Xilio Therapeutics Announces Inducement Grants 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 stock options to a new employee. The grant, effective December 1, 2024, consists of non-qualified stock options to purchase 8,400 shares of common stock at an exercise price of $1.09 per share, matching the closing price on November 29, 2024.

The options have a ten-year term with a vesting schedule of 25% after the first year and the remaining 75% vesting monthly over three years. These grants were made under Xilio's 2022 Inducement Stock Incentive Plan in accordance with Nasdaq Listing Rule 5635(c)(4).

WALTHAM, Mass., Dec. 03, 2024 (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 December 1, 2024, the company granted non-qualified stock options to purchase 8,400 shares of its common stock to one new employee under Xilio Therapeutics’ 2022 Inducement Stock Incentive Plan.

The stock options have an exercise price of $1.09 per share, which is equal to the closing price of the company’s common stock on November 29, 2024. Each stock option will have 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 each 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 options are 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 Xilio Therapeutics (XLO) stock options granted on December 1, 2024?

The stock options were granted with an exercise price of $1.09 per share, equal to XLO's closing price on November 29, 2024.

How many shares were included in Xilio Therapeutics' (XLO) December 2024 inducement grant?

Xilio Therapeutics granted stock options to purchase 8,400 shares of common stock.

What is the vesting schedule for Xilio Therapeutics' (XLO) December 2024 inducement stock options?

The options vest 25% after the first year of employment, with the remaining 75% vesting in 36 equal monthly installments over the following three years.