X4 Pharmaceuticals Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

X4 Pharmaceuticals announced inducement awards for new employees, effective May 31, 2024.

The awards, under the 2019 Inducement Equity Incentive Plan, consist of options to purchase 166,353 shares of common stock at $1.01 per share.

These options have a ten-year term and vest over four years, subject to continued employment. The awards were approved by X4's Compensation Committee in accordance with Nasdaq Listing Rule 5635(c)(4).

Positive

• Inducement awards granted to attract new talent.
• 166,353 stock options to new employees.
• Exercise price set at $1.01 per share, the closing price on May 31, 2024.
• Options have a ten-year term, indicating long-term planning.

Negative

• Potential dilution of existing shareholder value due to new stock options.
• Inducement awards depend on continued employment, adding long-term risk.
• Stock options vest over four years, delaying immediate benefits to employees.

BOSTON, June 03, 2024 (GLOBE NEWSWIRE) -- X4 Pharmaceuticals (Nasdaq: XFOR), a company driven to improve the lives of people with rare diseases of the immune system, today announced that, effective on May 31, 2024, the company issued inducement awards to new employees under the X4 Pharmaceuticals, Inc. 2019 Inducement Equity Incentive Plan (the “2019 Inducement Plan”). The 2019 Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously an employee of X4. The inducement awards consist of options to purchase an aggregate of 166,353 shares of X4’s common stock. These stock awards were granted as an inducement material to the new employees entering into employment with X4 in accordance with Nasdaq Listing Rule 5635(c)(4) and were approved by X4’s Compensation Committee of the Board of Directors.

The options have a ten-year term and an exercise price of $1.01 per share, which is equal to the closing price of X4’s common stock on May 31, 2024. Each option will vest over a four-year period, with 25% of the shares vesting after 12 months and the remaining shares vesting monthly over the following 36 months, subject to the employee’s continued employment with X4 on such vesting dates. The options are subject to the terms and conditions of the 2019 Inducement Plan and the terms and conditions of an award agreement covering the grant.

About X4 Pharmaceuticals
X4 is delivering progress for patients by developing and commercializing innovative therapies for those with rare diseases of the immune system and significant unmet needs. Leveraging our expertise in CXCR4 and immune system biology, we have successfully developed mavorixafor, which has received U.S. approval as XOLREMDI™ (mavorixafor) capsules in its first indication. We are also evaluating the use of mavorixafor in additional potential indications. X4 corporate headquarters are in Boston, Massachusetts and our research center of excellence is in Vienna, Austria. For more information, please visit our website at www.x4pharma.com.

Company Contact:
José Juves
Head of Corporate & Patient Affairs
jose.juves@x4pharma.com

Investor Contact:
Daniel Ferry
Managing Director, LifeSci Advisors
daniel@lifesciadvisors.com
(617) 430-7576

FAQ

What are the details of X4 Pharmaceuticals' inducement awards announced on June 03, 2024?

On June 03, 2024, X4 Pharmaceuticals announced inducement awards for new employees, which include options to purchase 166,353 shares of common stock at an exercise price of $1.01 per share.

What is the exercise price of the stock options granted by X4 Pharmaceuticals in the inducement awards?

The exercise price of the stock options is $1.01 per share, which was the closing price of X4's common stock on May 31, 2024.

What is the vesting period for the stock options granted by X4 Pharmaceuticals under the 2019 Inducement Plan?

The stock options vest over a four-year period, with 25% vesting after 12 months and the remaining shares vesting monthly over the following 36 months.

How many shares are included in the inducement awards announced by X4 Pharmaceuticals?

The inducement awards include options to purchase an aggregate of 166,353 shares of X4's common stock.

Under which plan were the inducement awards issued by X4 Pharmaceuticals in 2024?

The inducement awards were issued under the X4 Pharmaceuticals 2019 Inducement Equity Incentive Plan.