Xilio Therapeutics (XLO) Q4 2024 earnings summary

Executive summary

• Reported encouraging initial Phase 2 data for vilastobart in combination with atezolizumab in metastatic MSS CRC, showing a 27% objective response rate in patients without liver metastases and a favorable safety profile.

• Advanced multiple masked T cell engager programs, including new formats (ATACR, SEECR) targeting PSMA, CLDN18.2, and STEAP1, and announced a major collaboration with AbbVie for novel immunotherapies.

• Entered into an exclusive license agreement with Gilead for the XTX301 IL-12 program and reported preliminary Phase 1 data showing good tolerability and sustained interferon gamma signaling.

• Received $52 million upfront from AbbVie in Q1 2025, with potential for up to $2.1 billion in milestones and royalties.

Financial highlights

• Cash and cash equivalents were $55.3 million as of December 31, 2024, up from $44.7 million a year earlier, with an additional $52 million received from AbbVie in Q1 2025.

• License revenue was $1.7 million for Q4 2024 and $6.3 million for the full year, compared to zero in 2023.

• R&D expenses decreased to $8.8 million for Q4 2024 (from $11.7 million in Q4 2023) and $41.2 million for the year (from $52.1 million in 2023), mainly due to reduced investment in discontinued programs.

• G&A expenses were $6.5 million for Q4 2024 and $24.8 million for the year, both down year-over-year.

• Net loss was $13.1 million for Q4 2024 (vs. $17.7 million in Q4 2023) and $58.2 million for the year (vs. $76.4 million in 2023).

Outlook and guidance

• Cash and equivalents plus AbbVie upfront payments are expected to fund operations into Q1 2026.

• Additional Phase 2 data for vilastobart in MSS CRC expected mid-2025; multiple IND submissions for T cell engager programs planned through 2027.