Xilio Therapeutics, Inc., a clinical-stage biotechnology company, reported a net loss of $58.2 million for the year ended December 31, 2024, a significant improvement from the $76.4 million net loss reported in 2023. This improvement is largely attributed to a $12.2 million decrease in total operating expenses, driven by reductions in both research and development and general and administrative costs. The company's revenue for 2024 was $6.3 million, all derived from license revenue under an agreement with Gilead Sciences, Inc.
Significant changes compared to the previous fiscal year include a $10.9 million decrease in research and development expenses, primarily due to the discontinuation of investment in XTX202 and reduced costs in other early programs. General and administrative expenses also decreased by $2.2 million, mainly due to lower personnel-related costs and professional fees. The company also incurred $0.9 million in restructuring expenses related to a workforce reduction in March 2024. The company's cash and cash equivalents totaled $55.3 million as of December 31, 2024.
During the reporting period, Xilio entered into a significant collaboration, license, and option agreement with AbbVie Group Holdings Limited. This agreement resulted in $52 million in upfront payments ($42 million cash and $10 million in equity) and provides potential for up to $2.1 billion in additional contingent payments based on milestones and royalties. The company also entered into a new sales agreement with Leerink Partners, LLC, for the sale of common stock, replacing a previous agreement with Cowen and Company LLC.
Xilio's operational developments include ongoing Phase 1 and 2 clinical trials for vilastobart (XTX101) in combination with atezolizumab and a Phase 1 clinical trial for XTX301. The company also reported preliminary Phase 1 data for XTX301 and initial Phase 2 data for vilastobart. Preclinical development continues on XTX501 and several masked T cell engager molecules. As of February 28, 2025, Xilio employed 64 full-time employees, including 21 with M.D., Pharm.D., or Ph.D. degrees.
The company's outlook, as stated in the filing, indicates continued operating losses are expected for the foreseeable future. Funding for operations is anticipated through a combination of existing cash reserves, proceeds from the AbbVie agreement, and potential future equity or debt financings, collaborations, or licensing transactions. The company acknowledges substantial doubt about its ability to continue as a going concern if it is unable to secure sufficient additional capital.
About Xilio Therapeutics, Inc.
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