Xilio Therapeutics(XLO) - 2024 Q3 - Quarterly Results

Financial Position - Xilio Therapeutics reported a cash position of $61.3 million as of September 30, 2024, up from $44.7 million as of December 31, 2023, representing a 37.9% increase[9]. - The company anticipates that its existing cash will be sufficient to fund operations through the end of Q2 2025[10]. Revenue Generation - License revenue for the third quarter of 2024 was $2.3 million, compared to $0 for the same quarter in 2023, indicating a significant revenue generation from licensing agreements[9]. Expenses - Research and Development (R&D) expenses decreased to $10.8 million in Q3 2024 from $11.1 million in Q3 2023, a reduction of approximately 2.9%[9]. - General and Administrative (G&A) expenses remained stable at $6.3 million for both Q3 2024 and Q3 2023[9]. - Research and development expenses for the three months ended September 30, 2024, were $384 million, down from $548 million in the same period last year, representing a decrease of 30%[18]. - General and administrative expenses for the nine months ended September 30, 2024, totaled $3,643 million, a decrease from $3,782 million year-over-year, reflecting a reduction of 3.7%[18]. - Total stock-based compensation expense for the three months ended September 30, 2024, was $1,574 million, compared to $1,861 million in the prior year, indicating a decline of 15.4%[18]. Net Loss - The net loss for Q3 2024 was $14.0 million, an improvement from a net loss of $16.7 million in Q3 2023, reflecting a 16.2% reduction in losses[9]. Clinical Trials and Research - Xilio plans to present initial Phase 1C dose escalation data for vilastobart in combination with atezolizumab at the SITC Annual Meeting in November 2024[1]. - Initial Phase 2 data for vilastobart in combination with atezolizumab is expected to be reported in Q4 2024, involving approximately 20 patients with microsatellite stable colorectal cancer (MSS CRC)[4]. - Xilio continues to enroll patients in the ongoing Phase 1A and Phase 1B clinical trials for XTX301, with safety and pharmacokinetic data expected in Q4 2024[6]. - Xilio is advancing multiple research-stage programs, including XTX501, a tumor-activated bispecific PD-1/IL-2, with initial IND-enabling activities currently underway[8].