Xilio Therapeutics Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Xilio Therapeutics (Nasdaq: XLO), a clinical-stage biotechnology company focused on tumor-activated immuno-oncology therapies, has granted a non-qualified stock option to its new Chief Legal Officer, Caroline Hensley. The option, effective January 1, 2025, allows for the purchase of 375,000 shares of common stock at an exercise price of $0.955 per share, matching the company's closing price on December 31, 2024.

The stock option has a ten-year term with a vesting schedule where 25% of shares vest after the first year of employment, followed by the remaining 75% vesting in 36 monthly installments. This grant was made under Xilio's 2022 Inducement Stock Incentive Plan and complies with Nasdaq Listing Rule 5635(c)(4).

WALTHAM, Mass., Jan. 10, 2025 (GLOBE NEWSWIRE) -- Xilio Therapeutics, Inc. (Nasdaq: XLO), a clinical-stage biotechnology company discovering and developing tumor-activated immuno-oncology therapies for people living with cancer, today announced that, effective January 1, 2025, the company granted a non-qualified stock option to purchase 375,000 shares of its common stock to Caroline Hensley, its newly hired Chief Legal Officer, under Xilio Therapeutics’ 2022 Inducement Stock Incentive Plan.

The stock option has an exercise price of $0.955 per share, which is equal to the closing price of the company’s common stock on December 31, 2024. The stock option has a ten-year term and will vest as to 25% of the shares underlying the stock option on the first anniversary following commencement of employment, and the remaining 75% of the shares underlying the stock option will vest in 36 equal monthly installments thereafter, subject to continued service with the company or any of its subsidiaries through each applicable vesting date.

The stock option is subject to the terms and conditions of Xilio Therapeutics’ 2022 Inducement Stock Incentive Plan, as well as the terms and conditions of the stock option agreement covering the grant and were made as an inducement material to the individual entering into employment with the company in accordance with Nasdaq Listing Rule 5635(c)(4).

About Xilio Therapeutics
Xilio Therapeutics is a clinical-stage biotechnology company discovering and developing tumor-activated immuno-oncology (I-O) therapies with the goal of significantly improving outcomes for people living with cancer without the systemic side effects of current I-O treatments. The company is using its proprietary platform to advance a pipeline of novel, tumor-activated clinical and preclinical I-O molecules that are designed to optimize the therapeutic index by localizing anti-tumor activity within the tumor microenvironment, including tumor-activated cytokines, antibodies, bispecifics and immune cell engagers. Learn more by visiting www.xiliotx.com and follow us on LinkedIn (Xilio Therapeutics, Inc.).

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Investor and Media Contact: 
Scott Young
Vice President, Investor Relations and Corporate Communications
investors@xiliotx.com

FAQ

What is the exercise price of XLO's stock options granted to the new CLO in January 2025?

The stock options were granted at an exercise price of $0.955 per share, equal to XLO's closing price on December 31, 2024.

How many shares were included in XLO's stock option grant to Caroline Hensley?

The stock option grant includes 375,000 shares of Xilio Therapeutics common stock.

What is the vesting schedule for XLO's January 2025 inducement grant?

The stock options vest 25% after the first year, with the remaining 75% vesting in 36 equal monthly installments thereafter.

How long is the term of XLO's January 2025 inducement stock option grant?

The stock option grant has a ten-year term.