Core Viewpoint - HilleVax, Inc. reported its financial results for the second quarter of 2025 and announced a merger agreement with XOMA Royalty Corporation, which will acquire all outstanding shares of HilleVax for $1.95 per share in cash, along with contingent value rights [1][4]. Financial Results - As of June 30, 2025, HilleVax had cash, cash equivalents, and marketable securities totaling $159.5 million, a decrease from $171.4 million as of December 31, 2024 [2][12]. - Research and development expenses for the six months ended June 30, 2025, were $3.3 million, significantly lower than $52.6 million for the same period in 2024, primarily due to reduced clinical development costs [2][10]. - General and administrative expenses decreased to $11.3 million for the six months ended June 30, 2025, compared to $16.6 million for the same period in 2024, attributed to lower personnel-related costs [3][10]. - The net loss for the six months ended June 30, 2025, was $11.3 million, a substantial reduction from $87.5 million for the same period in 2024 [3][10]. Merger Transaction - On August 4, 2025, HilleVax announced a definitive merger agreement with XOMA Royalty Corporation, where stockholders will receive $1.95 in cash per share, plus one non-transferable contingent value right [4]. - The tender offer for HilleVax's common stock is expected to commence by August 18, 2025, with the closing anticipated in September 2025, subject to customary closing conditions [4].