Entered into a definitive merger agreement with Day One Biopharmaceuticals, Inc. on November 12, 2025, for $25.00 per share in cash plus contingent value rights up to $30.25 per share, totaling up to $285 million, with closing expected by end of January 2026.
Strategic restructuring in May 2025 reduced workforce by 55%, eliminated internal pipeline development, and focused R&D on breast cancer for lead candidate Emi-Le.
Ongoing clinical trials for lead candidates Emi-Le (B7-H4-targeting/XMT-1660) and XMT-2056, with encouraging interim data and resumed enrollment after FDA hold lifted.
Achieved a $15 million milestone payment from GSK for XMT-2056 development in Q3 2025; collaborations with Johnson & Johnson and Merck KGaA progressing.
Collaboration revenue for Q3 2025 was $11.0 million, down from $12.6 million in Q3 2024; nine-month revenue was $16.8 million, down from $24.1 million year-over-year.
Net loss for Q3 2025 was $7.5 million ($1.51 per share), improved from $11.5 million ($2.34 per share) in Q3 2024; nine-month net loss was $56.0 million.
Cash and cash equivalents as of September 30, 2025, were $56.4 million, with capital resources expected to last into mid-2026.
Operating expenses and R&D expenses decreased year-over-year due to restructuring; R&D expense for Q3 2025 was $12.2 million.
Fully repaid $25 million in debt in July 2025, resulting in a $0.4 million loss on extinguishment.
Current cash expected to fund operations into mid-2026; substantial doubt exists about ability to continue as a going concern if the merger is not completed.
Future funding needs may require additional equity, debt, or strategic transactions if acquisition does not close.
Focused near-term development on Emi-Le in breast cancer and continued dose escalation for XMT-2056.
Closing of the acquisition by Day One Biopharmaceuticals anticipated by end of January 2026, pending regulatory and shareholder approvals.
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