# EDGAR Filing Document

**Accession Number:** 0001888012
**File Stem:** 0001193125-25-174477
**Filing Date:** 2025-8
**Character Count:** 15861
**Document Hash:** eae9655ff200313c0368fa655b9170ef
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-174477.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0001193125-25-174477

**CONFORMED SUBMISSION TYPE**: SC14D9C

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HilleVax, Inc.
- **CENTRAL INDEX KEY:** 0001888012
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC14D9C
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-93640
- **FILM NUMBER:** 251189990

**BUSINESS ADDRESS:**
- **STREET 1:** 321 HARRISON AVE, SUITE 500
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02118
- **BUSINESS PHONE:** (617) 213-5054

**MAIL ADDRESS:**
- **STREET 1:** 321 HARRISON AVE, SUITE 500
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02118
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HilleVax, Inc.
- **CENTRAL INDEX KEY:** 0001888012
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC14D9C

**BUSINESS ADDRESS:**
- **STREET 1:** 321 HARRISON AVE, SUITE 500
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02118
- **BUSINESS PHONE:** (617) 213-5054

**MAIL ADDRESS:**
- **STREET 1:** 321 HARRISON AVE, SUITE 500
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02118

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**SCHEDULE 14D-9** 

**SOLICITATION/RECOMMENDATION STATEMENT** 

**PURSUANT TO SECTION 14(d)(4) OF THE SECURITIES EXCHANGE ACT OF 1934** 

## HILLEVAX, Inc.
**(Name of Subject Company)** 

**(Name of Person(s) Filing Statement)** 

**Common Stock, $0.0001 par value per share** 

**(Title of Class of Securities)** 

**43157M 102** 

**(CUSIP Number of Common Stock)** 

**Robert Hershberg, M.D., Ph.D.** 

**Chairman, President and Chief Executive Officer** 

**HilleVax, Inc.** 

**321 Harrison Avenue** 

**Boston, Massachusetts 02145** 

**(617) 213-5054** 

**(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications** 

**on Behalf of the Person(s) Filing Statement)** 

***With a copy to:***

**Matt T. Bush** 

**Daniel E. Rees** 

**Cheston J. Larson** 

**Latham & Watkins LLP** 

**650 Town Center Drive, 20<sup>th</sup> Floor** 

**Costa Mesa, California 92626** 

**(714) 540-1235** 

☒ Check the box if the filing relates solely to preliminary communications made before the commencement of a
tender offer.

------

This Schedule 14D-9 consists of the following document related to the proposed acquisition of HilleVax, Inc., a Delaware corporation (the "Company" or "HilleVax"), pursuant to an Agreement and Plan of Merger (the "Merger Agreement"), dated as of August 4, 2025, by and among HilleVax, XOMA Royalty Corporation, a Nevada corporation ("Parent"), and XRA 4 Corp., a Delaware corporation and a wholly-owned subsidiary of Parent ("Merger Sub" and together with Parent, the "Buyer Entities").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Press Release regarding the Company's Second Quarter 2025 Financial Results, dated August 6, 2025
(Exhibit 99.1)

*Additional Information and Where to Find It* 

The tender offer described above has not yet commenced. This communication is not an offer to buy nor a solicitation of an offer to sell any securities of HilleVax. The solicitation and the offer to buy shares of HilleVax common stock will only be made pursuant to a tender offer statement on Schedule TO, including an offer to purchase, a letter of transmittal and other related materials that XOMA Royalty Corporation intends to cause its acquisition subsidiary, XRA 4 Corp., to file with the Securities and Exchange Commission ("SEC"). In addition, HilleVax will file with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the tender offer. Once filed, investors will be able to obtain a free copy of these materials and other documents filed by XOMA Royalty Corporation, XRA 4 Corp. and HilleVax with the SEC at the website maintained by the SEC at www.sec.gov. Investors may also obtain, at no charge, any such documents filed with or furnished to the SEC by HilleVax on HilleVax's website at https://ir.hillevax.com/. INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THESE DOCUMENTS WHEN THEY BECOME AVAILABLE, INCLUDING THE SOLICITATION/RECOMMENDATION STATEMENT OF HILLEVAX AND ANY AMENDMENTS THERETO, AS WELL AS ANY OTHER DOCUMENTS RELATING TO THE TENDER OFFER AND THE MERGER THAT ARE FILED WITH THE SEC, CAREFULLY AND IN THEIR ENTIRETY PRIOR TO MAKING ANY DECISIONS WITH RESPECT TO WHETHER TO TENDER THEIR SHARES INTO THE TENDER OFFER BECAUSE THEY CONTAIN IMPORTANT INFORMATION, INCLUDING THE TERMS AND CONDITIONS OF THE TENDER OFFER.

*Forward-Looking Statements* 

The Statements included above that are not a description of historical facts are forward-looking statements. Words or phrases such as "believe," "may," "could," "will," "estimate," "continue," "anticipate," "intend," "seek," "plan," "expect," "should," "would" or similar expressions are intended to identify forward-looking statements. The forward-looking statements are based on current beliefs and expectations and include, but are not limited to statements regarding the planned completion of the transactions contemplated by the Merger Agreement, by and among HilleVax, XOMA Royalty Corporation and XRA 4 Corp. Risks and uncertainties that could cause results to differ from expectations include: uncertainties as to the timing and completion of the tender offer and the merger; uncertainties as to the percentage of HilleVax stockholders tendering their shares in the tender offer; the possibility that competing offers will be made; the possibility that various closing conditions for the tender offer or the merger may not be satisfied or waived, including the failure to receive any required regulatory approvals from any applicable governmental entities (or any conditions, limitations or restrictions placed on such approvals); risks that the milestones related to the contingent value right are not achieved; the effects of disruption caused by the transaction making it more difficult to maintain relationships with employees, collaborators, vendors and other business partners; risks related to diverting management's attention from HilleVax's ongoing business operations; the risk that stockholder litigation in connection with the transactions contemplated by the Merger Agreement may result in significant costs of defense, indemnification and liability; and risks and uncertainties pertaining to HilleVax's business, including the risks and uncertainties detailed in HilleVax's public periodic filings with the SEC, as well as the tender offer materials to be filed by XRA 4 Corp. and XOMA Royalty Corporation and the Solicitation/Recommendation Statement to be filed by HilleVax in connection with the tender offer.

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and HilleVax undertakes no obligation to revise or update these statements to reflect events or circumstances after the date hereof, except as required by law.

------

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| | |
|:---|:---|
| **Exhibit Number** | **Exhibit Description** |
| 99.1 | [Press Release regarding the Company's Second Quarter 2025 Financial Results, dated August 6, 2025](d22520dex991.htm) |

---

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g22520g0806214944213.jpg)

**HilleVax Reports Second Quarter 2025 Financial Results** 

**BOSTON, August 6, 2025** – HilleVax, Inc. (Nasdaq: HLVX), a clinical-stage biopharmaceutical company focused on developing and commercializing novel vaccines, today reported financial results for the quarter ended June 30, 2025.

**Second Quarter Financial Results** 

As of June 30, 2025 and December 31, 2024, the company had cash, cash equivalents and marketable securities totaling $159.5 million and $171.4 million, respectively.

Research and development expenses were $3.3 million, compared to $52.6 million for the six months ended June 30, 2025 and 2024. The decrease was primarily due to lower clinical development costs.

General and administrative expenses were $11.3 million, compared to $16.6 million for the six months ended June 30, 2025 and 2024. The decrease was due to lower personnel-related costs.

Other income was $3.3 million, compared to $5.3 million for the six months ended June 30, 2025 and 2024. The decrease was driven by lower accretion of marketable securities.

Net loss was $11.3 million, compared to $87.5 million for the six months ended June 30, 2025 and 2024.

**Merger Transaction** 

In addition, on August 4, 2025, the company announced it has entered into a definitive merger agreement (the "Merger Agreement"), whereby XOMA Royalty Corporation ("XOMA Royalty") will acquire all of the issued and outstanding common shares of the company, pursuant to which the company's stockholders will receive $1.95 in cash per share of common stock at the closing of the merger, plus one non-transferable contingent value right ("CVR"), which represents the right to receive potential contingent cash payments following the closing. Pursuant and subject to the terms of the Merger Agreement, XOMA Royalty and its acquisition subsidiary will commence a tender offer (the "Offer") by August 18, 2025, to acquire all outstanding shares of HilleVax common stock. The closing of the Offer is subject to customary closing conditions and is expected to close in September 2025.

**Additional Information and Where to Find It** 

The tender offer described in this press release has not yet commenced. This press release is for informational purposes only and is neither a recommendation, nor an offer to purchase nor a solicitation of an offer to sell any shares of our common stock or other securities. On the commencement date of the Offer, a tender offer statement on Schedule TO, including an offer to purchase, a letter of transmittal and related documents, will be filed with the SEC by XOMA Royalty and its acquisition subsidiary, and a Solicitation/Recommendation Statement on Schedule 14D-9 will be filed with the SEC by us. The Offer to purchase the outstanding shares of our common stock will only be made pursuant to the offer to purchase, the letter of transmittal and related documents filed as a part of the Schedule TO. **INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE TENDER OFFER MATERIALS (INCLUDING THE OFFER TO PURCHASE, A LETTER OF TRANSMITTAL AND RELATED DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 REGARDING THE OFFER, AS THEY MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT INVESTORS AND SECURITY HOLDERS SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES, INCLUDING THE TERMS AND CONDITIONS OF THE OFFER**. Investors and security holders may obtain a free copy of these statements (when available) and other documents filed with the SEC at the website maintained by the SEC at www.sec.gov or by directing such requests to the information agent for the Offer, which will be named in the tender offer statement. Investors and security holders may also obtain, at no charge, the documents filed or furnished to the SEC by the company and XOMA Royalty by accessing the Investor Relations sections of both companies' websites at https://ir.hillevax.com and <u>https://www.investors.xoma.com</u>.

------

**Forward-Looking Statements** 

The company cautions you that statements contained in this report regarding matters that are not historical facts are forward-looking statements. The forward-looking statements are based on the company's current beliefs and expectations and include, but are not limited to: statements regarding the planned completion of the transactions contemplated by the Offer, the merger and the Merger Agreement and the CVR Agreement (the "Transactions") and the timing thereof; and the potential payment of proceeds to the company's stockholders, including pursuant to the CVR Agreement, if any. Actual results may differ from those set forth in this report due to the risks and uncertainties related to the Transactions and those inherent in the company's business, including, without limitation: the possibility that various closing conditions set forth in the Merger Agreement may not be satisfied or waived, including uncertainties as to the percentage of the company's stockholders tendering their shares in the Offer; the possibility that competing offers will be made; the risk that the Transactions may not be completed in a timely manner, or at all, which may adversely affect the company business and the price of its common stock; costs associated with the proposed Transactions; the risk that any stockholder litigation in connection with the Transactions may result in significant costs of defense, indemnification and liability; the risk that activities related to the CVR Agreement may not result in any value to the company's stockholders; and other risks and uncertainties pertaining to the company's business described in the company's filings with the Securities and Exchange Commission ("SEC"), including under the heading "Risk Factors" in the company's annual report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

**Contact:** 

Shane Maltbie

IR@hillevax.com

+1-617-213-5054

------

**HilleVax, Inc.** 

**Condensed Consolidated Statement of Operations Data** 

**(in thousands, except share and per share data)** 

**(unaudited)** 

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| | | |
|:---|:---|:---|
|  | **Six Months Ended June 30 ,** | **Six Months Ended June 30 ,** |
|  | **2025** | **2024** |
|  Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research and development | $3311 | $52579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-process research and development |  | 15325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | 11278 | 16621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment charges |  | 8235 |
|  Total operating expenses | 14589 | 92760 |
|  Loss from operations | (14589) | (92760) |
|  Total other income, net | 3262 | 5263 |
|  Net loss | $(11327) | $(87497) |
|  Net loss per share, basic and diluted | $(0.23) | $(1.79) |
|  Weighted-average shares of common stock outstanding, basic and diluted | 50047899 | 48819729 |

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**HilleVax, Inc.** 

**Condensed Consolidated Balance Sheet Data** 

**(in thousands)** 

**(unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **June 30,<br>2025** | **December 31,<br>2024** |
|  Cash, cash equivalents and marketable securities | $159547 | $171432 |
|  Total assets | 174914 | 192690 |
|  Total liabilities | 27095 | 38204 |
|  Total stockholders' equity | 147819 | 154486 |
|  Total liabilities and stockholders' equity | 174914 | 192690 |

---