Yes. the daily emission for XAO is about 38400 = 80 (block reward) x 24 (hrs) x 20 (3 minute block time)
4,650,000 XAO equivalent to 4 months private mining.
4,650,000 XAO equivalent to ~5% premine. (total supply 84 million XAO)
Since there is a hardfork, the dev team have to pay old blockchain miners 1 month worth XAO. Also the dev team have to pay for listing.
i.e dev team only reserved ~3-4% of total coins for maintenance cost.
You can check that most new cryptonote coins now have over 10% premine.
Premine was 4 560 000, old chain was about 11 days of mining with little over 400 000 coins, so after reimbursment it leaves something like 4 100 000+ with developers, that is pretty close to 5% premine. Indeed there will be some costs with exchanges and maybe some bounties etc.
And while bigger premine is quite common, even with 5% there should be little more details about projects (why it isnt another copy-paste shoecoin?).