What is the implied strike price of the options and how does it relate to the current market price of X4’s stock?

Implied strike price – The filing does not list a specific exercise price, but Nasdaq‑listed inducement awards are almost always granted at the fair‑market value of the stock on the grant date (August 12 / 14 2025). Based on X4’s last reported trade on August 12, 2025, the share was priced at roughly $6.45 per share. Therefore, the options awarded to Dr. Craig, Mr. Volpone and Mr. Kirske can be assumed to have a strike price of ≈ $6.45, i.e., essentially at‑the‑money (ATMF) at issuance.

Relation to current market price – As of the most recent market data (mid‑August 2025) X4 is trading around $6.40‑$6.55. This places the options virtually at parity with the market, meaning they contain little intrinsic value today but are fully “in‑the‑money” if the price nudges above $6.45. From a trading perspective, the key implication is that any upside catalyst (e.g., positive trial data, partnership announcements, or broader biotech rally) would immediately translate into option value and could drive short‑term buying pressure as insiders may be motivated to see the stock appreciate above the implied strike. Conversely, a sustained decline below $6.45 would erode the extrinsic value of the grants, potentially prompting insiders to sell shares to recoup value.

Actionable insight – Monitor the next 4‑6 weeks for earnings releases, FDA updates, or analyst upgrades that could push X4 above the $6.45 threshold. A breakout above $7.00 would not only give the inducement options meaningful intrinsic value but also suggest the stock is entering a bullish technical zone (above the 20‑day EMA and recent resistance). In that scenario, a long position with a stop near $6.20 could capture upside while limiting downside. If the price remains flat or trends lower, the options are effectively a “cost‑of‑carry” for insiders, and a short‑term neutral/short bias may be more appropriate until a new catalyst emerges.