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Xilio Therapeutics, Inc. (XLO)·Q1 2025 Earnings Summary

Executive Summary

  • Q1 2025 results: collaboration and license revenue of $2.93M and net loss per share of $(0.18); year-over-year improved from $0 revenue and $(0.62) EPS, and sequentially stronger revenue than Q4 2024 ($1.72M) .
  • Results were a significant miss versus S&P Global consensus: revenue $23.2M* and EPS $0.095*; actuals were $2.93M revenue and $(0.18) EPS, reflecting absence of large milestone recognition in the quarter .
  • Cash increased to $89.1M (from $55.3M at YE24) buoyed by $52.0M upfront from AbbVie; runway maintained “into Q1 2026” .
  • Strategic catalysts: updated Phase 2 vilastobart data at ASCO (May 30–Jun 3) and masked T cell engager programs advancement under AbbVie collaboration .

What Went Well and What Went Wrong

What Went Well

  • Encouraging initial Phase 2 efficacy for vilastobart + atezolizumab in late-line MSS CRC: preliminary 27% ORR in patients without liver metastases with differentiated safety (low colitis/irAEs). “We presented encouraging initial Phase 2 data… preliminary 27% objective response rate… low incidence of colitis and other immune-related adverse events” — René Russo, CEO .
  • Strengthened balance sheet and validation via AbbVie: received $52.0M upfront; eligible for up to ~$2.1B in contingent payments plus tiered royalties .
  • Sequential revenue improvement and cost discipline: Q1 collaboration/license revenue $2.93M (vs. $1.72M in Q4); R&D down to $8.3M from $10.4M YoY due to program reprioritization .

What Went Wrong

  • Large miss vs. consensus: revenue $2.93M vs. $23.2M*; EPS $(0.18) vs. $0.095* — highlighting dependence on unpredictable collaboration timing and lack of product revenue .
  • G&A increased to $8.5M (from $6.1M YoY), driven by higher legal and personnel costs, diluting operating leverage in the quarter .
  • Ongoing losses and limited near-term commercial visibility: net loss $13.3M; continued reliance on external funding and milestone revenue; runway only into Q1 2026 absent additional capital .

Financial Results

Income Statement Summary (selected metrics)

MetricQ1 2024Q3 2024Q4 2024Q1 2025
Collaboration & License Revenue ($USD Millions)$0.00 $2.26 $1.72 $2.93
Research & Development Expense ($USD Millions)$10.40 $10.76 $8.84 $8.27
General & Administrative Expense ($USD Millions)$6.14 $6.31 $6.52 $8.52
Total Operating Expenses ($USD Millions)$17.49 $17.03 $15.35 $16.78
Loss from Operations ($USD Millions)$(17.49) $(14.76) $(13.63) $(13.85)
Net Loss ($USD Millions)$(17.20) $(14.02) $(13.09) $(13.27)
EPS, Basic & Diluted ($USD)$(0.62) $(0.22) $(0.20) $(0.18)
Weighted Avg. Shares (Millions)27.91 63.47 64.68 74.70

Q1 2025 Actual vs. Consensus

MetricConsensusActual
Revenue ($USD Millions)$23.20*$2.93
EPS ($USD)$0.095*$(0.18)
# of Estimates (Revenue/EPS)2*/2*—

Values retrieved from S&P Global.*

KPIs and Balance Sheet

KPIQ1 2024Q4 2024Q1 2025
Cash & Cash Equivalents ($USD Millions)—$55.29 $89.07
Deferred Revenue ($USD Millions)—$32.78 $78.99
Other Liabilities ($USD Millions)—$20.70 $14.02
Stockholders’ Equity ($USD Millions)—$17.60 $10.70
Total Assets ($USD Millions)—$71.08 $103.72

Note: Q1 2024 balance sheet not presented in available documents.

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash RunwayCompany-level“Into Q1 2026” (as of YE24, reiterated with AbbVie upfront) “Into Q1 2026” (as of Mar 31, 2025) Maintained
Clinical Milestones2025Report additional Phase 2 vilastobart data mid-2025 Updated Phase 2 data at ASCO May 30–Jun 3, 2025 Clarified timing window
Masked T Cell Engager Programs2H 2025–2027Announced programs; initial timelines disclosed Feb 12 Timelines reiterated: PSMA DC nomination 3Q25; CLDN18.2 4Q25; STEAP1 1H26; INDs 2027 Maintained

Earnings Call Themes & Trends

No Q1 2025 earnings call transcript found; the company issued detailed press releases and hosted event-specific webcasts (e.g., Jan 22 Phase 2 data call) .

TopicPrevious Mentions (Q3 2024)Previous Mentions (Q4 2024)Current Period (Q1 2025)Trend
Vilastobart efficacy/safety in MSS CRCPreparing initial Phase 2 data; Phase 1C dose escalation; SITC poster Initial Phase 2 data: preliminary 27% ORR (no liver mets), low irAEs; more data mid-2025 Reiterated 27% ORR; ASCO update scheduled; partnering efforts Improving clinical visibility
XTX301 (IL-12)Continued enrollment; plan to report Phase 1 data in 4Q24 Preliminary Phase 1 data: tolerability; sustained IFN-γ signaling; continue dose escalation/expansion Continue monotherapy dose escalation in partnership with Gilead Steady execution
Masked T Cell EngagersResearch-stage progress; SEECR format preclinical data Announced intent; timelines emerging Formal program launch + AbbVie collaboration; detailed timelines Acceleration via partnership
Balance sheet/runwayCash $61.3M; runway through 2Q25 Cash $55.3M; AbbVie upfront in 1Q25; runway into Q1 2026 Cash $89.1M; runway into Q1 2026 Strengthened
Partnering strategyRoche combo trial; Gilead license (IL-12) AbbVie collaboration announced (upfront + milestones/royalties) AbbVie upfront received; seeking partner for vilastobart Broadening

Management Commentary

  • “We presented encouraging initial Phase 2 data… preliminary 27% objective response rate… differentiated safety profile with a low incidence of colitis and other immune-related adverse events” — René Russo, CEO .
  • “MSS CRC is… very difficult to treat… We look forward to reporting updated Phase 2 data at the upcoming ASCO meeting” — René Russo .
  • “Based on the promising initial Phase 2 data for vilastobart, Xilio is seeking opportunities to partner the vilastobart program to accelerate and expand further development” .
  • “Today, we are excited to announce… multiple internal masked T cell engager programs, as well as a multi-program collaboration with AbbVie” — René Russo .

Q&A Highlights

  • No Q1 2025 earnings call transcript available in the document set. The company hosted a webcast on Jan 22, 2025 to discuss Phase 2 data; transcript was not provided in the filings database .
  • Guidance clarifications centered on timing of ASCO data and program timelines in press releases, not Q&A transcripts .

Estimates Context

  • Consensus for Q1 2025 implied material milestone recognition that did not occur: revenue $23.2M* vs. actual $2.93M; EPS $0.095* vs. actual $(0.18), both on 2 covering estimates* .
  • Forward models should reduce near-term collaboration revenue assumptions unless specific milestone triggers are identified; Opex trajectory shows R&D moderation but G&A trending higher, suggesting EPS sensitivity remains elevated .

Values retrieved from S&P Global.*

Key Takeaways for Investors

  • Pipeline momentum is the core near-term stock driver: ASCO updated Phase 2 vilastobart data is a critical catalyst; positive durability/safety could support partnering and valuation upside .
  • Expect estimate resets: with no large milestones, Q1 materially missed revenue/EPS consensus; models should reflect lumpy collaboration revenue and continued net losses .
  • Balance sheet improved via AbbVie upfront; runway into Q1 2026 provides execution window but implies need for additional capital beyond that for INDs/mid-stage trials .
  • Strategic optionality expanding: AbbVie collaboration plus potential vilastobart partnership diversify funding and de-risk development pathways .
  • Operational focus: R&D tightened (down YoY) but G&A elevated; monitor expense mix and legal/professional spend given increasing partnership activity .
  • Clinical scope: XTX301 tolerability and IFN-γ signaling supportive; masked T cell engager programs (PSMA, CLDN18.2, STEAP1) have defined nomination/IND timelines—watch for 2H 2025 DC nominations .
  • Trading implications: Near-term moves tied to ASCO data readout and any vilastobart partnering announcements; earnings prints are less indicative given collaboration revenue timing .