RA CAPITAL MANAGEMENT, L.P. - 05 Jun 2024 Form 4 Insider Report for Aerovate Therapeutics, Inc. (JBIO)

Footnote F1

The shares subject to this option will vest and become exercisable in full on the earlier of (i) June 5, 2025 or (ii) the next annual meeting of the Issuer's stockholders, subject to Mr. Resnick's continued service through the applicable vesting date.

Footnote F2

RA Capital Management, L.P. (the "Adviser") is the investment manager for RA Capital Healthcare Fund, L.P. (the "Fund"), RA Capital Nexus Fund, L.P. (the "Nexus Fund"), and a separately managed account (the "Account"). The general partner of the Adviser is RA Capital Management GP, LLC (the "Adviser GP"), of which Dr. Peter Kolchinsky and Mr. Rajeev Shah are the managing members. The Adviser, the Adviser GP, the Fund, the Nexus Fund, Dr. Kolchinsky and Mr. Shah disclaim beneficial ownership of any of the reported securities, except to the extent of their pecuniary interest therein.

Footnote F3

Joshua Resnick is a Senior Managing Director of the Adviser who serves on the Issuer's board of directors. Under Mr. Resnick's arrangement with the Adviser, Mr. Resnick holds the option for the benefit of the Fund. Mr. Resnick is obligated to turn over to the Adviser any net cash or stock received upon exercise of the option, which will offset advisory fees owed by the Fund to the Adviser. The Reporting Persons therefore disclaim beneficial ownership of the option and underlying common stock.