# EDGAR Filing Document

**Accession Number:** 0001888012
**File Stem:** 0000950170-25-104017
**Filing Date:** 2025-8
**Character Count:** 13014
**Document Hash:** 13785ad7f22bddd395816fd867eef0e3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-104017.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0000950170-25-104017

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20250806

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**FILER**: 

**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:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41365
- **FILM NUMBER:** 251189640

**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

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## **FORM** 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** August 06, 2025<br>

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HILLEVAX, INC.

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| Delaware | 001-41365 | 85-0545060 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 321 Harrison Avenue |  |  |
| Boston**,** Massachusetts |  | 02118 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

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**Registrant's Telephone Number, Including Area Code:** 617 213-5054<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common Stock, par value $0.0001 per share | HLVX | The Nasdaq Global Select Market |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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## **Item 2.02 Results of Operations and Financial Condition.** 
On August 6, 2025, HilleVax, Inc. (the "Company") issued a press release announcing its financial results for the quarter ended June 30, 2025. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as expressly set forth by specific reference in such filing.

## **Item 9.01 Financial Statements and Exhibits.** 
**<u>(d) Exhibits</u>**

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| | |
|:---|:---|
| **Exhibit No.** | <br>**Exhibit Description** |
| 99.1 | [<u>Press Release issued on August 6, 2025</u>](hlvx-ex99_1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | HilleVax, Inc. |
| Date: | August 6, 2025 | By:  | /s/ Paul S. Bavier |
|  |  |  | Name: Paul S. Bavier<br>Title: General Counsel and Chief Administrative Officer |

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## Exhibit 99.1

**Exhibit 99.1**

![img15426271_0.jpg](img15426271_0.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** 

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**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 https://www.investors.xoma.com.

**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

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**HilleVax, Inc.** 

**Condensed Consolidated Statement of Operations Data**

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

**(unaudited)**

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| | | |
|:---|:---|:---|
|  | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,** | **June 30,** |
|  | **2025** | **2024** |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | $3311 | $52579 |
| &nbsp;&nbsp;&nbsp;&nbsp;In-process research and development |  | 15325 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 11278 | 16621 |
| &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)**

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| | | |
|:---|:---|:---|
|  | **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 |

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