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Xilio Therapeutics, Inc. (XLO)·Q4 2024 Earnings Summary

Executive Summary

  • Reported Q4 2024 license revenue of $1.7M, net loss of $13.1M ($0.20 per share), and cash of $55.3M; FY 2024 license revenue totaled $6.3M as Gilead IL‑12 licensing revenue ramped .
  • Sequential operating discipline persisted: Q3 2024 net loss was $14.0M vs. $13.1M in Q4; prior-year Q4 net loss was $17.7M, reflecting lower R&D spend and G&A efficiencies year over year .
  • Guidance raised on runway: with $52.0M received from AbbVie in Q1 2025 (including $10.0M equity), cash is expected to fund operations into Q1 2026 vs. prior guidance through end of Q2 2025; strategic collaboration eligible for up to ~$2.1B in milestones plus tiered royalties .
  • Near-term clinical catalysts: initial Phase 2 combo data for vilastobart in MSS CRC at ASCO GI (Jan 2025) and additional Phase 2 data mid‑2025; Phase 1 XTX301 continues enrollment with favorable tolerability profile .

What Went Well and What Went Wrong

What Went Well

  • Management highlighted encouraging initial Phase 2 combo data signal for vilastobart + atezolizumab in late-line MSS CRC (27% preliminary ORR in patients without liver metastases; low immune-related AEs including 5% colitis), supporting a differentiated safety profile. “We look forward to reporting additional data… in the middle of this year.” — René Russo, CEO .
  • Strategic validation and capital infusion via AbbVie collaboration: $52.0M upfront (including $10.0M equity) received in Q1 2025; eligibility for up to ~$2.1B in milestones plus tiered royalties extends cash runway into Q1 2026 .
  • Operational efficiency: R&D and G&A decreased YoY, driven by discontinuation of XTX202, lower early-stage program spending and insurance, partially offset by increased spend in vilastobart and XTX301; net loss improved YoY .

What Went Wrong

  • Product revenue absent; revenue remains licensing-driven (Gilead), reinforcing financing dependence and clinical risk until pivotal efficacy emerges .
  • Deferred revenue increased materially (reflecting licensing flows), while equity declined YoY, underscoring balance sheet sensitivity to external funding cycles .
  • No published Q4 2024 earnings call transcript in our sources; limited ability to assess Q&A tone shifts and estimate calibration from live discussion (press release serves as primary commentary) .

Financial Results

MetricQ4 2023Q2 2024Q3 2024Q4 2024
License Revenue ($USD Millions)$0.0 $2.357 $2.263 $1.724
Research & Development Expense ($USD Millions)$11.736 $11.216 $10.759 $8.836
General & Administrative Expense ($USD Millions)$6.394 $5.815 $6.307 $6.517
Total Operating Expenses ($USD Millions)$18.130 $17.061 $17.025 $15.353
Loss from Operations ($USD Millions)$(18.130) $(14.704) $(14.762) $(13.629)
Other Income, net ($USD Millions)$0.475 $0.779 $0.742 $0.536
Net Loss ($USD Millions)$(17.655) $(13.925) $(14.020) $(13.093)
Net Loss per Share (Basic & Diluted)$(0.64) $(0.24) $(0.22) $(0.20)
Weighted Avg Shares (Basic & Diluted)27,557,021 57,760,178 63,465,063 64,675,807

KPIs and Balance Sheet

MetricQ4 2023Q2 2024Q3 2024Q4 2024
Cash and Cash Equivalents ($USD Millions)$44.704 $74.949 $61.259 $55.291
Deferred Revenue ($USD Millions)$0.000 $36.767 $34.504 $32.780
Other Liabilities ($USD Millions)$24.099 $19.690 $19.180 $20.697
Stockholders’ Equity ($USD Millions)$36.827 $33.416 $20.974 $17.598

Note: Segment breakdowns are not applicable; the company is a clinical-stage biotech with no commercial product segments.

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash RunwayAs of Q2 2024Fund operations into Q2 2025 Fund operations through end of Q2 2025 (reaffirmed at Q3) Maintained
Cash RunwayAs of Q4 2024Through end of Q2 2025 Into Q1 2026, including $52.0M upfront from AbbVie in Q1 2025 Raised

No revenue/EPS margin guidance was issued; management focuses guidance on cash runway and clinical milestones.

Earnings Call Themes & Trends

TopicPrevious Mentions (Q2 2024)Previous Mentions (Q3 2024)Current Period (Q4 2024)Trend
Vilastobart (anti‑CTLA‑4)Initiated Phase 2 in MSS CRC; initial data expected Q4/Q1 Presented initial Phase 1C combo data; Phase 2 ongoing Preliminary Phase 2 signal; additional data mid‑2025 Advancing with encouraging signals
XTX301 (IL‑12)Phase 1 dose escalation ongoing; data expected Q4 Continued enrollment; Q4 data planned Preliminary Phase 1 data with improved tolerability and sustained IFNγ signaling Positive early tolerability/pharmaco profile
Partnerships/CapitalGilead IL‑12 license; upfront and equity proceeds in cash balance Cash $61.3M; license revenue recognized AbbVie collaboration with $52.0M upfront; runway to Q1 2026 Strengthened funding/validation
R&D ExecutionLower R&D YoY from XTX202 discontinuation; increased spend in vilastobart/XTX301 Similar drivers; net loss narrowed R&D $8.8M in Q4; net loss improved YoY Continued operating discipline
Regulatory/Presentations—SITC late-breaker (vilastobart combo) ASCO GI poster for Phase 2 vilastobart combo (Jan 2025) Ongoing visibility-building

Note: A Q4 2024 earnings call transcript was not available in our sources; thematic tracking leverages press releases and the Q4 2024 8‑K exhibit.

Management Commentary

  • “Encouraging initial Phase 2 combination data for vilastobart… preliminary 27% objective response rate in patients without liver metastases… differentiated safety profile, including a low incidence of immune-related adverse events and only 5% of patients reporting colitis.” — René Russo, CEO .
  • “We are excited to be advancing multiple novel masked T cell engager programs internally and as part of our recently announced collaboration with AbbVie.” — René Russo, CEO .
  • Financial discipline and cash runway: “Cash and cash equivalents were $55.3 million… received $52.0 million in upfront payments… sufficient to fund… into the first quarter of 2026.” .

Q&A Highlights

  • No Q4 2024 earnings call transcript available in our document set; the company’s press release and 8‑K were the primary sources of management commentary for the period .
  • For live discussion context, Xilio hosted an investor call in Nov 2024 to review Phase 1C vilastobart combo data; no Q4 transcript is captured in our sources .

Estimates Context

  • Wall Street consensus estimates (S&P Global) for Q4 2024 EPS and revenue were unavailable due to data access limits at the time of this analysis; as a result, we cannot quantify beats/misses versus consensus.*
  • Given licensing-driven revenue and pre-commercial status, we expect the Street to focus on cash runway, milestone cadence, and clinical data readouts rather than quarterly EPS dispersion .

*Values retrieved from S&P Global.

Key Takeaways for Investors

  • Clinical signal and safety for vilastobart + atezolizumab in late-line MSS CRC strengthen the case for tumor‑activated IO; additional Phase 2 data mid‑2025 and ASCO GI Jan 2025 offer near-term catalysts .
  • AbbVie collaboration materially extends runway to Q1 2026, reducing near-term financing risk and adding external validation; contingent milestone structure offers upside if programs advance .
  • Operational cost reductions and focus (XTX202 discontinued; spend concentrated on vilastobart/XTX301) improved YoY net loss, supporting capital efficiency in clinical execution .
  • Revenue remains licensing-driven (Gilead), underscoring dependence on business development and clinical progress until commercialization; monitor deferred revenue and partner updates .
  • Trading setup: stock likely to be sensitive to clinical data quality (ORR in liver metastasis subgroup, durability, safety) and partnering progress on vilastobart; downside skew if signals fade, upside if efficacy replicates in broader MSS CRC cohorts .
  • Medium term: watch XTX301’s IL‑12 profile (tolerability/IFNγ signaling without tachyphylaxis) and masked T cell engager pipeline evolution (ATACR/SEECR programs, candidate nominations/IND timing) as potential platform value drivers .