Xilio Therapeutics Inc (NASDAQ: XLO) is a clinical-stage biopharmaceutical company developing tumor-selective immunotherapies for the treatment of cancer. The company generates no product revenue, funding operations through equity financings, collaboration agreements, and an at-the-market offering program. As of the 10-K filed March 23, 2026, Xilio's pipeline centers on vilastobart, a masked anti-CTLA-4 antibody being evaluated in combination with Roche's atezolizumab in a Phase 1/2 trial for microsatellite stable metastatic colorectal cancer without liver metastases, plus early-stage programs including XTX501, a bispecific PD-1/masked IL-2 candidate, and masked T cell engager programs targeting PSMA, STEAP1, and CLDN18.2. A co-funded clinical trial collaboration with F. Hoffmann-La Roche Ltd was entered in 2023. During FY2024, financing activities provided $29.2 million, including $25.7 million from private placements and $6.8 million from the ATM program. The company carries no approved products and expects substantial operating losses and negative cash flows for the foreseeable future.

Revenue model

No product revenue as of the filing date. Cash is raised through equity offerings including private placements, prefunded warrants, an at-the-market stock program, and collaboration agreements. Milestone and royalty payments from licensing are contractually possible but contingent on development and regulatory achievements not yet realized.

Products and services

Vilastobart: masked anti-CTLA-4 antibody in Phase 1/2 for MSS metastatic colorectal cancer without liver metastases, evaluated in combination with atezolizumab (Tecentriq). XTX501: bispecific PD-1/masked IL-2 candidate in development for cancer. Masked T cell engager programs targeting PSMA, STEAP1, and CLDN18.2, with no approved therapies in those targets as of the filing date.

Customers and end markets

No commercial customers as of the filing date. End market is oncology, specifically solid tumor indications including colorectal cancer. Potential future customers would be healthcare payers, hospital systems, and oncology practices upon any product approval.

Value-chain role

Drug discovery and clinical development organization. Relies on contract research organizations for clinical trials and clinical supply manufacturing, and on vendors for preclinical research. Seeks pharmaceutical partners for commercialization of product candidates. Holds a patent portfolio with terms up to 20 years from earliest non-provisional filing, with potential U.S. Hatch-Waxman extensions of up to five years.

Geographic exposure

Primarily U.S.-based operations. Clinical trials conducted on a multi-center basis. International regulatory exposure noted, including GDPR in Europe and data privacy laws in other jurisdictions, but no specific geographic revenue breakdown is disclosed in the filing excerpts.

Competitors

Anaveon AG, Bright Peak Therapeutics Inc, Innovent Biologics Inc, Medicenna Therapeutics Corp, Regeneron Pharmaceuticals Inc, Roche, Teva Pharmaceutical Industries Ltd

Source: SEC 10-K, filed 2026-03-23

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