Xilio Therapeutics(XLO) - 2025 Q1 - Quarterly Results

Financial Performance - Net loss for Q1 2025 was $13.3 million, compared to a net loss of $17.2 million in Q1 2024[12]. - Net loss narrowed to $13.265 million in Q1 2025, compared to a net loss of $17.203 million in Q1 2024, reflecting an improvement of approximately 23%[20]. - Net loss per share improved to $0.18 in Q1 2025 from $0.62 in Q1 2024[20]. - Total operating expenses decreased to $16.781 million in Q1 2025 from $17.487 million in Q1 2024, a reduction of about 4%[20]. Revenue and Collaboration - Collaboration and license revenue for Q1 2025 was $2.9 million, with no revenue recognized in Q1 2024[12]. - Collaboration and license revenue for the three months ended March 31, 2025, was $2.930 million, compared to $0 for the same period in 2024[20]. - Xilio entered into a collaboration agreement with AbbVie, receiving $52.0 million in upfront payments and is eligible for up to $2.1 billion in contingent payments[8]. Expenses - Research and development expenses decreased to $8.3 million in Q1 2025 from $10.4 million in Q1 2024, primarily due to reduced clinical development activities for XTX202[12]. - Research and development expenses decreased to $8.266 million in Q1 2025 from $10.400 million in Q1 2024, a decline of about 21%[20]. - General and administrative expenses rose to $8.5 million in Q1 2025 from $6.1 million in Q1 2024, driven by increased legal fees and personnel-related costs[12]. - General and administrative expenses increased to $8.515 million in Q1 2025 from $6.139 million in Q1 2024, an increase of approximately 39%[20]. Cash and Assets - Cash and cash equivalents increased to $89.1 million as of March 31, 2025, up from $55.3 million as of December 31, 2024[12]. - Cash and cash equivalents increased significantly to $89.073 million as of March 31, 2025, compared to $55.291 million at the end of 2024, marking a rise of about 61%[19]. - Total assets increased to $103.716 million as of March 31, 2025, up from $71.075 million on December 31, 2024, representing a growth of approximately 46%[19]. - Deferred revenue surged to $78.994 million as of March 31, 2025, up from $32.780 million on December 31, 2024, indicating a growth of approximately 141%[19]. Clinical Development - Xilio reported a preliminary 27% objective response rate for vilastobart in combination with atezolizumab in late-line MSS CRC patients without liver metastases[2]. - Xilio plans to report updated Phase 2 data for vilastobart at the ASCO Annual Meeting from May 30 to June 3, 2025[3]. - Xilio anticipates nominating a development candidate for its PSMA program in the ATACR format in Q3 2025[7]. - XTX501 is currently advancing in IND-enabling studies, with an IND application planned for mid-2026[5]. Shareholder Information - The weighted average common shares outstanding increased to 74,700,364 in Q1 2025 from 27,912,584 in Q1 2024, reflecting a significant increase in share count[20].