Xilio Therapeutics(XLO) - 2025 Q1 - Quarterly Report

Financial Performance - The company reported a net loss of $13.3 million for the three months ended March 31, 2025, compared to a net loss of $17.2 million for the same period in 2024[110]. - As of March 31, 2025, the company had an accumulated deficit of $397.0 million[110]. - The company has not generated any revenue from product sales since inception and does not expect to do so for at least the next several years[114]. - The company has incurred significant operating losses and expects to continue incurring substantial expenses for the foreseeable future[110]. - The company anticipates incurring substantial operating losses and negative operating cash flows for the foreseeable future[147]. Cash and Liquidity - As of March 31, 2025, the company had cash and cash equivalents of $89.1 million, which is expected to fund operations into the first quarter of 2026[110]. - The company has raised a total of $491.8 million in gross proceeds through various financing activities up to March 31, 2025[134]. - During the three months ended March 31, 2025, net cash provided by financing activities was $4.832 million, primarily from the sale of common stock to AbbVie and through ATM offerings[145]. - The cash flows from operating activities were influenced by changes in operating assets and liabilities, including $49.1 million recorded as deferred revenue from collaboration agreements[141]. - The company faces substantial doubt about its ability to continue as a going concern without securing additional capital[149]. Collaboration and Revenue - The company has received $52.0 million in total upfront payments from AbbVie, including a cash payment of $42.0 million and an equity investment of $10.0 million[104]. - The collaboration agreement with AbbVie could yield up to approximately $2.1 billion in additional contingent payments, including $305.0 million in program nomination fees and up to $1.8 billion in development and sales-based milestones[104]. - Collaboration and license revenue for the three months ended March 31, 2025, was $2.9 million, compared to $0 for the same period in 2024[129]. Research and Development - The company is advancing vilastobart in a Phase 2 clinical trial in combination with atezolizumab for metastatic microsatellite stable colorectal cancer[98]. - XTX301 is currently in a Phase 1 clinical trial for advanced solid tumors under a license agreement with Gilead Sciences[98]. - The company plans to report additional data from the Phase 2 clinical trial at the 2025 American Society of Clinical Oncology Annual Meeting[98]. - Research and development expenses decreased by $2.1 million from $10.4 million in Q1 2024 to $8.3 million in Q1 2025[130]. - Research and development expenses for the vilastobart program increased by $0.3 million due to increased clinical development activities[130]. Operating Expenses - General and administrative expenses increased by $2.4 million from $6.1 million in Q1 2024 to $8.5 million in Q1 2025[131]. - Personnel-related costs in general and administrative expenses increased by $0.9 million, driven by higher salaries and recruiting costs[135]. - The company incurred no restructuring expenses in Q1 2025, compared to $0.9 million in Q1 2024[132]. Workforce and Strategic Changes - The company reduced its workforce by 15 employees, representing approximately 21% of its workforce, as part of a strategic restructuring in March 2024[126].