Xilio Therapeutics, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Xilio Therapeutics, Inc. filed its Q1 2024 10-Q, highlighting a significant agreement with Gilead Sciences, Inc. and a subsequent private placement.</b>

AI Summary

Xilio Therapeutics, Inc. (XLO) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Xilio Therapeutics, Inc. filed a 10-Q for the period ending March 31, 2024. The company entered into a License Agreement and Stock Purchase Agreement with Gilead Sciences, Inc. on April 1, 2024. A subsequent event on April 2, 2024, involved a private placement with certain accredited investors. The filing details various stock incentive and purchase plans, including the Stock Incentive Plan 2021 and Employee Stock Purchase Plan 2021. Prepaid expenses and other current assets related to a Clinical Supply Agreement with F. Hoffmann-La Roche Ltd. were noted as of March 31, 2024.

Why It Matters

For investors and stakeholders tracking Xilio Therapeutics, Inc., this filing contains several important signals. The agreement with Gilead Sciences, Inc. could significantly impact Xilio's future development and commercialization strategies for its therapies. The subsequent private placement suggests continued investor confidence and provides additional capital for ongoing operations and research.

Risk Assessment

Risk Level: medium — Xilio Therapeutics, Inc. shows moderate risk based on this filing. The company is in the pharmaceutical development stage, which inherently carries high risks related to clinical trials, regulatory approvals, and market adoption. The recent agreement with Gilead and a private placement indicate potential progress but do not eliminate these fundamental risks.

Analyst Insight

Monitor the progress and outcomes of the Gilead Sciences, Inc. collaboration and the impact of the recent private placement on Xilio's financial runway and R&D activities.

Key Numbers

• 2024-03-31 — Reporting Period End Date (10-Q Filing)
• 2024-04-01 — License Agreement Effective Date (Subsequent Event)
• 2024-04-02 — Private Placement Date (Subsequent Event)

Key Players & Entities

• Xilio Therapeutics, Inc. (company) — Filer
• Gilead Sciences, Inc. (company) — Counterparty to License Agreement and Stock Purchase Agreement
• F. Hoffmann-La Roche Ltd. (company) — Counterparty to Clinical Supply Agreement
• 2024-03-31 (date) — Reporting period end date
• 2024-04-01 (date) — Effective date of License Agreement and Stock Purchase Agreement
• 2024-04-02 (date) — Date of subsequent event (private placement)

FAQ

Risk Factors

• Regulatory Risks [high — regulatory]: The development and commercialization of pharmaceutical products are subject to extensive regulatory review and approval processes, which can be lengthy, costly, and uncertain.
• Need for Additional Funding [high — financial]: The company has a history of operating losses and may require substantial additional capital to fund its ongoing operations and development programs.
• Competition [medium — market]: The biopharmaceutical market is highly competitive, with many companies developing therapies for similar indications.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-01: License Agreement and Stock Purchase Agreement with Gilead Sciences, Inc. — Significant strategic partnership initiated post-quarter.
• 2024-04-02: Private Placement — Subsequent event providing additional capital.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC) that provides a continuing disclosure of financial performance. (Provides a snapshot of the company's financial health and operational status during the reported quarter.)

Key Financial Figures

• $0.0001 — ch registered Common stock, par value $0.0001 per share XLO Nasdaq Global Select

Filing Documents

• xlo-20240331x10q.htm (10-Q) — 1519KB
• xlo-20240331xex10d1.htm (EX-10.1) — 772KB
• xlo-20240331xex10d2.htm (EX-10.2) — 269KB
• xlo-20240331xex10d3.htm (EX-10.3) — 140KB
• xlo-20240331xex10d6.htm (EX-10.6) — 16KB
• xlo-20240331xex31d1.htm (EX-31.1) — 13KB
• xlo-20240331xex31d2.htm (EX-31.2) — 13KB
• xlo-20240331xex32d1.htm (EX-32.1) — 8KB
• 0001558370-24-008068.txt (&nbsp;) — 6825KB
• xlo-20240331.xsd (EX-101.SCH) — 38KB
• xlo-20240331_cal.xml (EX-101.CAL) — 32KB
• xlo-20240331_def.xml (EX-101.DEF) — 180KB
• xlo-20240331_lab.xml (EX-101.LAB) — 345KB
• xlo-20240331_pre.xml (EX-101.PRE) — 301KB
• xlo-20240331x10q_htm.xml (XML) — 602KB

Financial Statements (unaudited)

Financial Statements (unaudited) 7 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 7 Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months ended March 31, 2024 and 2023 8 Condensed Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2024 and 2023 9 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 10 Notes to Condensed Consolidated Financial Statements 11 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 34 Item 4.

Controls and Procedures

Controls and Procedures 34 Part II Other Information 36 Item 1A.

Risk Factors

Risk Factors 36 Item 5. Other Information 105 Item 6. Exhibits 105

Signatures

Signatures 6 Table of Contents

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements XILIO THERAPEUTICS, INC. Condensed Consolidated Balance Sheets (In thousands, except share and per share data) (Unaudited) March 31, December 31, 2024 2023 ASSETS Current assets Cash and cash equivalents $ 33,980 $ 44,704 License agreement receivable 30,000 — Prepaid expenses and other current assets 5,205 3,423 Total current assets 69,185 48,127 Restricted cash 2,763 1,587 Property and equipment, net 5,542 5,942 Operating lease right-of-use asset 4,998 5,125 Other non-current assets 121 145 Total assets $ 82,609 $ 60,926 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 746 $ 1,050 Accrued expenses 8,002 10,497 Deferred revenue 21,725 — Operating lease liability, current portion 1,081 1,047 Note payable, current portion — 3,315 Other current liabilities 28 48 Total current liabilities 31,582 15,957 Deferred revenue, net of current portion 17,399 — Operating lease liability, net of current portion 7,863 8,142 Total liabilities 56,844 24,099 Commitments and contingencies (Note 7) Stockholders' equity Preferred stock, $ 0.0001 par value; 5,000,000 shares authorized, no shares issued or outstanding — — Common stock, $ 0.0001 par value; 200,000,000 shares authorized at March 31, 2024 and December 31, 2023; 34,473,486 shares issued and 34,472,646 shares outstanding at March 31, 2024; 27,613,263 shares issued and 27,607,646 shares outstanding at December 31, 2023 3 3 Additional paid-in capital 368,477 362,336 Accumulated deficit ( 342,715 ) ( 325,512 ) Total stockholders' equity 25,765 36,827 Total liabilities and stockholders' equity $ 82,609 $ 60,926 The accompanying notes are an integral part of these condensed consolidated financial statements. 7 Table of Contents XILIO THERAPEUTICS, INC. Condensed Consolidated Statements of Operations and Comprehensive Loss

View Full Filing

View this 10-Q filing on SEC EDGAR