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 announced the granting of stock options to three new employees. The Compensation Committee approved non-qualified stock options to purchase 101,000 shares of common stock under the company's 2022 Inducement Stock Incentive Plan. These options, effective October 1, 2024, have an exercise price of $0.75 per share, matching the closing price on that date. The options have a ten-year term and will vest over four years, with 25% vesting after one year and the remaining 75% vesting in equal monthly installments over the following three years. This grant aligns with Nasdaq Listing Rule 5635(c)(4) for inducement material to new employment.

Positive

• Xilio Therapeutics is attracting new talent with stock option incentives
• The company maintains a stock incentive plan to align employee interests with shareholders

Negative

• The low stock price of $0.75 per share may indicate financial challenges or market skepticism

WALTHAM, Mass., Oct. 02, 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 October 1, 2024, the Compensation Committee of the Board of Directors granted non-qualified stock options to purchase an aggregate of 101,000 shares of its common stock to three new employees under Xilio Therapeutics’ 2022 Inducement Stock Incentive Plan.

The stock options have an exercise price of $0.75 per share, which is equal to the closing price of the company’s common stock on October 1, 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 inducements material to the individuals 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 and antibodies (including bispecifics) and immune cell engagers (including tumor-activated cell engagers and tumor-activated effector-enhanced cell engagers). Learn more by visiting www.xiliotx.com and follow us on LinkedIn (Xilio Therapeutics, Inc.).

This press release contains hyperlinks to information that is not deemed to be incorporated by reference in this press release.

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

FAQ

How many shares of Xilio Therapeutics (XLO) stock options were granted to new employees?

Xilio Therapeutics granted stock options to purchase an aggregate of 101,000 shares of its common stock to three new employees.

What is the exercise price of the stock options granted by Xilio Therapeutics (XLO) on October 1, 2024?

The stock options granted by Xilio Therapeutics have an exercise price of $0.75 per share, equal to the closing price of the company's common stock on October 1, 2024.

What is the vesting schedule for the stock options granted by Xilio Therapeutics (XLO)?

The stock options will vest 25% after one year, with the remaining 75% vesting in 36 equal monthly installments over the following three years, subject to continued employment.

Under which plan were the Xilio Therapeutics (XLO) stock options granted?

The stock options were granted under Xilio Therapeutics' 2022 Inducement Stock Incentive Plan.