<SEC-DOCUMENT>0001193125-19-104620.txt : 20190412
<SEC-HEADER>0001193125-19-104620.hdr.sgml : 20190412
<ACCEPTANCE-DATETIME>20190412090555
ACCESSION NUMBER:		0001193125-19-104620
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20190412
DATE AS OF CHANGE:		20190412

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			X4 Pharmaceuticals, Inc
		CENTRAL INDEX KEY:			0001501697
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				273181608
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-229377
		FILM NUMBER:		19745323

	BUSINESS ADDRESS:	
		STREET 1:		955 MASSACHUSETTS AVENUE
		STREET 2:		4TH FLOOR
		CITY:			CAMBRIDGE
		STATE:			MA
		ZIP:			02139
		BUSINESS PHONE:		857-529-8300

	MAIL ADDRESS:	
		STREET 1:		955 MASSACHUSETTS AVENUE
		STREET 2:		4TH FLOOR
		CITY:			CAMBRIDGE
		STATE:			MA
		ZIP:			02139

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Arsanis, Inc.
		DATE OF NAME CHANGE:	20100920

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			X4 Pharmaceuticals, Inc
		CENTRAL INDEX KEY:			0001501697
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				273181608
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		955 MASSACHUSETTS AVENUE
		STREET 2:		4TH FLOOR
		CITY:			CAMBRIDGE
		STATE:			MA
		ZIP:			02139
		BUSINESS PHONE:		857-529-8300

	MAIL ADDRESS:	
		STREET 1:		955 MASSACHUSETTS AVENUE
		STREET 2:		4TH FLOOR
		CITY:			CAMBRIDGE
		STATE:			MA
		ZIP:			02139

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Arsanis, Inc.
		DATE OF NAME CHANGE:	20100920
</SEC-HEADER>
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<TYPE>FWP
<SEQUENCE>1
<FILENAME>d679106dfwp.htm
<DESCRIPTION>FWP
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Issuer Free Writing Prospectus dated April&nbsp;12, 2019 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Filed Pursuant to Rule 433 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Relating to Preliminary Prospectus Supplement dated April&nbsp;11, 2019 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration <FONT STYLE="white-space:nowrap">No.&nbsp;333-229377</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g679106g0412105457160.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>5,670,000 Shares of Common Stock </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">Pre-Funded</FONT> Warrants to Purchase 2,130,000 Shares of Common Stock </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Class&nbsp;A Warrants to Purchase 3,900,000 Shares of Common Stock </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This free writing prospectus relates only to the offering described below and should be read together with the preliminary prospectus supplement dated
April&nbsp;11, 2019 (the &#147;Preliminary Prospectus Supplement&#148;) (including the documents incorporated by reference therein and the base prospectus in respect thereof) relating to the offering of common stock (or <FONT
STYLE="white-space:nowrap">Pre-Funded</FONT> Warrants in lieu of common stock) and Class&nbsp;A warrants to purchase common stock. Capitalized terms used but not defined herein shall have the meanings set forth in the Preliminary Prospectus
Supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following information supplements and updates the information contained in the Preliminary Prospectus Supplement. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Issuer:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">X4 Pharmaceuticals, Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Ticker/Exchange for common stock:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">XFOR/Nasdaq Capital Market</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Common stock offered by us:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">5,670,000 shares of common stock</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B><FONT STYLE="white-space:nowrap">Pre-Funded</FONT> Warrants offered by us:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-Funded</FONT> Warrants to purchase 2,130,000 shares of common stock. Each <FONT STYLE="white-space:nowrap">Pre-Funded</FONT> Warrant will have an exercise price per share of common stock equal to
$0.001 per share. The <FONT STYLE="white-space:nowrap">Pre-Funded</FONT> Warrants are exercisable at any time after their original issuance and will not expire. Under the <FONT STYLE="white-space:nowrap">Pre-Funded</FONT> Warrants, we may not effect
the exercise of any <FONT STYLE="white-space:nowrap">Pre-Funded</FONT> Warrant, and a holder will not be entitled to exercise any portion of any <FONT STYLE="white-space:nowrap">Pre-Funded</FONT> Warrant, which, upon giving effect to such exercise,
would cause (i)&nbsp;the aggregate number of shares of our common stock beneficially owned by the holder (together with its affiliates) to exceed 9.99% of the number of shares of our common stock outstanding immediately after giving effect to the
exercise, or (ii)&nbsp;the combined voting power of our securities beneficially owned by the holder (together with its affiliates) to exceed 9.99% of the combined voting power of all of our securities then outstanding immediately after giving effect
to the exercise, as such percentage ownership is determined in accordance with the terms of the <FONT STYLE="white-space:nowrap">Pre-Funded</FONT> Warrants. However, any holder may increase or decrease such percentage to any other percentage not in
excess of 19.99% (if exceeding such percentage would</TD></TR></TABLE>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">result in a change of control under Nasdaq Listing Rule 5636(b) or any successor rule) upon at least 61 days&#146; prior notice from the holder to us subject to the terms of the <FONT STYLE="white-space:nowrap">Pre-Funded</FONT>
Warrants. This free writing prospectus and the Preliminary Prospectus Supplement also relate to the offering of the shares of our common stock issuable upon exercise of the <FONT STYLE="white-space:nowrap">Pre-Funded</FONT> Warrants.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Class&nbsp;A Warrants offered by us:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Class&nbsp;A Warrants to purchase 3,900,000 shares of common stock. Each Class&nbsp;A Warrant will have an exercise price per share of common stock equal to $13.20 and will expire 60 months from the date of issuance. Each
Class&nbsp;A Warrant will be immediately exercisable, provided that the holder will be prohibited, subject to certain exceptions, from exercising the Class&nbsp;A Warrant for shares of our common stock to the extent that immediately prior to or
after giving effect to such exercise, the holder, together with its affiliates and other attribution parties, would own more than 9.99% of the total number of shares of our common stock then issued and outstanding, which percentage may be changed at
the holders&#146; election to a higher or lower percentage not in excess of 19.99% (if exceeding such percentage would result in a change of control under Nasdaq Listing Rule 5636(b) or any successor rule) upon 61 days&#146; notice to us subject to
the terms of the Class&nbsp;A Warrants. This free writing prospectus and the Preliminary Prospectus Supplement also relate to the offering of the shares of our common stock issuable upon exercise of the Class&nbsp;A Warrants.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Offering price:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$11.00&nbsp;per share of common stock and accompanying Class&nbsp;A Warrants (or, for Pre-Funded Warrants in lieu of common stock, $10.999&nbsp;per Pre-Funded Warrant and accompanying Class&nbsp;A Warrants).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Proceeds from the offering:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">We estimate that the net proceeds from this offering will be approximately $78.9&nbsp;million, after deducting underwriting discounts and estimated offering expenses payable by us. This estimate excludes the proceeds, if any, from
the exercise of the Warrants sold in this offering.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">We believe that the net proceeds from this offering, together with our existing cash and cash equivalents, will be sufficient to fund our operating expenses, capital expenditure requirements and debt service payments through at
least the end of 2021.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">If all of the <FONT STYLE="white-space:nowrap">Pre-Funded</FONT> Warrants sold in this offering were to be exercised in cash at an exercise price per share equal to $0.001 and all of the Class&nbsp;A Warrants sold in this offering
were to be exercised in cash at an exercise price per share equal to $13.20, we would receive exercise proceeds of approximately $51.5 million. We cannot predict when or if the Warrants will be exercised. It is possible that the Warrants may expire
and may never be exercised.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Capitalization:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">On a pro forma as adjusted basis after giving effect to the issuance and sale of our common stock (and <FONT STYLE="white-space:nowrap">Pre-Funded</FONT> Warrants in lieu of common stock) and accompanying Class&nbsp;A Warrants,
after deducting underwriting discounts and estimated offering expenses payable by us, and assuming no exercise of the Warrants offered hereby and that such Warrants are classified and accounted for as stockholders&#146; equity, as of
December&nbsp;31, 2018, cash and cash equivalents would have been $111.0&nbsp;million, stockholders&#146; equity would have been $115.1&nbsp;million and total capitalization would have been
$133.0&nbsp;million.</TD></TR></TABLE>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Dilution:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">After giving effect to our issuance and sale of the common stock (and <FONT STYLE="white-space:nowrap">Pre-Funded</FONT> Warrants in lieu of common stock) and accompanying Class&nbsp;A Warrants, and after deducting underwriting
discounts and estimated offering expenses payable by us, and assuming no exercise of the Warrants offered hereby and that such Warrants are classified and accounted for as stockholders&#146; equity, our pro forma as adjusted net tangible book value
as of December&nbsp;31, 2018 would have been $86.3 million, or $6.97 per share of common stock. This represents an immediate increase in pro forma as adjusted net tangible book value of $5.87 per share of common stock to our existing stockholders
and immediate dilution in pro forma as adjusted net tangible book value of $4.03 per share of common stock to new investors purchasing common stock or <FONT STYLE="white-space:nowrap">Pre-Funded</FONT> Warrants and the accompanying Class&nbsp;A
Warrants in this offering. Dilution per share is calculated by subtracting pro forma as adjusted net tangible book value per share after this offering from the public offering price per share of common stock (or
<FONT STYLE="white-space:nowrap">Pre-Funded</FONT> Warrant in lieu thereof) and the accompanying Class&nbsp;A Warrants.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Trade date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">April&nbsp;12, 2019</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Settlement date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">April&nbsp;16, 2019</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The issuer has filed a registration statement (including the Preliminary Prospectus Supplement and the accompanying base
prospectus) with the U.S. Securities and Exchange Commission (the &#147;SEC&#148;) for the offering to which this communication relates. Before you invest, you should read the Preliminary Prospectus Supplement and the accompanying base prospectus in
that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents, including the Preliminary Prospectus Supplement, for free by visiting
EDGAR on the SEC Web site at http://www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the Preliminary Prospectus Supplement and the accompanying base prospectus if you
request it by contacting Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attn: Prospectus Department, or by telephone at
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">631-274-2806,</FONT></FONT> and from Stifel, Nicolaus&nbsp;&amp; Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, California 94104, or by
telephone at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">415-364-2720</FONT></FONT> or by email at syndprospectus@stifel.com.</B></P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
