Xilio Therapeutics, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2025. The company generated total revenue of $19.1 million for the third quarter, a substantial increase from $2.3 million in the same period last year. This growth was primarily driven by collaboration and license revenue from agreements with AbbVie and Gilead, including a cumulative catch-up of $7.0 million related to a $17.5 million development milestone achieved during the quarter. For the nine months ended September 30, 2025, total revenue reached $30.1 million, compared to $4.6 million for the same period in 2024.
Despite the increase in revenue, Xilio reported a net loss of $16.3 million for the third quarter, slightly higher than the $14.0 million loss recorded in the prior year. The company's operating expenses also rose, totaling $21.0 million for the quarter, up from $17.0 million a year earlier. Research and development expenses increased to $14.3 million, reflecting ongoing clinical activities, while general and administrative expenses rose to $6.7 million, driven by higher professional fees and personnel costs.
In terms of strategic developments, Xilio has made notable progress in its clinical programs. The company is advancing its lead product candidates, vilastobart and efarindodekin alfa (XTX301), through various clinical trials. In particular, vilastobart is being evaluated in a Phase 2 trial in combination with atezolizumab for patients with microsatellite stable metastatic colorectal cancer. Additionally, Xilio received a $17.5 million milestone payment from Gilead in the fourth quarter of 2025, further bolstering its financial position.
As of September 30, 2025, Xilio reported cash and cash equivalents of $103.8 million, a significant increase from $55.3 million at the end of 2024. The company anticipates that its existing cash, along with the recent milestone payment, will be sufficient to fund operations into the first quarter of 2027. However, Xilio acknowledged the need for additional capital to support ongoing research and development efforts, as it continues to incur substantial operating losses. The company is exploring various funding options, including potential exercises of common stock warrants and additional collaborations.
Looking ahead, Xilio remains focused on advancing its pipeline of tumor-activated immuno-oncology therapies while managing its financial resources carefully. The company has expressed uncertainty regarding its ability to achieve profitability in the near term, emphasizing the importance of securing additional funding to sustain its operations and development initiatives.
About Xilio Therapeutics, Inc.
Xilio Therapeutics is a biotech company developing tumor-activated immuno-oncology therapies that localize immune responses within the tumor microenvironment to enhance efficacy and reduce systemic toxicity. Its pipeline includes antibody, cytokine, and T cell engager candidates, leveraging proprietary masking platforms. The company focuses on innovative, highly selective treatments for solid tumors, with collaborations and a strong intellectual property portfolio supporting its mission to improve cancer outcomes.
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