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Here are 1-3 brief analogies for Xilio Therapeutics:

• An early-stage biotech company developing next-generation cancer immunotherapies with a novel platform to make treatments more precise and less toxic, similar to how Moderna pioneered a new platform for targeted mRNA medicines.

• A biotech company focused on developing highly targeted cancer immunotherapies designed to activate the immune system only within tumors, much like Intellia Therapeutics aims for precise gene editing to correct disease-causing mutations.

• A biotech company developing a unique approach to cancer immunotherapy, aiming to create more effective and safer treatments by localizing their effect, akin to how Novavax developed a distinct protein-based vaccine technology.

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• XTX101: An investigational tumor-selective IL-12 non-fucosylated monoclonal antibody designed to stimulate anti-tumor immunity.
• XTX202: An investigational tumor-selective IL-2 non-fucosylated monoclonal antibody engineered to activate anti-tumor T cells and NK cells.
• XTX301: An investigational tumor-selective IL-15 non-fucosylated monoclonal antibody aimed at driving the proliferation and activation of cytotoxic T cells and NK cells.

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Xilio Therapeutics (XLO) is a clinical-stage biopharmaceutical company focused on developing tumor-selective immuno-oncology therapies. As a clinical-stage company, it does not yet have commercialized products available for sale to individuals or healthcare providers. Therefore, its "customers" are primarily other companies with whom it enters into collaboration, licensing, or partnership agreements.

Based on its recent SEC filings (e.g., 10-K), Xilio Therapeutics' primary customer and source of collaboration revenue is:

• ACROBiosystems, Inc.: In August 2023, Xilio Therapeutics entered into a research collaboration and exclusive option and license agreement with ACROBiosystems, Inc. Under this agreement, Xilio received an upfront payment and is eligible for potential research, development, and commercialization milestone payments, as well as royalties on net sales of any resulting products. ACROBiosystems, Inc. is a privately held company and therefore does not have a public stock symbol.

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René Russo, Pharm.D. President, Chief Executive Officer and Board Member

Dr. Russo is an accomplished biotechnology CEO with over 25 years of experience leading R&D and commercialization in the biopharmaceutical industry across various therapeutic areas, including oncology. She played a key role in helping to build Cubist Pharmaceuticals, a global anti-infective company that Merck acquired for $9.6 billion in 2015. Dr. Russo has also held leadership positions as Director at Celsius Therapeutics and President at Arsanis. Additionally, she serves as founder and executive chair of Ropirio Therapeutics.

Chris Frankenfield Chief Financial and Operating Officer

Mr. Frankenfield is an accomplished biotechnology executive with over 15 years of experience in capital markets, business development, corporate and financial strategy, operations, corporate governance, and legal matters. He has served as Xilio's chief financial officer since August 2024 and chief operating officer since August 2023. Prior to Xilio, Mr. Frankenfield served as vice president of corporate legal affairs at Blueprint Medicines and was a member of its management team, where he led public company reporting, advised on capital markets strategy, supported multiple equity offerings, and executed collaborations with Roche, Genentech, CStone Pharmaceuticals, and Ipsen.

Uli Bialucha, Ph.D. Chief Scientific Officer

Dr. Bialucha is a life science leader with over 15 years of experience in oncology/immuno-oncology drug discovery and preclinical development. He joined Xilio from Immunitas Therapeutics, where he was vice president of drug discovery and led the development of a single-cell genomics-based discovery platform and an immuno-oncology focused therapeutic pipeline. Before Immunitas, Dr. Bialucha held increasing responsibilities at the Novartis Institutes for Biomedical Research, most recently leading the oncology biotherapeutics group.

Katarina Luptakova, M.D. Chief Medical Officer

Dr. Luptakova, a hematologist and oncologist, possesses approximately 20 years of experience in clinical practice and oncology drug development. Before becoming Xilio's Chief Medical Officer, she served as the company's senior vice president, medical, since October 2022. Prior to joining Xilio, Dr. Luptakova was vice president, clinical development at Constellation Pharmaceuticals, Inc. through its acquisition by MorphSys AG. She also served as senior medical director and clinical lead at Tesaro, Inc.

Scott Coleman, Ph.D. Chief Development Officer

Dr. Coleman has over 25 years of experience in biotechnology and drug development, contributing to the successful development and approval of multiple therapies across various therapeutic areas, including oncology. He most recently served as Xilio's senior vice president of nonclinical development. Before Xilio, Dr. Coleman was vice president, nonclinical development at Acceleron Pharma Inc., through its acquisition by Merck, where he contributed to the development of sotatercept. His prior experience includes senior scientific roles at Spero Therapeutics, Merck, Cubist Pharmaceuticals, and Millennium Pharmaceuticals.

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The key risks to Xilio Therapeutics (XLO) are:

1. Ability to Continue as a Going Concern: Xilio Therapeutics faces significant financial risks, including a history of recurring losses from operations and an accumulated deficit, which raise substantial doubt about its ability to continue as a going concern. The company's cash and cash equivalents are anticipated to fund operations only into the first quarter of 2026, or early 2027 depending on recent partnership payments, highlighting a critical need for additional capital through equity or debt financings, or further collaborations to support ongoing research and development and operational needs.
2. Clinical Development and Regulatory Approval: As a clinical-stage biotechnology company, Xilio's success is highly dependent on the successful development, clinical trial outcomes, and eventual regulatory approval of its product candidates. These candidates are in early stages of development and may never receive the necessary regulatory approvals. The process is fraught with uncertainties, potential for delays, and the possibility that preclinical or clinical data may not support further development, which would adversely affect the company's ability to commercialize its programs.
3. Nasdaq Delisting Risk: Xilio Therapeutics has received a notification from the Nasdaq Stock Market regarding non-compliance with its listing requirements due to its common stock's bid price falling below the minimum $1.00 threshold for 30 consecutive business days. The company has been granted a period until October 1, 2025, to regain compliance. Failure to do so could result in the delisting of its stock, which would significantly impact its market presence and ability to access capital markets.

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Here are 3-5 expected drivers of future revenue growth for Xilio Therapeutics (XLO) over the next 2-3 years:

1. Advancement and Potential Approval of Vilastobart (XTX101): Xilio Therapeutics is developing Vilastobart, a tumor-activated anti-CTLA-4 antibody. The company announced late-breaking Phase 2 data for Vilastobart in patients with microsatellite stable metastatic colorectal cancer (MSS mCRC) and high plasma tumor mutational burden. Additionally, Xilio is evaluating Vilastobart in combination with atezolizumab (Tecentriq®) in an ongoing Phase 1/2 clinical trial through a co-funded collaboration with Roche. Positive clinical trial results and progression towards regulatory approval would be a significant driver of future revenue.
2. Advancement and Potential Approval of Efarindodekin Alfa (XTX301): Xilio recently initiated a Phase 2 trial for Efarindodekin alfa (XTX301), a tumor-activated IL-12. The company also achieved a $17.5 million development milestone under an exclusive license agreement with Gilead for this program. Continued positive data, successful clinical development, and potential commercialization or further monetization through partnerships for XTX301 could generate substantial revenue.
3. Progression of Masked T-Cell Engager Programs: Xilio Therapeutics is utilizing its proprietary platform to build a pipeline of novel, tumor-activated molecules, including masked T-cell engagers, designed to localize anti-tumor activity within the tumor microenvironment. The company has highlighted its portfolio of differentiated masked immunotherapies and provided updates on these programs. Successful preclinical and clinical development of these earlier-stage assets could lead to future licensing agreements, milestone payments, or eventual product launches.
4. Strategic Collaborations and Partnerships: Xilio has already demonstrated its ability to forge strategic alliances, such as the co-funded clinical trial collaboration with Roche for Vilastobart and the exclusive license agreement with Gilead for Efarindodekin alfa. Future collaborations, expanded partnerships, or new licensing deals for its pipeline candidates or proprietary platform technology could provide significant non-dilutive funding and revenue streams through upfront payments, research funding, and milestone and royalty payments.

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Share Issuance

• In June 2025, Xilio Therapeutics announced the pricing of an underwritten public offering of pre-funded warrants and accompanying Series A, B, and C warrants, with expected gross proceeds of approximately $50 million.
• In April 2024, the company completed a private placement, issuing 1,953,125 shares of common stock at $0.64 per share and pre-funded warrants to purchase up to 15,627,441 shares at $0.6399 per pre-funded warrant.
• Effective November 1, 2025, Xilio Therapeutics granted a non-qualified stock option to a new employee to purchase 5,700 shares under its 2022 Inducement Stock Incentive Plan.

Inbound Investments

• In February 2025, Xilio Therapeutics received $52.0 million in upfront payments from AbbVie as part of a collaboration, license, and option agreement aimed at discovering and developing novel tumor-activated immunotherapies.
• In March 2020, Xilio Therapeutics raised $100 million through a Series B funding round, which was led by Takeda Ventures.
• In January 2021, the company secured $95 million in a Series C funding round, with key investors including Rock Springs Capital and Deerfield.

Capital Expenditures

• Based on current operating plans, Xilio Therapeutics anticipates that its cash and cash equivalents as of March 31, 2025, will be sufficient to fund its operating expenses and capital expenditure requirements into the first quarter of 2026.
• As of June 30, 2025, the company expects its cash and cash equivalents to cover operating expenses and capital expenditure requirements through the end of the third quarter of 2026.