Xilio Therapeutics Announces Pipeline and Business Updates and First Quarter 2025 Financial Results
- 27% objective response rate for vilastobart in MSS CRC patients without liver metastases
- Low incidence of colitis and immune-related adverse events in vilastobart trials
- $52M upfront payment received from AbbVie collaboration agreement
- Reduced net loss to $13.3M from $17.2M year-over-year
- Multiple development candidates expected in H2 2025 for T cell engager programs
- Limited cash runway extending only into Q1 2026
- Increased G&A expenses to $8.5M from $6.1M year-over-year
- Seeking partnership opportunities for vilastobart program, suggesting potential resource constraints
Insights
Vilastobart shows remarkable 27% response in "cold" MSS colorectal cancer with good safety profile; strategic partnerships bolster $89.1M cash position.
The preliminary 27% objective response rate for vilastobart in combination with atezolizumab in metastatic microsatellite stable colorectal cancer (MSS CRC) patients without liver metastases is genuinely impressive. For context, MSS CRC has historically been considered an immunologically "cold" tumor type with response rates to immunotherapies typically below 5%. What's particularly noteworthy here is that this efficacy comes with a differentiated safety profile showing low incidence of colitis and other immune-related adverse events that typically limit anti-CTLA-4 therapies.
Xilio's tumor-activated approach appears to be successfully threading the needle between efficacy and safety by localizing immunotherapy activity to the tumor microenvironment. The upcoming ASCO presentation will be crucial, as additional response assessments and longer follow-up data will determine whether these responses are durable.
The company's pipeline diversification across multiple modalities is strategically sound. Their masked T cell engager programs utilizing proprietary ATACR and SEECR formats represent a methodical approach to conquering multiple high-value cancer targets (PSMA, CLDN18.2, STEAP1). The SEECR format, which adds co-stimulatory signaling to enhance potency, could potentially address limitations of current T cell engagers.
The AbbVie collaboration provides significant validation of Xilio's tumor-activation technology, while the ongoing Gilead partnership for XTX301 (tumor-activated IL-12) helps de-risk that program. The decision to seek partners for vilastobart suggests a pragmatic approach to accelerating clinical development while managing resources.
Strategic partnerships delivered $52M upfront payment, extending cash runway while validating platform technology with $2.1B in potential milestone payments.
Xilio's financial position has significantly improved, with cash increasing to $89.1 million from $55.3 million at year-end 2024, primarily due to the $52 million upfront payment from AbbVie. This collaboration agreement demonstrates the value pharmaceutical companies place on Xilio's tumor-activation platform, with potential for up to $2.1 billion in contingent payments plus tiered royalties.
The operational metrics show positive trends, with quarterly net loss improving to $13.3 million from $17.2 million in Q1 2024. The reduction in R&D expenses (down to $8.3 million from $10.4 million) reflects prudent resource allocation, particularly the decision to discontinue investment in XTX202 (masked IL-2) to focus on more promising assets.
The $2.9 million in collaboration revenue marks the beginning of what could become a significant revenue stream as programs advance through development milestones. The financial guidance projecting runway into Q1 2026 provides approximately 9-10 months of operational flexibility from today, which is relatively short for a clinical-stage biotech but reasonable given their partnership-focused strategy.
The strategic decision to seek partners for vilastobart makes financial sense given the capital-intensive nature of later-stage clinical trials. This approach allows Xilio to leverage external resources for their most advanced program while maintaining focus on their differentiated platform technology and earlier-stage pipeline assets. The staggered development timelines across multiple programs (with IND filings planned between 2026-2027) create a balanced risk profile and potential for multiple value inflection points.
Updated Phase 2 data to be presented at ASCO for vilastobart, a tumor-activated, Fc-enhanced, anti-CTLA-4, in combination with atezolizumab in patients with metastatic microsatellite stable colorectal cancer (MSS CRC)
Advancing multiple masked T cell engager programs utilizing Xilio’s novel ATACR and SEECR formats, with first development candidates anticipated in second half of 2025
WALTHAM, Mass., May 08, 2025 (GLOBE NEWSWIRE) -- Xilio Therapeutics, Inc. (Nasdaq: XLO), a clinical-stage biotechnology company discovering and developing tumor-activated immuno-oncology therapies for people living with cancer, today announced pipeline progress and business updates and reported financial results for the first quarter ended March 31, 2025.
“In the first quarter, we presented encouraging initial Phase 2 data for vilastobart, our tumor-activated anti-CTLA-4, in combination with atezolizumab in patients with late-line MSS CRC. These data included a preliminary
Pipeline and Business Updates
Vilastobart: tumor-activated, Fc-enhanced, high affinity binding anti-CTLA-4
Vilastobart is an investigational tumor-activated, Fc-enhanced, high affinity binding anti-CTLA-4 monoclonal antibody designed to block CTLA-4 and deplete regulatory T cells when activated in the tumor microenvironment (TME). Vilastobart is currently being evaluated in combination with atezolizumab (Tecentriq®) in Phase 1C combination dose escalation in patients with advanced solid tumors and in a Phase 2 clinical trial in patients with MSS CRC.
- In January 2025, Xilio announced encouraging initial Phase 2 data for vilastobart in combination with atezolizumab in patients with MSS CRC. As of a data cutoff date of January 13, 2025, the combination of vilastobart at 100 mg once every six weeks (Q6W) in combination with atezolizumab at 1200 mg once every three weeks (Q3W) demonstrated a preliminary
27% objective response rate in patients without liver metastases accompanied by a generally well-tolerated safety profile. Patients experienced a low incidence of colitis and other immune-related adverse events, which have historically limited the potential for anti-CTLA-4 therapies. For more information, read the press release here. 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.
- Xilio plans to report updated data from the ongoing Phase 2 clinical trial in patients with metastatic MSS CRC, including additional response assessments and further follow-up on the previously reported data, at the 2025 American Society of Clinical Oncology (ASCO) Annual Meeting being held in Chicago from May 30 to June 3, 2025.
Title: Vilastobart (XTX101), a tumor-activated, Fc-enhanced anti-CTLA-4 monoclonal antibody, in combination with atezolizumab in patients with MSS CRC
Abstract ID: 3553
Poster Session: Gastrointestinal Cancer – Colorectal and Anal
Poster Board: 222
Session Date and Time: Saturday, May 31, from 9:00 a.m. to 12:00 p.m. CDT
XTX301: tumor-activated IL-12
XTX301 is an investigational tumor-activated IL-12 designed to potently stimulate anti-tumor immunity and reprogram the TME of poorly immunogenic “cold” tumors towards an inflamed or “hot” state. In March 2024, Xilio entered into an exclusive license agreement with Gilead Sciences, Inc. (Gilead) related to Xilio’s tumor-activated IL-12 program, including XTX301.
- A maximum tolerated dose has not yet been established, and Xilio continues to enroll patients in Phase 1A monotherapy dose escalation and Phase 1B monotherapy dose expansion of the ongoing Phase 1 clinical trial of XTX301.
XTX501: masked PD-1/IL-2 bispecific
XTX501 is a novel, tumor-activated bispecific PD-1/IL-2 designed to selectively stimulate PD-1 positive, antigen-experienced T cells and enhance their function. XTX501 incorporates masking designed to overcome IL-2 receptor-mediated clearance and peripheral activity. In preclinical studies, XTX501 demonstrated robust monotherapy activity (including in settings insensitive to PD-1) and tumor-selective pharmacodynamics consistent with its intended mechanism of action.
- Xilio is currently advancing XTX501 in investigational new drug (IND) enabling studies and plans to submit an IND application for XTX501 in the middle of 2026.
Masked T Cell Engager Programs
Xilio is leveraging its proprietary, clinically validated tumor-activation platform to advance multiple preclinical programs for masked T cell engagers, including wholly owned programs targeting the tumor-associated antigens for PSMA, CLDN18.2 and STEAP1 and an additional program in collaboration with AbbVie.
Xilio’s masked T cell engager programs include bispecific molecules designed using its advanced tumor-activated cell engager (ATACR) format, which consists of a T cell engager with a masked CD3 targeting domain, and tri-specific molecules designed using its selective effector-enhanced cell engager (SEECR) format. The SEECR format builds upon the ATACR format by adding co-stimulatory signaling designed to further enhance potency and T cell activation.
- Xilio anticipates nominating a development candidate for its PSMA program in the ATACR format in the third quarter of 2025 and submitting an IND application in the first quarter of 2027. PSMA has demonstrated potential as a T cell engager target for prostate cancer.
- Xilio anticipates nominating a development candidate for its CLDN18.2 program in the ATACR format in the fourth quarter of 2025 and submitting an IND application in the second quarter of 2027. CLDN18.2 has broad potential as a T cell engager target for gastric, pancreatic, esophageal and lung cancers.
- Xilio anticipates nominating a development candidate for its STEAP1 program in the SEECR format in the first half of 2026 and submitting an IND application in the second half of 2027. STEAP1 has broad potential as a T cell engager target for prostate, colorectal and lung cancers.
Corporate Updates
- In the first quarter of 2025, Xilio announced a collaboration, license and option agreement with AbbVie leveraging Xilio’s proprietary tumor-activation technology and platform to discover and develop novel tumor-activated immunotherapies, including masked T cell engagers, and received
$52.0 million in total upfront payments from AbbVie. Under the agreement, Xilio is also eligible to receive up to approximately$2.1 billion in total contingent payments for option-related fees and milestones plus tiered royalties. For more information, read the joint press release here.
First Quarter 2025 Financial Results
- Cash Position: Cash and cash equivalents were
$89.1 million as of March 31, 2025, compared to$55.3 million as of December 31, 2024. In the first quarter of 2025, Xilio received$52.0 million in total upfront payments in connection with the collaboration agreement with AbbVie.
- Collaboration and License Revenue: Collaboration and license revenue was
$2.9 million for the quarter ended March 31, 2025, which consisted of$2.9 million of total revenue recognized in connection with the collaborations with AbbVie and Gilead. No collaboration and license revenue was recognized for the quarter ended March 31, 2024.
- Research & Development (R&D) Expenses: R&D expenses were
$8.3 million for the quarter ended March 31, 2025, compared to$10.4 million for the quarter ended March 31, 2024. The decrease was primarily driven by decreased clinical development activities for XTX202, a masked IL-2, as a result of discontinuing further investment in XTX202, decreased personnel-related costs due to lower headcount and decreased manufacturing costs for XTX301, partially offset by increased spending related to early stage programs and indirect research and development, increased clinical development activities for vilastobart and manufacturing activities for XTX501 in connection with IND-enabling studies.
- General & Administrative (G&A) Expenses: G&A expenses were
$8.5 million for the quarter ended March 31, 2025, compared to$6.1 million for the quarter ended March 31, 2024. The increase was primarily driven by an increase in legal fees and personnel-related costs, partially offset by a decrease in costs related to directors’ and officers’ liability insurance.
- Net Loss: Net loss was
$13.3 million for the quarter ended March 31, 2025, compared to$17.2 million for the quarter ended March 31, 2024.
Financial Guidance
Based on its current operating plans, Xilio anticipates that its cash and cash equivalents as of March 31, 2025 will be sufficient to enable it to fund its operating expenses and capital expenditure requirements into the first quarter of 2026.
About Vilastobart and the Phase 1/2 Combination Clinical Trial
Vilastobart is an investigational tumor-activated, Fc-enhanced, high affinity binding anti-CTLA-4 monoclonal antibody designed to block CTLA-4 and deplete regulatory T cells when activated in the tumor microenvironment (TME). In 2023, Xilio entered into a co-funded clinical trial collaboration with Roche to evaluate vilastobart in combination with atezolizumab (Tecentriq®) in a multi-center, open-label Phase 1/2 clinical trial. Xilio is currently evaluating the safety of the combination in Phase 1C dose escalation in patients with advanced solid tumors and the safety and efficacy of the combination in Phase 2 in patients with metastatic microsatellite stable colorectal cancer with and without liver metastases. Please refer to NCT04896697 on www.clinicaltrials.gov for additional details.
About XTX301 and the Phase 1 Clinical Trial
XTX301 is an investigational masked IL-12 designed to potently stimulate anti-tumor immunity and reprogram the tumor microenvironment (TME) of poorly immunogenic “cold” tumors towards an inflamed or “hot” state. In March 2024, Xilio entered into an exclusive license agreement with Gilead Sciences, Inc. for Xilio’s tumor-activated IL-12 program, including XTX301. Xilio is currently evaluating the safety and tolerability of XTX301 as a monotherapy in patients with advanced solid tumors in a first-in-human, multi-center, open-label Phase 1 clinical trial. Please refer to NCT05684965 on www.clinicaltrials.gov for additional details.
About Xilio Therapeutics
Xilio Therapeutics is a clinical-stage biotechnology company discovering and developing tumor-activated, or masked, immuno-oncology (I-O) therapies with the goal of significantly improving outcomes for people living with cancer without the systemic side effects of current I-O treatments. The company is leveraging its proprietary platform to advance a pipeline of novel, tumor-activated I-O molecules that are designed to optimize the therapeutic index by localizing anti-tumor activity within the tumor microenvironment. Learn more by visiting www.xiliotx.com and follow us on LinkedIn (Xilio Therapeutics, Inc.).
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, statements regarding plans, expectations, development timelines and anticipated milestones for Xilio’s programs; the timing of data releases; the receipt of future contingent payments under Xilio’s collaboration or partnership agreements with AbbVie and Gilead; the ability to partner vilastobart and expand and accelerate further development; the potential benefits of any of Xilio’s current or future product candidates in any indication; the sufficiency of, and the period in which Xilio expects to have, cash to fund its operations, capital expenditure requirements, and development plans and milestones; and Xilio’s strategy, goals and anticipated financial performance, milestones, business plans and focus. The words “aim,” “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “seek,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this press release are based on management’s current expectations and beliefs and are subject to a number of important risks, uncertainties and other factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, risks related to general market conditions and geopolitical uncertainties; risks and uncertainties related to ongoing and planned research and development activities, including initiating, conducting or completing preclinical studies and clinical trials and the timing and results of such preclinical studies or clinical trials; the delay of any current or planned preclinical studies or clinical trials or the development of Xilio’s current or future product candidates; Xilio’s ability to obtain and maintain sufficient preclinical and clinical supply of current or future product candidates; Xilio’s ability to advance multiple early stage masked T cell engager programs; initial, preliminary or interim preclinical or clinical data or results may not be replicated in or predictive of future preclinical or clinical data or results; Xilio’s ability to successfully demonstrate the safety and efficacy of its product candidates and gain approval of its product candidates on a timely basis, if at all; results from preclinical studies or clinical trials for Xilio’s product candidates may not support further development of such product candidates; actions of regulatory agencies may affect the initiation, timing and progress of current or future clinical trials; Xilio’s ability to obtain, maintain and enforce patent and other intellectual property protection for current or future product candidates; Xilio’s need to obtain additional cash resources to fund its operations beyond the first quarter of 2026, including to advance its pipeline of tumor-activated I-O molecules; the impact of international trade policies on Xilio’s business, including U.S. and China trade policies; and Xilio’s ability to maintain its collaboration or partnership agreements with AbbVie, Gilead and Roche. These and other risks and uncertainties are described in greater detail in the sections entitled “Risk Factor Summary” and “Risk Factors” in Xilio’s filings with the U.S. Securities and Exchange Commission (“SEC”), including Xilio’s most recent Annual Report on Form 10-K and any other filings that Xilio has made or may make with the SEC in the future. Any forward-looking statements contained in this press release represent Xilio’s views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. Except as required by law, Xilio explicitly disclaims any obligation to update any forward-looking statements.
This press release contains hyperlinks to information that is not deemed to be incorporated by reference in this press release.
TECENTRIQ is a registered trademark of Genentech USA, Inc., a member of the Roche Group.
Investor and Media Contact
Scott Young
Vice President, Investor Relations and Corporate Communications
investors@xiliotx.com
| XILIO THERAPEUTICS, INC. | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (In thousands) | ||||||||
| (Unaudited) | ||||||||
| March 31, 2025 | December 31, 2024 | |||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 89,073 | $ | 55,291 | ||||
| Other assets | 14,643 | 15,784 | ||||||
| Total assets | $ | 103,716 | $ | 71,075 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Liabilities | ||||||||
| Deferred revenue | $ | 78,994 | $ | 32,780 | ||||
| Other liabilities | 14,022 | 20,697 | ||||||
| Total liabilities | $ | 93,016 | $ | 53,477 | ||||
| Stockholders’ equity | 10,700 | 17,598 | ||||||
| Total liabilities and stockholders’ equity | $ | 103,716 | $ | 71,075 | ||||
| XILIO THERAPEUTICS, INC. | ||||||||
| Condensed Consolidated Statements of Operations and Comprehensive Loss | ||||||||
| (In thousands, except share and per share data) | ||||||||
| (Unaudited) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| Collaboration and license revenue | $ | 2,930 | $ | — | ||||
| Operating expenses (1) | ||||||||
| Research and development | 8,266 | 10,400 | ||||||
| General and administrative | 8,515 | 6,139 | ||||||
| Restructuring | — | 948 | ||||||
| Total operating expenses | 16,781 | 17,487 | ||||||
| Loss from operations | (13,851 | ) | (17,487 | ) | ||||
| Other income, net | 586 | 284 | ||||||
| Net loss and comprehensive loss | $ | (13,265 | ) | $ | (17,203 | ) | ||
| Net loss per share, basic and diluted | $ | (0.18 | ) | $ | (0.62 | ) | ||
| Weighted average common shares outstanding, basic and diluted (2) | 74,700,364 | 27,912,584 | ||||||
| (1) | Operating expenses include the following amounts of non-cash stock-based compensation expense: |
| Three Months Ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| Research and development expense | $ | 389 | $ | 506 | ||||
| General and administrative expense | 1,146 | 1,327 | ||||||
| Total stock-based compensation expense | $ | 1,535 | $ | 1,833 | ||||
| (2) | Weighted average common shares outstanding, basic and diluted, includes prefunded warrants to purchase common stock and excludes shares of restricted common stock that were not vested as of the applicable period. |
FAQ
What was XLO's objective response rate for vilastobart in MSS CRC patients?
How much cash does Xilio Therapeutics (XLO) have as of Q1 2025?
What was the value of XLO's collaboration agreement with AbbVie?
What was Xilio Therapeutics' (XLO) net loss in Q1 2025?
How long will XLO's current cash runway last?
