X4 Pharmaceuticals Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
BOSTON, Aug. 15, 2025 (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 August 12, 2025, the company issued inducement awards to Adam Craig, M.D., John Volpone and David Kirske under the X4 Pharmaceuticals, Inc. 2019 Inducement Equity Incentive Plan (the "2019 Inducement Plan"), consisting of (i) options to purchase an aggregate of 4,250,718 shares of X4's common stock granted to Dr. Craig, (ii) options to purchase an aggregate of 4,250,718 shares of X4's common stock granted to Mr. Volpone and (iii) options to purchase an aggregate of 2,833,812 shares of X4's common stock granted to Mr. Kirske. In addition, effective on August 14, 2025, the company issued additional inducement awards to Dr. Craig, Mr. Volpone and Mr. Kirske under the 2019 Inducement Plan, consisting of (i) options to purchase an aggregate of 529,201 shares of X4's common stock granted to Dr. Craig, (ii) options to purchase an aggregate of 529,201 shares of X4's common stock granted to Mr. Volpone and (iii) options to purchase an aggregate of 352,800 shares of X4's common stock granted to Mr. Kirske.
These stock awards were granted as an inducement material to the new executive officers with X4 in accordance with Nasdaq Listing Rule 5635(c)(4) and were approved by X4's Board of Directors. The awards issued on August 14, 2025 were intended to bring each grantee's target ownership percentage following X4's recent $85 million private placement to the percentage agreed to between the grantees and X4 during negotiation of the grantees' initial compensation package.
The options issued on August 12, 2025 have a ten-year term and an exercise price of $1.42 per share, which is equal to the closing price of X4's common stock on August 11, 2025. The options issued on August 14, 2025 have a ten-year term and an exercise price of $3.14 per share, which is equal to the closing price of X4's common stock on August 14, 2025. The option granted to Dr. Craig and Mr. Volpone respectively will vest over a three-year period from August 12, 2025, with one-third of the shares vesting after 12 months and the remaining shares vesting monthly over the following 24 months, subject to certain performance conditions and the employee's continued employment with X4 on such vesting dates. Certain of the options granted to Mr. Kirske will vest over an 18-month period from August 12, 2025, with one half of the shares vesting after 6 months and the remaining shares vesting monthly over the following 12 months, subject to certain accelerated vesting provisions and his continued employment with X4 on such vesting dates and certain of the options granted to Mr. Kirske will vest over three years, with one third of the shared vesting after 12 months and the remaining shares vesting monthly over the following 25 months, subject to certain performance conditions and the employee's continued employee with X4 on such vesting dates. All of 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 expertise in CXCR4 and immune system biology, X4 has successfully developed mavorixafor, an orally available CXCR4 antagonist that is currently being marketed in the U.S. as XOLREMDI® in its first indication. The company is also evaluating additional uses of mavorixafor and is conducting a global, pivotal Phase 3 clinical trial (4WARD) in people with certain chronic neutropenic disorders. X4 is headquartered in Boston, Massachusetts. For more information, please visit www.x4pharma.com.
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