MassVentures Board Meeting Minutes

December 1, 2025, 8:00-11:00 AM

Minutes Approved

MassVentures

Minutes

MassVentures Board Meeting

Date and Time

Monday December 1, 2025 at 8:00 AM

Location

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Meeting ID: 872 4644 6644
Passcode: 986205

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1075 Main Street, Suite 100

Waltham, MA 02451

Directors Present

B. Linville-Engler, B. Shim (remote), D. Schultheis (remote), E. Kennedy, E. Paley (remote), L. Wittenberg (remote), M. Cowan, M. James (remote), R. Jarquin (remote), R. Wilcox

Directors Absent

J. O'Reilly

Directors who left before the meeting adjourned

R. Jarquin

Guests Present

C. Hipwood, J. Madison, M. Kassaraba, P. Yadav, S. Leis, S. Swider, V. Nijhawan, W. Leslie, Z. Moochhala

I. Opening Items

A. Call the Meeting to Order

E. Paley called a meeting of the board of directors of MassVentures to order on Monday Dec 1, 2025 at 8:04 AM.

B. Introductions to new board members

Welcomed new board member, Russ Wilcox, and new Undersecretary of Business Strategies, Zenobia Moochhala.

C. Examples of Mission

Mr. Hipwood presented examples of missions since the prior board meeting

D. Highlights

Mr. Hipwood presented highlights since the prior meeting.

II. Approvals

A. Board Minutes

M. Cowan made a motion to approve the minutes from MassVentures Board Meeting on 10-20-25.

B. Linville-Engler seconded the motion.

The board VOTED to approve the motion.

Roll Call
B. Linville-Engler	Aye
J. O'Reilly	Absent
B. Shim	Aye
E. Paley	Abstain
L. Wittenberg	Aye
D. Schultheis	Aye
E. Kennedy	Aye
R. Jarquin	Aye
M. Cowan	Aye
M. James	Aye
R. Wilcox	Abstain

B. Pre-Investment Action Sheet - Kytopen

M. Cowan made a motion to Approve the pre-investment action sheet for Kytopen.

B. Linville-Engler seconded the motion.

The board VOTED to approve the motion.

Roll Call
B. Linville-Engler	Aye
R. Jarquin	Aye
J. O'Reilly	Absent
M. James	Aye
L. Wittenberg	Aye
B. Shim	Aye
M. Cowan	Aye
E. Kennedy	Abstain
D. Schultheis	Aye
E. Paley	Abstain
R. Wilcox	Abstain

III. Financial Matters

A. Treasurer's Report

Mr. Madison presented the treasurer's report for month-end September 2025. Discussion ensued.

B. Approve Treasurer's Report

R. Jarquin made a motion to Approve the treasurer's report.

L. Wittenberg seconded the motion.

The board VOTED to approve the motion.

Roll Call
M. James	Aye
J. O'Reilly	Absent
D. Schultheis	Aye
B. Linville-Engler	Aye
R. Wilcox	Aye
M. Cowan	Aye
E. Paley	Aye
R. Jarquin	Aye
B. Shim	Aye
L. Wittenberg	Aye
E. Kennedy	Aye

IV. Conflicts of Interest

A. Conflicts

Mr. Hipwood presented a list of potential companies for investment consideration and asked that any conflicts of interest be declared. None were noted.

V. Executive Session

A. Roll Call Vote to Enter Executive Session

M. Cowan made a motion to Enter into executive session to discuss confidential information related to applicants for MassVentures' funds.

B. Linville-Engler seconded the motion.

The board VOTED to approve the motion.

Roll Call
E. Paley	Aye
B. Linville-Engler	Aye
E. Kennedy	Aye
R. Jarquin	Aye
M. James	Aye
B. Shim	Aye
J. O'Reilly	Absent
R. Wilcox	Aye
M. Cowan	Aye
D. Schultheis	Aye
L. Wittenberg	Aye

B. Myrias Presentation and Discussion

The Myrias founding team joined the meeting to present an overview of their company and the investment opportunity. Discussion ensued.

C. Myrias Vote

L. Wittenberg made a motion to Approve an investment in Myrias under the terms that will be outlined in the pre-investment action sheet.

B. Linville-Engler seconded the motion.

The board VOTED to approve the motion.

Roll Call
M. James	Aye
D. Schultheis	Aye
M. Cowan	Aye
E. Paley	Aye
E. Kennedy	Aye
R. Wilcox	Aye
B. Shim	Aye
B. Linville-Engler	Aye
R. Jarquin	Aye
L. Wittenberg	Aye
J. O'Reilly	Absent

D. Feon Discussion

Ms. Yadav presented an opportunity for follow-on investment in Feon. Discussion ensued.

E. Feon Vote

R. Jarquin made a motion to approve an investment in Feon under the terms that will be outlined in the pre-investment action sheet.

B. Linville-Engler seconded the motion.

The board VOTED to approve the motion.

Roll Call
D. Schultheis	Aye
E. Kennedy	Aye
B. Linville-Engler	Aye
J. O'Reilly	Absent
R. Jarquin	Aye
M. Cowan	Aye
M. James	Aye
L. Wittenberg	Aye
E. Paley	Aye
R. Wilcox	Aye
B. Shim	Aye

R. Jarquin left at 10:00 AM.

F. EverestBio Preview

Mr. Nijhawan presented a preview of EverstBio. Discussion ensued.

G. ElementLoop Preview

Ms. Yadav presented a preview of ElementLoop. Discussion ensued.

H. Pipeline Report

Mr. Hipwood provided a pipeline report in the board documents.

I. Portfolio Update

Mr. Hipwood provided a brief portfolio update.

J. Roll Call Vote to Return to Open Session

M. Cowan made a motion to return to open meeting.

B. Linville-Engler seconded the motion.

The board VOTED to approve the motion.

Upon returning to Open Session, Mr. Hipwood announced that votes to approve investments in Myrias and Feon took place in Executive Session.

VI. President's Report

A. General Update

Mr. Hipwood provided a general update on the business. Discussion ensued.

B. MV Capital Update

Mr. Hipwood provided an update on the capital programs. Discussion ensued.

C. MV Accelerate Update

Mr. Hipwood provided an update on Founders School.

D. Strategy Discussion

Mr. Hipwood provided an update on the strategic plan. Discussion ensued.

E. Board Only Discussion

All participants other than Mr. Hipwood and the Directors then left the meeting. The Directors discussed with Mr. Hipwood various suggestions for changes in future Board communications. Mr. Hipwood then left the meeting. The Directors discussed suggestions for topics to discuss in a future strategy session.

VII. Closing Items

A. Adjourn Meeting

There being no further business to be transacted, and upon motion duly made, seconded and approved, the meeting was adjourned at 10:58 AM.

Respectfully Submitted,

L. Wittenberg