Company Overview - X4 Pharmaceuticals is developing novel therapies targeting diseases resulting from CXCR4 pathway dysfunction to improve immune cell trafficking[6] - Mavorixafor (X4P-001) is the company's lead product candidate, a first-in-class, oral, small molecule allosteric antagonist of chemokine receptor CXCR4[6] - The company has multiple clinical trials underway, including a global registrational Phase 3 trial of mavorixafor in WHIM syndrome[6] Mavorixafor and WHIM Syndrome - Mavorixafor is a targeted treatment for diseases driven by immune-cell trafficking deficits, with WHIM syndrome as a lead indication[11] - In a Phase 2 trial, 71% of patients achieved maximum Time Above Threshold (TAT) for neutrophil counts, and 85% achieved maximum TAT for lymphocyte counts[34] - Clinical yearly infection rates decreased from 4.63 to 2.41 (a 48% reduction) at 300 mg and 2.14 (a 54% reduction) at 400 mg of mavorixafor in the Phase 2 extension trial[37] - The company is conducting a global registrational Phase 3 trial in WHIM syndrome, with a primary endpoint of absolute neutrophil count time above threshold (TATANC) where the threshold is defined as 500 cells/uL[43] Other Indications and Financials - The company is also investigating mavorixafor in Waldenström's Macroglobulinemia (WM) and Severe Congenital Neutropenia (SCN) in Phase 1b trials[6, 11] - In Waldenström's Macroglobulinemia (WM), patients with CXCR4 mutations have a Very Good Partial Response (VGPR) rate of 9.5% compared to 44.4% for wild-type[51] - As of March 31, 2020, the company had $117.0 million in cash, expected to fund operations into 2022[82]

X4 Pharmaceuticals, Inc. (NASDAQ:XFOR) Q1 2020 Earnings Conference Call May 7, 2020 8:30 AM ET Company Participants Candice Ellis - Director of Corporate Communications & Investor Relations Paula Ragan - Chief Executive Officer Adam Mostafa - Chief Financial Officer Conference Call Participants Stephen Willey - Stifel Joel Beatty - Citi Swayampakula Ramakanth - H.C. Wainwright Laura Christianson - Cowen Trevor Allred - Oppenheimer Sahil Kazmi - B. Riley FBR Arlinda Lee - Canaccord Operator Greetings, and w ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________________________________________________ FORM 10-Q _____________________________________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transitio ...

X4 Pharmaceuticals, Inc. (NASDAQ:XFOR) Q4 2019 Results Conference Call March 12, 2020 8:30 AM ET Company Participants Candice Ellis - IR Paula Ragan - CEO Lynne Kelley - CMO Adam Mostafa - CFO Conference Call Participants Stephen Willey - Stifel Arlinda Lee - Canaccord Genuity Marc Frahm - Cowen Joel Beatty - Citi Swayampakula Ramakanth - H.C. Wainwright Alex Heller - Oppenheimer Zegbeh Jallah - ROTH Capital Partners Operator Greetings and welcome to X4 Pharmaceuticals Fourth Quarter and Full Year 2019 Busi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________________________________________________ FORM 10-K _____________________________________________________________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition per ...

INVESTOR PRESENTATION MARCH 2020 X 4 P H A R M A C E U T I C A L S I N V E S T O R D E C K FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. The words "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "project," "potential," "continue," "target" and similar expressions are intended to identify forward-looking statements, a ...

For the transition period from __________ to __________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________________________________________________ FORM 10-Q _____________________________________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 ...

PART I: FINANCIAL INFORMATION [Item 1. FINANCIAL STATEMENTS](index=5&type=section&id=Item%201.%20FINANCIAL%20STATEMENTS) The unaudited condensed consolidated financial statements for the six months ended June 30, 2019, reflect significant asset growth to **$133.5 million** and a shift to **$96.2 million** in stockholders' equity following the March 2019 reverse merger and subsequent equity financing, with a net loss of **$24.3 million** [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheets (Unaudited) | | June 30, 2019 | December 31, 2018 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $90,180 | $8,134 | | Total current assets | $96,649 | $9,339 | | Goodwill | $27,109 | $— | | Intangible assets | $4,900 | $— | | **Total assets** | **$133,507** | **$9,944** | | **Liabilities and Stockholders' Equity (Deficit)** | | | | Total current liabilities | $13,204 | $7,907 | | Long-term debt, net | $21,748 | $8,145 | | **Total liabilities** | **$37,339** | **$21,621** | | **Total stockholders' equity (deficit)** | **$96,168** | **($77,086)** | - The significant increase in assets and the shift from a stockholders' deficit to equity is primarily due to the reverse merger with Arsanis in March 2019 and a subsequent equity financing in April 2019[19](index=19&type=chunk)[37](index=37&type=chunk)[176](index=176&type=chunk) [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Condensed Consolidated Statements of Operations (Unaudited, in thousands) | | Three Months Ended June 30, | Six Months Ended June 30, | | :--- | :--- | :--- | | | **2019** | **2018** | **2019** | **2018** | | Research and development | $8,854 | $4,755 | $14,509 | $9,499 | | General and administrative | $4,560 | $1,621 | $9,343 | $2,987 | | **Total operating expenses** | **$13,414** | **$6,376** | **$23,852** | **$12,486** | | **Loss from operations** | **($13,414)** | **($6,376)** | **($23,852)** | **($12,486)** | | **Net loss** | **($13,383)** | **($6,034)** | **($24,256)** | **($13,401)** | | Net loss per share—basic and diluted | ($1.02) | ($14.83) | ($3.32) | ($32.53) | - Operating expenses more than doubled for the three-month period and nearly doubled for the six-month period year-over-year, driven by increased R&D activities for the mavorixafor program and higher G&A costs following the merger and becoming a public company[22](index=22&type=chunk)[270](index=270&type=chunk)[273](index=273&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Condensed Consolidated Statements of Cash Flows (Unaudited, in thousands) | | Six Months Ended June 30, | | :--- | :--- | :--- | | | **2019** | **2018** | | Net cash used in operating activities | ($26,042) | ($11,965) | | Net cash provided by investing activities | $26,396 | $— | | Net cash provided by (used in) financing activities | $86,791 | ($2,153) | | **Net increase (decrease) in cash, cash equivalents and restricted cash** | **$87,143** | **($14,118)** | - The significant increase in cash was driven by **$26.4 million** in cash acquired from the Arsanis merger, **$79.3 million** in net proceeds from an April 2019 public offering, and **$9.8 million** in net proceeds from a new loan agreement[32](index=32&type=chunk)[279](index=279&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the reverse merger with Arsanis on March 13, 2019, which was treated as an acquisition of Arsanis by X4, resulting in **$27.1 million** of goodwill and **$4.9 million** of IPR&D assets, alongside an April 2019 **$85.8 million** equity offering and June 2019 debt refinancing up to **$35.0 million**, with subsequent events including a collaboration with Abbisko Therapeutics and out-licensing of preclinical programs - On March 13, 2019, the company completed a reverse merger with Arsanis, Inc., with X4 deemed the accounting acquirer, valued at a purchase price of **$46.4 million**[37](index=37&type=chunk)[114](index=114&type=chunk) - The merger resulted in the recognition of **$27.1 million** in goodwill and **$4.9 million** in indefinite-lived in-process research and development (IPR&D) intangible assets related to Arsanis's ASN200, ASN300, and ASN500 programs[115](index=115&type=chunk)[116](index=116&type=chunk)[119](index=119&type=chunk) - In April 2019, the company raised gross proceeds of **$85.8 million** through a public offering of common stock and warrants[176](index=176&type=chunk) - In June 2019, the company refinanced its debt with Hercules Capital, entering into a new agreement for up to **$35.0 million** in borrowings, with an initial draw of **$20.0 million**[141](index=141&type=chunk) - Subsequent to the quarter end, in July 2019, the company entered into a collaboration with Abbisko Therapeutics to develop and commercialize mavorixafor in oncology indications in Greater China, and also out-licensed the ASN200, ASN300, and ASN500 programs acquired in the merger[228](index=228&type=chunk)[229](index=229&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=42&type=section&id=Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) The company, a clinical-stage biopharmaceutical firm, discusses its financial condition and operations, highlighting the impact of the March 2019 reverse merger, April 2019 equity financing, and June 2019 debt refinancing on its **$90.2 million** cash position, alongside increased operating expenses and a **$24.3 million** net loss [Overview and Recent Developments](index=42&type=section&id=Overview%20and%20Recent%20Developments) - The company is a clinical-stage biopharmaceutical company focused on novel therapeutics for rare diseases, primarily targeting the CXCR4 receptor[233](index=233&type=chunk) - Lead product candidate, mavorixafor (X4P-001), is in a pivotal Phase 3 trial (4WHIM) for WHIM syndrome, with top-line data expected in 2021, and trials for Severe Congenital Neutropenia (SCN) and Waldenström Macroglobulinemia (WM) are planned for 2019[234](index=234&type=chunk) - Key recent corporate developments include the reverse merger with Arsanis (March 2019), a **$79.3 million** net equity financing (April 2019), a debt refinancing with Hercules for up to **$35.0 million** (June 2019), and a collaboration with Abbisko for mavorixafor in Greater China (July 2019)[236](index=236&type=chunk)[239](index=239&type=chunk)[240](index=240&type=chunk)[241](index=241&type=chunk) [Results of Operations](index=48&type=section&id=Results%20of%20Operations) Comparison of Operating Results (in thousands) | | Three Months Ended June 30, | Six Months Ended June 30, | | :--- | :--- | :--- | | | **2019** | **2018** | **2019** | **2018** | | Research and development | $8,854 | $4,755 | $14,509 | $9,499 | | General and administrative | $4,560 | $1,621 | $9,343 | $2,987 | | **Loss from operations** | **($13,414)** | **($6,376)** | **($23,852)** | **($12,486)** | | **Net loss** | **($13,383)** | **($6,034)** | **($24,256)** | **($13,401)** | - R&D expenses for the six months ended June 30, 2019 increased by **$5.0 million** year-over-year, primarily due to increased direct expenses for the mavorixafor program as it entered Phase 3 development and costs from the research site in Vienna acquired in the merger[270](index=270&type=chunk) - G&A expenses for the six months ended June 30, 2019 increased by **$6.4 million** year-over-year, mainly due to higher professional fees related to the merger, increased patent costs, and higher personnel-related costs to support growth and public company compliance[273](index=273&type=chunk) [Liquidity and Capital Resources](index=50&type=section&id=Liquidity%20and%20Capital%20Resources) - As of June 30, 2019, the company had cash and cash equivalents of **$90.2 million**, which is expected to be sufficient to fund operations for at least the next 12 months[252](index=252&type=chunk) - Net cash used in operating activities was **$26.0 million** for the six months ended June 30, 2019, compared to **$12.0 million** for the same period in 2018[280](index=280&type=chunk) - Net cash provided by financing activities was **$86.8 million** for the first six months of 2019, primarily from the April 2019 public offering (**$79.3 million** net) and the June 2019 debt refinancing (**$9.8 million** net)[279](index=279&type=chunk)[282](index=282&type=chunk) - The company has a loan agreement with Hercules providing for up to **$35.0 million** in borrowings and an FFG loan agreement acquired from Arsanis with **$6.7 million** outstanding as of June 30, 2019[288](index=288&type=chunk)[295](index=295&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=55&type=section&id=Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company, as a smaller reporting company, is not required to provide quantitative and qualitative disclosures about market risk - As a smaller reporting company, the registrant is not required to provide the information requested by this item[317](index=317&type=chunk) [Controls and Procedures](index=55&type=section&id=Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2019, with no material changes to internal control over financial reporting during the quarter - Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2019[318](index=318&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[320](index=320&type=chunk) PART II: OTHER INFORMATION [Legal Proceedings](index=57&type=section&id=Item%201.%20LEGAL%20PROCEEDINGS) The company is not currently a party to any material legal proceedings and is unaware of any pending or threatened legal actions that could materially affect its business - The company is not currently a party to any material legal proceedings[322](index=322&type=chunk) [Risk Factors](index=57&type=section&id=Item%201A.%20RISK%20FACTORS) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2018, as updated by the Current Report on Form 8-K filed on April 11, 2019 - No material changes have been made to the risk factors described in previous SEC filings[323](index=323&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=57&type=section&id=Item%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) No unregistered sales of equity securities or use of proceeds occurred during the period - There were no unregistered sales of equity securities during the period[324](index=324&type=chunk)

[Part I: Financial Information](index=6&type=section&id=PART%20I%3A%20FINANCIAL%20INFORMATION) [Financial Statements](index=6&type=section&id=Item%201.%20FINANCIAL%20STATEMENTS) The Q1 2019 financial statements show significant asset and liability increases due to the Arsanis merger, alongside a higher net loss from increased operating expenses [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets surged to **$62.5 million** by March 31, 2019, primarily from the Arsanis merger's goodwill and intangibles, with liabilities rising and equity turning positive Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2019 | December 31, 2018 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $22,299 | $8,134 | | Total current assets | $26,223 | $9,339 | | Goodwill | $27,407 | $0 | | Intangible assets | $4,900 | $0 | | **Total assets** | **$62,549** | **$9,944** | | **Liabilities & Equity** | | | | Total current liabilities | $16,450 | $7,907 | | Long-term debt, net | $13,365 | $8,145 | | **Total liabilities** | **$33,108** | **$21,621** | | Total stockholders' equity (deficit) | $29,441 | $(77,086) | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q1 2019, net loss increased to **$10.9 million** due to higher operating expenses, with net loss per share at **$(6.67)** influenced by increased shares outstanding Condensed Consolidated Statements of Operations (in thousands) | Metric | Three Months Ended March 31, 2019 | Three Months Ended March 31, 2018 | | :--- | :--- | :--- | | Research and development | $5,655 | $4,744 | | General and administrative | $4,783 | $1,366 | | **Total operating expenses** | **$10,438** | **$6,110** | | Loss from operations | $(10,438) | $(6,110) | | **Net loss** | **$(10,873)** | **$(7,367)** | | Net loss per share—basic and diluted | $(6.67) | $(17.70) | | Weighted average common shares outstanding | 1,717,808 | 457,971 | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q1 2019 saw **$11.8 million** cash used in operations, largely offset by **$26.4 million** from investing activities due to the Arsanis merger, leading to a net cash increase Cash Flow Summary (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2019 | Three Months Ended March 31, 2018 | | :--- | :--- | :--- | | Net cash used in operating activities | $(11,750) | $(6,182) | | Net cash provided by investing activities | $26,406 | $0 | | Net cash provided by (used in) financing activities | $113 | $(1,660) | | **Net increase (decrease) in cash** | **$14,748** | **$(7,842)** | | Cash at end of period | $23,246 | $19,206 | - The significant cash provided by investing activities was due to **$26.4 million** in cash and restricted cash acquired in connection with the Merger[29](index=29&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the Arsanis reverse merger, **$27.4 million** goodwill, ASC 842 adoption, significant debt, and an **$85.8 million** April 2019 equity financing - The merger with Arsanis on March 13, 2019 was accounted for as a reverse merger, with X4 as the accounting acquirer The transaction resulted in goodwill of **$27.4 million**[35](index=35&type=chunk)[110](index=110&type=chunk) - On April 16, 2019, the company closed a public offering with gross proceeds of **$85.8 million** Management expects that existing cash plus these proceeds will be sufficient to fund operations for at least the next twelve months[39](index=39&type=chunk)[241](index=241&type=chunk) - As of March 31, 2019, the company has significant long-term debt, including **$10.0 million** outstanding under the Hercules Loan Agreement and **$9.5 million** under the FFG Loan Agreement acquired from Arsanis[128](index=128&type=chunk)[147](index=147&type=chunk)[149](index=149&type=chunk) - The company adopted the new lease standard ASC 842 on January 1, 2019, resulting in the recognition of **$2.0 million** of right-of-use assets and **$2.5 million** of operating lease liabilities[97](index=97&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=40&type=section&id=Item%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses the company's biopharmaceutical focus, the Arsanis merger, and the **$85.8 million** April 2019 financing, which is expected to fund operations for at least 12 months [Overview and Recent Developments](index=40&type=section&id=Overview%20and%20Recent%20Developments) The company, a clinical-stage biopharmaceutical firm, focuses on CXCR4 antagonists, with recent developments including the Arsanis merger and an **$85.8 million** April 2019 equity financing - The company's lead product candidate, mavorixafor, is set to begin a Phase 3 pivotal trial for WHIM syndrome in Q2 2019, with top-line data expected in 2021[245](index=245&type=chunk) - On March 13, 2019, the company completed a reverse merger with Arsanis, Inc, with X4's business becoming the primary focus of the combined entity[9](index=9&type=chunk)[246](index=246&type=chunk) - On April 16, 2019, the company raised gross proceeds of **$85.8 million** through a public offering of common stock and warrants[241](index=241&type=chunk)[252](index=252&type=chunk) [Results of Operations](index=45&type=section&id=Results%20of%20Operations) Q1 2019 operating expenses rose to **$10.4 million** from **$6.1 million**, primarily due to increased R&D and G&A costs, notably professional fees and personnel expenses from the merger Comparison of Operating Results (in thousands) | Expense Category | Three Months Ended March 31, 2019 | Three Months Ended March 31, 2018 | Change | | :--- | :--- | :--- | :--- | | Research and development | $5,655 | $4,744 | $911 | | General and administrative | $4,783 | $1,366 | $3,417 | | **Total operating expenses** | **$10,438** | **$6,110** | **$4,328** | | **Net loss** | **$(10,873)** | **$(7,367)** | **$(3,506)** | Research and Development Expenses by Candidate (in thousands) | Candidate | Three Months Ended March 31, 2019 | Three Months Ended March 31, 2018 | | :--- | :--- | :--- | | Mavorixafor | $2,851 | $3,010 | | X4P-002 | $84 | $0 | | X4P-003 | $8 | $0 | | Unallocated R&D expenses | $2,712 | $1,734 | | **Total R&D expenses** | **$5,655** | **$4,744** | - The increase in G&A expenses was primarily due to a **$1.9 million** increase in professional fees (legal, audit, market research) related to the merger and a **$1.4 million** increase in personnel-related costs[287](index=287&type=chunk) [Liquidity and Capital Resources](index=47&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2019, cash and equivalents were **$22.3 million**, significantly bolstered by **$78.9 million** net proceeds from the April 2019 offering, expected to fund operations for at least 12 months - As of March 31, 2019, cash and cash equivalents were **$22.3 million** Together with **$78.9 million** in net proceeds from the April 2019 financing, the company expects to have sufficient funds for at least the next 12 months[259](index=259&type=chunk)[291](index=291&type=chunk)[321](index=321&type=chunk) - The company has two main debt facilities: the Hercules Loan Agreement with **$10.0 million** borrowed and the FFG loans (acquired via merger) with **$9.5 million** outstanding as of March 31, 2019[301](index=301&type=chunk)[302](index=302&type=chunk)[315](index=315&type=chunk) - Future funding needs will be driven by clinical trial costs, particularly the Phase 3 trial for mavorixafor, regulatory activities, and potential commercialization expenses[319](index=319&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=54&type=section&id=Item%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) This section is not required for smaller reporting companies, and therefore no information is provided - Disclosure is not required for smaller reporting companies[346](index=346&type=chunk) [Controls and Procedures](index=54&type=section&id=Item%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded disclosure controls and procedures were effective as of March 31, 2019, with new internal controls implemented for the lease standard and business combination - The company's principal executive officer and principal financial officer concluded that disclosure controls and procedures were effective as of the end of the period covered by the report[347](index=347&type=chunk) - Changes in internal controls during the quarter included the implementation of controls related to the new lease standard and the business combination[348](index=348&type=chunk) [Part II: Other Information](index=55&type=section&id=PART%20II%3A%20OTHER%20INFORMATION) [Legal Proceedings](index=55&type=section&id=Item%201.%20LEGAL%20PROCEEDINGS) The company reports that it is not currently a party to any material legal proceedings - The company is not currently a party to any material legal proceedings[350](index=350&type=chunk) [Risk Factors](index=55&type=section&id=Item%201A.%20RISK%20FACTORS) No material changes to risk factors have occurred since prior filings, including the 2018 Form 10-K and April 2019 Form 8-K - No material changes to risk factors have occurred since prior filings[351](index=351&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=55&type=section&id=Item%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) An unregistered warrant was issued to Hercules Capital, and all net proceeds from Arsanis's 2017 IPO were used for clinical programs and general corporate purposes - A warrant to purchase **5,000** shares of common stock at an exercise price of **$19.80** per share was issued to Hercules Capital, Inc as an unregistered security[352](index=352&type=chunk) - As of March 31, 2019, all net proceeds from the Arsanis November 2017 IPO have been used for advancing product candidates and for working capital[356](index=356&type=chunk) [Exhibits](index=56&type=section&id=Item%206.%20EXHIBITS) This section lists all exhibits filed with the Form 10-Q, including merger amendments, corporate governance, material contracts, and Sarbanes-Oxley certifications

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-38295 ARSANIS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organizat ...