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Market Information
−Removed: Our common stock is traded on the Nasdaq Global Select Market under the symbol “XLO.” Trading of our common stock commenced on October 22, 2021, following the completion of our initial public offering.
+Added: Our common stock is traded on the Nasdaq Global Select Market under the symbol “XLO”.
+Added: Trading of our common stock commenced on October 22, 2021, following the completion of our initial public offering, or IPO.
Prior to that date, there was no public market for our common stock.
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Any future determination to pay cash dividends will be at the discretion of our board of directors, and will be dependent upon our financial condition, results of operations, capital requirements and such other factors as our board of directors deems relevant.
−Removed: Recent Sales of Unregistered Securities
−Removed: Set forth below is information regarding shares of equity securities sold or issued, and options granted, by us during the year ended December 31, 2021 that were not registered under the Securities Act of 1933, as amended, or the Securities Act, and that were not previously reported in a Quarterly Report on Form 10-Q or Current Report on Form 8-K.
−Removed: The following share numbers have been adjusted, as appropriate, to reflect the one-for-9.5 reverse stock split of our common stock that became effective on October 15, 2021, which also resulted in a proportional adjustment to the ratios at which our outstanding shares of preferred stock converted into common stock.
−Removed: Issuances of Convertible Preferred Stock
−Removed: On January 20, 2021, we issued 39,723,312 shares of Series B convertible preferred stock to existing Series B convertible preferred stockholders at $1.265 per share for cash proceeds of $50.2 million, net of issuance costs.
−Removed: On February 23, 2021, we entered into a stock purchase agreement with existing and new investors and sold 68,271,641 shares of Series C convertible preferred stock at $1.3915 per share for cash proceeds of $94.7 million, net of issuance costs.
−Removed: No underwriters were used in the foregoing transactions.
−Removed: All sales of securities described above were made in
−Removed: reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act for transactions by an issuer not involving a public offering.
−Removed: Each series of convertible preferred stock automatically converted into shares of our common stock upon the closing of the initial public offering, or IPO, of our common stock in October 2021.
−Removed: Stock Option Exercises
−Removed: During the three months ended December 31, 2021 and prior to the effectiveness of our Registration Statement on Form S-8 on October 25, 2021, we issued an aggregate of 25,062 shares of our common stock to our employees upon the exercise of outstanding stock options under our 2020 Stock Incentive Plan for aggregate cash consideration in the amount of $0.1 million.
−Removed: None of the foregoing transactions involved any underwriters, underwriting discounts or commissions, or any public offering.
−Removed: The stock options and the shares of common stock issued upon the exercise of stock options described above were issued pursuant to written compensatory plans or arrangements with our employees in reliance on the exemption provided by Rule 701 promulgated under the Securities Act, or pursuant to Section 4(a)(2) under the Securities Act, relative to transactions by an issuer not involving any public offering, to the extent an exemption from such registration was required.
−Removed: The recipients of the securities in each of these transactions represented their intentions to acquire the securities for investment only and not with a view to or for sale in connection with any distribution thereof, and appropriate legends were placed upon the stock certificates issued in these transactions.
−Removed: All recipients had adequate access, through their relationships with us, to information about us.
−Removed: The sales of these securities were made without any general solicitation or advertising.
Use of Proceeds from Initial Public Offering of Common Stock
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We maintain the unused net proceeds from the offering in cash and cash equivalents.
−Removed: There has been no material change in the planned use of the net proceeds from our IPO, as described in our final prospectus filed with the SEC on October 22, 2021 pursuant to Rule 424(b)(4) under the Securities Act.
+Added: In November 2022, we announced that we plan to continue to explore opportunities for strategic collaborations to advance XTX101 and that we do not plan to initiate an anti-PD-1/PD-L1 combination cohort in the Phase 1 clinical trial or initiate a Phase 2 clinical trial for XTX101 without a partner.
+Added: Other than the foregoing, there has been no material change in the planned use of the net proceeds from our IPO, as described in our final prospectus filed with the SEC on October 22, 2021 pursuant to Rule 424(b)(4) under the Securities Act.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.