Xilio Therapeutics(XLO) - 2024 Q4 - Annual Results

Financial Performance - The net loss for Q4 2024 was $13.1 million, compared to$17.7 million in Q4 2023, and the full-year net loss was $58.2 million, down from$76.4 million in 2023[15]. - Net loss for Q4 2024 was $13.093 million, an improvement from a net loss of$17.655 million in Q4 2023, representing a reduction of approximately 25.5%[23]. - Total assets increased to $71.075 million in December 2024, up from$60.926 million in December 2023, reflecting a growth of approximately 16.7%[21]. - Total liabilities rose to $53.477 million in December 2024, compared to$24.099 million in December 2023, indicating a substantial increase of 121.5%[21]. - The company reported total operating expenses of $15.353 million for Q4 2024, down from$18.130 million in Q4 2023, a decrease of approximately 15.5%[23]. - Stock-based compensation expense for the year ended December 31, 2024, was $6.434 million, down from$7.382 million in 2023, a decrease of about 12.8%[23]. - General and administrative expenses for the year ended December 31, 2024, totaled $24.778 million, a decrease from$26.997 million in 2023, reflecting a reduction of approximately 8.1%[23]. - Research and development expenses for the year ended December 31, 2024, were $41.211 million, down from$52.136 million in 2023, a decrease of about 21.0%[23]. - General & Administrative (G&A) expenses were $6.5 million for Q4 2024, slightly up from$6.4 million in Q4 2023, and totaled $24.8 million for the full year, down from$27.0 million in 2023[15]. Revenue and Payments - The company received $52.0 million in upfront payments from AbbVie as part of a collaboration agreement, with potential total contingent payments of approximately$2.1 billion[10]. - License revenue for Q4 2024 was $1.7 million, and$6.3 million for the full year, compared to no license revenue in 2023[10]. - License revenue for Q4 2024 reached $1.724 million, compared to$0 in Q4 2023, marking a significant increase[23]. - The company has deferred revenue of $32.780 million as of December 31, 2024, indicating a new revenue stream[21]. Cash Position - Cash and cash equivalents were$55.3 million as of December 31, 2024, an increase from $44.7 million as of December 31, 2023[10]. - Xilio expects its current cash position, along with the recent upfront payments, to fund operations into Q1 2026[11]. Clinical Development - Xilio reported a preliminary 27% objective response rate for vilastobart in patients without liver metastases during the Phase 2 trial, with a low incidence of immune-related adverse events, including only 5% reporting colitis[2][3]. - Xilio plans to submit an IND application for XTX501 in the middle of 2026, following promising preclinical studies[5][8]. - The company anticipates nominating a development candidate for its PSMA program in the ATACR format in Q3 2025 and submitting an IND application in Q1 2027[10]. Shareholder Information - The weighted average common shares outstanding increased to 64,675,807 in Q4 2024, compared to 27,557,021 in Q4 2023, indicating a significant increase of 134.5%[23].