $5 million in the aggregate upon the occurrence of certain development and regulatory milestone events pertaining to AJ201;
  • payments totaling up to $17 million in the aggregate upon AJ201 experiencing certain commercial sales milestone events;
  • a 1.75% royalty on net sales of AJ201, which royalty percentage is subject to potential diminution in certain circumstances; and
  • in the event that AnnJi enters into one or more subsequent licenses of rights to AJ201 with third party licensee(s), 15% of payments received by AnnJi from such licensee(s), up to a cap of $7.5 million, and with a minimum of $4 million owing under certain mechanism in the event of an approval of a New Drug Application in the U.S. with respect to AJ201.

For additional details, please refer to Avenue’s 8-K filing with the SEC on April 30, 2025.