Xilio Therapeutics, Inc. (XLO): Business Model Canvas [Dec-2025 Updated]

You're looking to understand the real mechanics behind Xilio Therapeutics, Inc. (XLO)'s strategy, and frankly, it boils down to one thing: monetizing their unique tumor-activation platform. This isn't just science; it's a partnership-driven model where they trade exclusive rights for big upfront cash and milestone potential, like the $\mathbf{\$30.08 \text{ million}}$ in collaboration revenue they booked through the first three quarters of 2025. With $\mathbf{\$103.8 \text{ million}}$ in the bank as of September 30, 2025, they are funding heavy R\&D-spending $\mathbf{\$14.3 \text{ million}}$ in Q3 2025 alone-to prove their masked therapies work better. Dive in below to see exactly how their key activities and customer segments support this high-stakes, licensing-focused approach.

Xilio Therapeutics, Inc. (XLO) - Canvas Business Model: Key Partnerships

You're looking at the core alliances that are funding Xilio Therapeutics, Inc.'s (XLO) pipeline development as of late 2025. These partnerships are critical, especially given the company's recent financial updates; for instance, the cash and cash equivalents as of September 30, 2025, stood at $103.8 million, which is expected to fund operations into the first quarter of 2027, partly due to these external funding events.

Strategic Collaboration and Licensing Agreements

Xilio Therapeutics, Inc. has locked in significant, multi-faceted agreements with two major pharmaceutical players, AbbVie and Gilead Sciences, Inc., which provide both immediate capital and substantial future upside potential. These deals validate the tumor-activated platform technology.

The collaboration with AbbVie, announced in February 2025, is focused on developing novel tumor-activated immunotherapies, specifically masked T-cell engagers. Under the terms, Xilio Therapeutics, Inc. received a substantial initial injection of capital.

The licensing agreement with Gilead Sciences, Inc. for efarindodekin alfa (XTX301), a tumor-activated IL-12, originated in March 2024. This agreement has recently delivered a key financial trigger for Xilio Therapeutics, Inc.

Here's a quick look at the financial structure of these two cornerstone partnerships:

Partner	Deal Component	Upfront/Initial Payment (USD)	Total Potential Contingent Value (USD)	Royalty Structure
AbbVie	Collaboration and Option Agreement (Masked T-cell Engagers)	$52.0 million total upfront, including a $10.0 million equity investment.	Up to approximately $2.1 billion in option-related fees and milestones.	Tiered royalties ranging in the mid to high single digits on net product sales.
Gilead Sciences, Inc.	Exclusive Global License (Efarindodekin Alfa/XTX301)	Recent milestone payment of $17.5 million achieved in Q4 2025.	Up to $500.0 million in specified development, regulatory, and sales-based milestones if Gilead exercises its option.	Tiered royalties ranging from high single digits to mid-teens on annual global net product sales.

The $17.5 million milestone payment from Gilead in the fourth quarter of 2025 was important; it helped secure the company's operating runway into Q1 2027.

Clinical Trial and Development Alliances

Managing global clinical trials requires external expertise, and Xilio Therapeutics, Inc. utilizes established relationships to execute its development plans. The company conducts trials primarily in the United States and Europe.

• Clinical research organization (CRO) management is implied through the execution of multi-center trials, though specific CRO names aren't detailed in recent reports.
• Xilio Therapeutics, Inc. has a co-funded clinical trial collaboration with Roche to evaluate vilastobart (anti-CTLA-4) in combination with atezolizumab (Tecentriq®) in a Phase 1/2 trial (NCT04896697).
• Xilio Therapeutics, Inc. remains responsible for running the Phase 1/2 trial for efarindodekin alfa (XTX301) until Gilead exercises its option, which would then transfer trial management.

Furthermore, Xilio Therapeutics, Inc. is actively positioning its vilastobart program for the next stage of development, which necessitates a commercial partner.

• Actively seeking a new partner to develop vilastobart in combination with PD-(L)1 or PD1-VEGF in MSS CRC and other tumor types.
• This search follows late-breaking Phase 2 data presented in November 2025 at SITC, showing a 40% objective response rate (ORR) in heavily pre-treated, plasma TMB high (≥10 mutations/Mb) MSS mCRC patients.

The foundation of the company's innovation rests on its proprietary platform, which requires continuous scientific input.

• Xilio Therapeutics, Inc. collaborates with academic and institutional research centers to accelerate the translation of its pipeline candidates into potential cancer therapies.
• The company presented multiple data sets, including on vilastobart and efarindodekin alfa, at the Society for Immunotherapy of Cancer (SITC) 40th Annual Meeting in November 2025.

Xilio Therapeutics, Inc. (XLO) - Canvas Business Model: Key Activities

You're looking at the core engine driving Xilio Therapeutics, Inc. (XLO) right now, which is all about executing on their tumor-activated pipeline. This is where the real work-and the real money-is being generated and spent.

Drug discovery and preclinical development of novel I-O molecules

The company is actively using its clinically validated tumor-activation platform to advance a pipeline of novel immuno-oncology (I-O) molecules. This includes work on masked T cell engagers, which are designed to optimize the therapeutic index by localizing anti-tumor activity within the tumor microenvironment (TME). The proprietary technology covers tumor-activated cytokines, antibodies, bispecifics, and immune cell engagers.

Managing and executing multiple clinical trials (Phase 2 for vilastobart and efarindodekin alfa)

Clinical execution is a major activity, especially with two key assets in advanced stages. You need to track the data coming out of these trials closely.

• Vilastobart (tumor-activated, Fc-enhanced, anti-CTLA-4): Currently in a Phase 2 clinical trial for patients with metastatic microsatellite stable (MSS) colorectal cancer (CRC) in combination with atezolizumab. New late-breaking Phase 2 data presented in November 2025 showed a 40% Objective Response Rate (ORR) in heavily pre-treated, plasma tumor mutational burden (TMB) high patients (>=10 mutations/Mb) with MSS mCRC without liver metastases. Approximately 55% of MSS mCRC patients are estimated to have high plasma TMB.
• Efarindodekin alfa (tumor-activated IL-12): Xilio Therapeutics initiated patient dosing in the Phase 2 portion of its Phase 1/2 clinical trial in September 2025. As of a September 2, 2025, cutoff date, 62 patients with advanced solid tumors had been treated in the Phase 1A monotherapy dose escalation. Phase 1 data presented in November 2025 showed a generally well-tolerated safety profile at doses over 100-fold greater than the maximum tolerated dose of recombinant human IL-12.

Protecting and expanding the proprietary tumor-activation technology (GPS platform)

The core value is the platform itself. The company is expanding its technology formats to create differentiated molecules. The SEECR format (selective effector-enhanced cell engager) builds upon the ATACR format (advanced tumor-activated cell engager) by incorporating co-stimulatory signaling to further enhance potency and T cell activation.

Securing and managing large-scale pharmaceutical collaboration agreements

Securing external validation and non-dilutive funding through partnerships is a critical activity. The AbbVie agreement, announced in February 2025, is a prime example. The financial structure is significant:

Financial Component	Amount/Term
Total Upfront Payments (AbbVie)	$52.0 million
Equity Investment Component (AbbVie)	$10.0 million
Total Contingent Payments Potential (AbbVie)	Up to approximately $2.1 billion
Collaboration and License Revenue (Q1 2025)	$2.9 million
Collaboration and License Revenue (Q2 2025)	$8.1 million
Development Milestone Received (Gilead, Sept 2025)	$17.5 million

Also, the company ended Q3 2025 with $121.6 million in cash and cash equivalents as of June 30, 2025, with an anticipated cash runway into the first quarter of 2027, partly supported by these deals.

Nominating development candidates for masked T cell engager programs in late 2025

Advancing preclinical assets into nomination is the next major hurdle. Xilio Therapeutics is on track to nominate its first development candidates for wholly owned masked T cell engager programs in the second half of 2025. You should watch these specific targets and timelines:

Program Target	Format	Development Candidate Nomination Target	IND Submission Target
PSMA	ATACR	Q3 2025	Q1 2027
CLDN18.2	ATACR	Q4 2025	Q2 2027
STEAP1	SEECR	First half of 2026	Second half of 2027

The company anticipates advancing at least two of these programs into initial IND-enabling studies and submitting IND applications for those programs in 2027.

Xilio Therapeutics, Inc. (XLO) - Canvas Business Model: Key Resources

You're looking at the core assets Xilio Therapeutics, Inc. (XLO) is relying on right now to drive value. These aren't just concepts; they are the tangible and intangible things that make their business model work.

The foundation is the proprietary tumor-activation platform technology, which is clinically-validated for creating tumor-activated biologics. This technology is designed to mask biological agents-like cytokines, antibodies, and multi-functional molecules-to localize anti-tumor activity within the tumor microenvironment, aiming to minimize systemic adverse events. The platform supports formats such as the advanced tumor-activated cell engager (ATACR) format and the selective effector-enhanced cell engager (SEECR) format for T cell engagers.

This technology is protected by an extensive intellectual property portfolio covering these masked biologics. As of March 31, 2024, Xilio Therapeutics owned four patent families covering the platform specifically in the cytokine space.

Financially, the company maintains a solid liquidity position. Xilio Therapeutics, Inc. reported cash and cash equivalents of $103.8 million as of September 30, 2025. This figure, combined with expected milestone payments, is anticipated to fund operating expenses into the first quarter of 2027.

The execution of this strategy relies on specialized scientific and clinical development personnel. The R&D expenses for the quarter ended September 30, 2025, were $14.3 million, reflecting increased clinical development activities and personnel-related costs.

Here's a quick look at the clinical-stage assets that represent the current output of this resource base:

Asset Name	Mechanism/Type	Key Clinical/Financial Data Point	Status/Context
Vilastobart	Tumor-activated, Fc-enhanced anti-CTLA-4 monoclonal antibody	40% Objective Response Rate (ORR) reported in a specific patient subset	Phase 2 trial in MSS mCRC patients with high plasma TMB
Efarindodekin alfa	Tumor-activated IL-12	Demonstrated activity at doses over 100-fold greater than recombinant human IL-12 MTD	Phase 1/2 trial; achieved a $17.5 million development milestone in Q4 2025

The company is also advancing preclinical programs leveraging the platform, including masked T cell engagers targeting PSMA, CLDN18.2, and STEAP1, with plans to nominate first development candidates for wholly owned masked T cell engager programs in the second half of 2025.

• Proprietary technology allows for tumor-selective activation.
• Intellectual property covers masked biologics across various formats.
• Cash position as of September 30, 2025: $103.8 million.
• Vilastobart showed a 40% ORR in a defined MSS mCRC population.
• Efarindodekin alfa milestone payment received: $17.5 million.

Xilio Therapeutics, Inc. (XLO) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Xilio Therapeutics, Inc. believes its pipeline offers a distinct advantage in oncology. The primary value is rooted in their proprietary masking technology, which is designed to keep potent therapies inactive until they reach the tumor microenvironment (TME).

Tumor-selective immuno-oncology therapies are central to the value proposition, specifically engineered to reduce systemic toxicity associated with current treatments. This localization of activity is achieved through their platform, which engineers novel molecules, including cytokines and antibodies, to optimize their therapeutic index. As of September 30, 2025, Xilio Therapeutics reported total assets of $133.6 million, reflecting the investment in these platform-driven programs.

The masking technology directly translates to a potential for a wider therapeutic window compared to non-masked agents. Preclinical data presented in November 2025 supported the best-in-class potential of their masked T cell engager programs by showing efficient masking and potent anti-tumor activity relative to non-masked counterparts.

The differentiated clinical efficacy data, particularly for vilastobart, provides concrete evidence of this value. The latest late-breaking data presented in November 2025 at SITC showed a 40% Objective Response Rate (ORR) in a specific, heavily pre-treated subset of patients with microsatellite stable metastatic colorectal cancer (MSS mCRC) who also had high plasma tumor mutational burden (TMB) of ≥10 mutations/Mb and no liver metastases.

Here's a quick look at how that efficacy data compares across reporting periods for vilastobart in this MSS mCRC subset without liver metastases:

Data Cutoff/Presentation Date	Objective Response Rate (ORR)	Patient Status Context
January 2025 (Preliminary)	27%	Patients without liver metastases
May 2025 (Preliminary)	26%	Heavily pre-treated patients without liver metastases
November 2025 (Updated)	40%	Heavily pre-treated, high plasma TMB patients without liver metastases

Further supporting the differentiated safety profile in the November 2025 data, only 5% of patients discontinued treatment due to treatment-related adverse events, and 7% experienced colitis of any grade. Xilio estimates that this high plasma TMB population represents about 55% of MSS CRC patients, a significant expansion from traditional tissue-based assay estimates of less than 10%.

The platform also targets difficult-to-treat, immunologically cold tumors through novel mechanisms. For instance, efarindodekin alfa, a tumor-activated IL-12, is designed to reprogram the TME of poorly immunogenic "cold" tumors toward an inflamed or "hot" state. Phase 1 data for efarindodekin alfa showed promising monotherapy anti-tumor activity at doses over 100-fold greater than the maximum tolerated dose of recombinant human IL-12.

The core technological value propositions include:

• Tumor-activated cytokines and antibodies.
• Advanced tumor-activated cell engager (ATACR) format.
• Selective effector-enhanced cell engager (SEECR) format.
• Incorporation of co-stimulation to improve durability of T cell response.

Financially, the value proposition is underscored by significant non-dilutive funding, such as the $19.1 million in collaboration and license revenue recognized in the third quarter of 2025. The company anticipates its cash position of $103.8 million as of September 30, 2025, will fund operations into the first quarter of 2027.

Xilio Therapeutics, Inc. (XLO) - Canvas Business Model: Customer Relationships

You're looking at how Xilio Therapeutics, Inc. manages its most critical external relationships, which are the lifeblood for a clinical-stage company. These aren't just sales; they are deep, scientific alliances and regulatory navigation.

High-touch, long-term strategic collaboration management with pharma partners

Xilio Therapeutics, Inc. relies heavily on strategic alliances to fund and advance its pipeline, which means these relationships are managed with a high degree of focus and long-term planning. The collaboration with AbbVie, for instance, which leverages Xilio Therapeutics, Inc.'s tumor-activation technology for novel immunotherapies, brought in $52.0 million in total upfront payments in the first quarter of 2025 alone. This deal alone, plus a stock purchase agreement, significantly bolstered the balance sheet, leading to cash and cash equivalents of $89.1 million as of March 31, 2025. The potential value here is substantial, with Xilio Therapeutics, Inc. eligible to receive up to approximately $2.1 billion in total contingent payments plus tiered royalties from AbbVie.

The existing partnership with Gilead Sciences, Inc. for XTX301 also drives relationship value. For example, Xilio Therapeutics, Inc. recognized $19.1 million in collaboration and license revenue for the quarter ended September 30, 2025, which included revenue from both AbbVie and Gilead. Furthermore, achieving a development milestone of $17.5 million under the Gilead agreement in the fourth quarter of 2025, tied to initiating the Phase 2 portion of the efarindodekin alfa trial, directly reflects the success metrics built into these long-term contracts. This financial structure is designed to keep the lights on; based on Q3 2025 cash and that Gilead milestone, Xilio Therapeutics, Inc. anticipates funding operations into the first quarter of 2027. It's all about validating the platform through these major pharma interactions.

Here's a quick look at the financial impact of these key relationships through Q3 2025:

Metric	Value (as of Q3 2025)	Source Partner
Upfront Payment Received (Q1 2025)	$52.0 million	AbbVie
Development Milestone Received (Q4 2025)	$17.5 million	Gilead
Collaboration and License Revenue (Q3 2025)	$19.1 million	AbbVie and Gilead
Total Potential Contingent Payments	Up to approx. $2.1 billion	AbbVie

Professional and regulatory-compliant interaction with the FDA and other health authorities

Interactions with the FDA are centered on advancing the clinical program, especially for vilastobart, the tumor-activated anti-CTLA-4. The data generated from these trials directly informs regulatory strategy. For instance, new data presented in November 2025 showed a 40% Objective Response Rate (ORR) for vilastobart plus atezolizumab in heavily pre-treated, plasma Tumor Mutational Burden (TMB) high patients (≥10 mutations/Mb) with MSS mCRC without liver metastases. This specific data point, showing a statistically significant correlation (p=0.05) between plasma TMB status and response, is crucial for defining the target patient population for future regulatory submissions.

The safety profile is another key compliance point. The initial Phase 2 data from Q1 2025 showed a preliminary 27% ORR, but also highlighted a differentiated safety profile, with only 5% of patients reporting colitis. More recent data presented in Q2 2025 showed a preliminary 26% ORR, still emphasizing a well-tolerated safety profile with a low incidence of immune-related adverse events. Xilio Therapeutics, Inc. is actively seeking a partner to develop vilastobart further, which indicates ongoing dialogue and alignment on the path forward with health authorities. The company also advanced efarindodekin alfa (XTX301) by initiating patient dosing in the Phase 2 portion of its trial in September 2025.

Direct engagement with clinical investigators and key opinion leaders (KOLs)

Direct engagement with clinical investigators is evidenced by the active trials and data presentations. Xilio Therapeutics, Inc. is evaluating vilastobart in a Phase 2 trial in patients with metastatic MSS CRC, referencing trial identifier NCT04896697. The company presented updated data at the American Society of Clinical Oncology (ASCO) Annual Meeting in May 2025 and later at the Society for Immunotherapy of Cancer (SITC) 40th Annual Meeting in November 2025, which requires direct collaboration with the principal investigators running these studies.

The focus on specific biomarkers and patient subsets demonstrates a deep, data-driven engagement with the scientific community, which includes KOLs. For example, the November 2025 SITC data highlighted that approximately 55% of MSS mCRC patients are estimated to have high plasma TMB, which is the population driving the 40% ORR seen in that subset. Furthermore, the company is advancing multiple masked T cell engager programs, with first development candidates anticipated in the second half of 2025, which necessitates early scientific input from KOLs on target selection and format optimization (ATACR and SEECR).

• Vilastobart Phase 2 ORR in TMB-high MSS mCRC (Nov 2025 data): 40%.
• Vilastobart Phase 2 ORR in MSS CRC without liver mets (Q1 2025 data): 27%.
• Estimated MSS mCRC population with high plasma TMB: 55%.
• Development candidate nomination for PSMA program (ATACR format) planned for Q3 2025.
• Development candidate nomination for CLDN18.2 program (ATACR format) planned for Q4 2025.

Finance: review Q4 2025 milestone accruals against partnership agreements by next Tuesday.

Xilio Therapeutics, Inc. (XLO) - Canvas Business Model: Channels

You're looking at how Xilio Therapeutics, Inc. gets its science and potential therapies out to partners and the broader scientific community as of late 2025. This is all about external validation and deal-making to fund the pipeline.

Direct out-licensing agreements with major pharmaceutical companies (e.g., AbbVie, Gilead)

The channel for advancing late-stage assets and generating non-dilutive funding heavily relies on these strategic partnerships. Xilio Therapeutics, Inc. secured significant financial milestones through these agreements in 2025.

The collaboration with AbbVie, announced in February 2025, covers up to four programs, focusing on masked T cell engagers and one masked antibody-based immunotherapy. The upfront consideration from this deal was substantial.

Financial Metric	AbbVie Collaboration (Q1 2025)	Gilead Agreement (Q3 2025 Milestone)
Upfront Payment/Milestone Received	$52.0 million total	$17.5 million
Upfront Payment Breakdown (Cash Portion)	$42.0 million cash payment	N/A (Milestone payment)
Upfront Payment Breakdown (Equity Portion)	$10.0 million equity investment	N/A
Equity Investment Price Per Share	$2.30 per share	N/A
Total Potential Future Payments (Contingent/Royalties)	Up to approximately $2.1 billion plus tiered royalties	Part of ongoing agreement terms

Collaboration and License Revenue reflects the recognition of these deals over time. Here's how that revenue looked across the first three quarters of 2025:

Period Ending	Collaboration and License Revenue (USD)
March 31, 2025 (Q1)	$2.9 million
June 30, 2025 (Q2)	$8.1 million
September 30, 2025 (Q3)	$19.1 million

The Q3 2025 revenue included recognition from both the AbbVie and Gilead collaborations. The Gilead agreement revenue recognized in Q3 2025 was tied to achieving a development milestone of $17.5 million.

Clinical trial sites and investigator networks for drug testing and data generation

The clinical network is the engine for generating the data needed to prove the value proposition. Xilio Therapeutics, Inc. is running trials across multiple assets.

For the vilastobart Phase 2 trial in metastatic microsatellite stable colorectal cancer (MSS CRC):

• Data cutoff date: May 12, 2025.
• Total patients treated with the combination: 44 patients.
• Patients without liver metastases evaluated for plasma TMB: 24 patients.
• Heavily pre-treated patients (received $\ge$ 3 prior lines of therapy): 80%.

For the efarindodekin alfa (XTX301) Phase 1/2 trial in advanced solid tumors:

• Phase 1A and 1B enrollment completion: Completed as of late 2025.
• Phase 2 portion initiation: Q3 2025.
• Phase 1 monotherapy dose escalation patients treated (as of September 2, 2025): 62 patients.
• Prior lines of anti-cancer therapy (for Phase 1 patients): 89% had $\ge$ 2 lines.

The company is advancing its pipeline through these active clinical sites, with development candidate nominations planned for late 2025 and 2026 for its T cell engager programs.

Scientific conferences (e.g., SITC, ASCO) for presenting clinical data and validation

Presenting data at key medical meetings serves as a critical channel for validation from the oncology community, which in turn supports future partnership discussions.

Key 2025 Conference Data Points:

• ASCO Annual Meeting (May 30 - June 3, 2025): Presented updated Phase 2 data for vilastobart in combination with atezolizumab.
• SITC 40th Annual Meeting (November 5-9, 2025): Multiple poster presentations planned/delivered.

Specific data presentations at the SITC 40th Annual Meeting in November 2025 included:

Program/Topic	Presentation Type	Abstract Number	Key Finding Mentioned
Vilastobart + Atezolizumab (MSS mCRC)	Late-breaking poster	1315	40% Objective Response Rate (ORR) in high plasma TMB patients.
Efarindodekin Alfa (XTX301)	Poster	567	Demonstrated IL-12 Pharmacology in Phase 1.
ctDNA as Biomarker (Vilastobart)	Poster	541	Investigating ctDNA as a potential surrogate for response.

The ORR of 40% for vilastobart in the high plasma Tumor Mutational Burden (TMB) MSS mCRC subset is a key data point shared at SITC 2025. The company estimated that approximately 55% of MSS CRC patients have high plasma TMB.

Xilio Therapeutics, Inc. (XLO) - Canvas Business Model: Customer Segments

You're looking at the key groups Xilio Therapeutics, Inc. (XLO) targets with its tumor-activated immuno-oncology pipeline. This isn't just about selling a drug; it's about who funds the science, who runs the tests, and who ultimately benefits from the therapy.

Large, global pharmaceutical and biotechnology companies seeking I-O assets

These are strategic partners who validate the platform and provide significant non-dilutive capital. Xilio Therapeutics, Inc. (XLO) has active collaborations with major players like AbbVie and Gilead Sciences, Inc.. The value of these relationships is clear in the revenue figures. For the quarter ended September 30, 2025, collaboration and license revenue hit $19.1 million. The deal with AbbVie, announced in Q1 2025, included $52.0 million in total upfront payments. To be fair, the potential upside is even more telling, with Xilio Therapeutics, Inc. (XLO) eligible for up to approximately $2.1 billion in total contingent payments plus tiered royalties from the AbbVie agreement alone.

Oncologists and clinical investigators participating in trials

These professionals are critical for generating the clinical data that proves the value proposition. They are the users of the investigational products in controlled settings. For instance, the Phase 1/2 clinical trial for efarindodekin alfa involved treating 62 patients with advanced solid tumors as of the September 2, 2025, data cutoff. What this estimate hides is the depth of prior treatment these participants have undergone; 89% of those patients had previously received two or more lines of anti-cancer therapy.

Cancer patients with advanced solid tumors, particularly those with high unmet need like MSS CRC

This segment represents the ultimate end-user, where the clinical benefit is realized. Xilio Therapeutics, Inc. (XLO) is heavily focused on microsatellite stable (MSS) metastatic colorectal cancer (mCRC), an area with high unmet need. The data for vilastobart in combination with atezolizumab showed a 40% objective response rate (ORR) in heavily pre-treated MSS mCRC patients without liver metastases who had high plasma tumor mutational burden (TMB). Here's the quick math on the addressable population: Xilio Therapeutics, Inc. (XLO) estimates that approximately 55% of all MSS CRC patients have this high plasma TMB status, which is substantially higher than the less than 10% suggested by older tissue-based assays. Earlier Phase 2 data in Q1 2025 showed a preliminary 27% ORR in MSS CRC patients without liver metastases.

Institutional and individual investors funding the R&D pipeline

These groups provide the necessary capital to advance the pipeline from discovery through clinical trials. Xilio Therapeutics, Inc. (XLO) has raised a total of $233M across 5 funding rounds. As of late 2025, the company has 18 institutional investors. Financially, the company ended Q3 2025 with $103.8 million in cash and cash equivalents. The June 2025 follow-on public offering brought in $47.0 million in net proceeds. Furthermore, the company has the potential to receive up to an additional $100.0 million if all outstanding warrants are exercised for cash by the second half of 2026. As of November 11, 2025, the market capitalization stood at $41.2M.

You can see the key financial and clinical metrics tied to these segments below:

Customer Segment	Key Metric/Statistic	Value/Amount (as of late 2025)	Data Source Context
Pharmaceutical Partners	Q3 2025 Collaboration & License Revenue	$19.1 million	Revenue recognized from collaborations like AbbVie and Gilead
Pharmaceutical Partners	AbbVie Upfront Payment	$52.0 million	Total upfront payment received in Q1 2025
Oncologists/Investigators	Efarindodekin Alfa Phase 1 Patients Treated	62	As of September 2, 2025, in the Phase 1/2 trial
Oncologists/Investigators	Prior Therapy in Efarindodekin Alfa Trial	89%	Percentage of patients with two or more prior lines of therapy
Cancer Patients (MSS CRC)	Vilastobart ORR (High Plasma TMB)	40%	Objective Response Rate in heavily pre-treated MSS mCRC patients
Cancer Patients (MSS CRC)	Estimated High Plasma TMB Population	55%	Estimated percentage of MSS CRC patients with TMB ≥10 mutations/Mb
Investors	Total Funding Raised	$233M	Total capital raised across 5 funding rounds
Investors	Cash & Equivalents (Q3 2025)	$103.8 million	Cash position as of September 30, 2025
Investors	Potential Future Proceeds (Warrants)	Up to $100.0 million	Gross proceeds if all Series B and C warrants are exercised by H2 2026

• Large, global pharmaceutical and biotechnology companies seeking I-O assets:
  • Collaboration revenue for Q3 2025 was $19.1 million.
  • Potential contingent payments from AbbVie agreement up to $2.1 billion.
• Oncologists and clinical investigators participating in trials:
  • 62 patients treated with efarindodekin alfa as of September 2, 2025.
  • 89% of those patients had two or more prior lines of therapy.
• Cancer patients with advanced solid tumors, particularly those with high unmet need like MSS CRC:
  • Observed ORR of 40% for vilastobart in high plasma TMB MSS CRC patients.
  • Estimated 55% of MSS CRC patients have high plasma TMB.
• Institutional and individual investors funding the R&D pipeline:
  • Total capital raised is $233M.
  • Cash on hand as of September 30, 2025, was $103.8 million.

Finance: draft 13-week cash view by Friday.

Xilio Therapeutics, Inc. (XLO) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive Xilio Therapeutics, Inc.'s operations as they push their pipeline forward. For a clinical-stage biotech, the cost structure is heavily weighted toward the science and the trials needed to prove that science works.

Research & Development (R&D) expenses are the single largest cost driver. For the quarter ended September 30, 2025, R&D expenses totaled $14.3 million. This spending reflects the ongoing commitment to advancing their clinical candidates.

The costs associated with running multiple Phase 1/2 clinical trials are embedded within that R&D spend. Specifically, the Q3 2025 increase in R&D was driven by:

• Increased clinical development activities related to efarindodekin alfa.
• Manufacturing activities related to IND-enabling studies for XTX501.
• Costs related to early-stage programs.

The company was actively managing ongoing Phase 1/2 clinical trials for efarindodekin alfa and XTX301 during this period.

General and Administrative (G&A) expenses cover the necessary corporate overhead to keep the lights on and protect the science. For the same quarter ending September 30, 2025, G&A expenses were $6.7 million. This was an increase from $6.3 million in Q3 2024.

Personnel costs for specialized scientific and clinical teams are a major component of both R&D and G&A. The rise in G&A expenses was primarily attributed to increased professional and consulting fees, including legal fees, and higher personnel-related costs. IP maintenance costs are part of this overhead, though a specific dollar amount for IP maintenance alone isn't broken out in the latest reports.

Here's a quick look at the operating expense breakdown for Q3 2025:

Expense Category	Amount for Quarter Ended September 30, 2025
Research & Development (R&D) Expenses	$14.3 million
General & Administrative (G&A) Expenses	$6.7 million
Total Operating Expenses (Approximate)	$21.0 million

The total operating expenses for Xilio Therapeutics, Inc. were approximately $21.0 million for the third quarter of 2025.

The cost structure is clearly focused on advancing the pipeline, which is typical for a company at this stage. The cash position of $103.8 million as of September 30, 2025, was anticipated to fund operations into the first quarter of 2027, which gives them runway to cover these costs.

Finance: draft 13-week cash view by Friday.

Xilio Therapeutics, Inc. (XLO) - Canvas Business Model: Revenue Streams

You're looking at how Xilio Therapeutics, Inc. (XLO) converts its science into cash, and right now, it's heavily weighted toward partnerships. The revenue streams are almost entirely driven by non-sales activities, which is typical for a clinical-stage biotech firm. These are the upfront fees, the milestone hits, and the promise of future royalties.

The biggest immediate cash infusion came from the AbbVie deal announced in February 2025. Xilio Therapeutics, Inc. received a substantial \$52.0 million in total upfront payments from AbbVie under that collaboration, license and option agreement. That figure actually included a \$10.0 million equity investment component, so the cash component was \$42.0 million plus the equity. This deal is key because it validates the tumor-activation technology platform.

The revenue recognition from these deals flows through as collaboration and license revenue. For the first three quarters of 2025, Xilio Therapeutics, Inc. reported collaboration and license revenue of \$30.08 million. This total is built up from payments received across the year from both the AbbVie and Gilead agreements.

Here's a quick look at how that collaboration revenue broke down quarter-by-quarter for the first nine months of 2025, based on reported figures:

Period Ended	Collaboration & License Revenue	Primary Contributor(s)
March 31, 2025 (Q1)	\$2.9 million	AbbVie and Gilead collaborations
June 30, 2025 (Q2)	\$8.1 million	AbbVie and Gilead collaborations
September 30, 2025 (Q3)	\$19.1 million	AbbVie and Gilead collaborations

Another critical component of the revenue stream is the milestone payments tied to clinical progress. Xilio Therapeutics, Inc. hit a significant development milestone under its license agreement with Gilead Sciences, Inc. in the fourth quarter of 2025, earning \$17.5 million. This payment was tied to initiating the Phase 2 portion of the clinical trial for efarindodekin alfa. If onboarding takes 14+ days, churn risk rises, but hitting these clinical markers is exactly what drives these non-dilutive payments.

Looking further out, the potential for future revenue is massive, though entirely contingent on success. The AbbVie agreement sets the stage for significant future payments:

• Future tiered royalties on net sales of licensed products.
• Eligibility for up to approximately \$2.1 billion in total contingent payments.
• These contingent payments cover option-related fees and development milestones.

So, the current revenue model for Xilio Therapeutics, Inc. is a blend of immediate upfront cash, earned milestone payments, and a large, long-term potential upside based on successful clinical execution. Finance: draft 13-week cash view by Friday.