$XLO
Xilio Therapeutics Inc

2023 Q1 Form 10-K Financial Statement

#000155837023002687 Filed on March 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.395M $8.170M $29.95M
YoY Change 17.31% -0.41% 25.54%
% of Gross Profit
Research & Development $16.13M $15.00M $59.20M
YoY Change 8.12% 32.11% 15.65%
% of Gross Profit
Depreciation & Amortization $499.0K $489.0K $1.847M
YoY Change 13.41% 24.11% 23.22%
% of Gross Profit
Operating Expenses $23.53M $23.17M $89.15M
YoY Change 10.85% 18.46% 18.8%
Operating Profit -$23.53M -$89.15M
YoY Change 10.85% 18.8%
Interest Expense -$200.0K -$300.0K -$800.0K
YoY Change 0.0% 200.0% 33.33%
% of Operating Profit
Other Income/Expense, Net $880.0K $1.001M $927.0K
YoY Change -782.17% -2324.44% -222.62%
Pretax Income -$22.65M -$22.47M -$88.22M
YoY Change 6.06% 14.03% 16.39%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$22.65M -$22.47M -$88.22M
YoY Change 6.06% 14.03% 16.39%
Net Earnings / Revenue
Basic Earnings Per Share -$0.83 -$3.22
Diluted Earnings Per Share -$0.83 -$0.82 -$3.22
COMMON SHARES
Basic Shares Outstanding 27.47M 27.47M 27.39M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $93.27M $120.4M $120.4M
YoY Change -47.29% -39.22% -39.22%
Cash & Equivalents $93.30M $120.4M $120.4M
Short-Term Investments
Other Short-Term Assets $3.705M $4.111M $4.111M
YoY Change -10.25% -7.91% -7.91%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $96.98M $124.5M $124.5M
YoY Change -46.45% -38.53% -38.53%
LONG-TERM ASSETS
Property, Plant & Equipment $7.252M $7.255M $13.06M
YoY Change -2.89% -4.79% -6.05%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $232.0K $267.0K $1.610M
YoY Change -35.38% -32.06% -2.01%
Total Long-Term Assets $14.53M $14.67M $14.67M
YoY Change -4.82% -5.62% -5.62%
TOTAL ASSETS
Total Short-Term Assets $96.98M $124.5M $124.5M
Total Long-Term Assets $14.53M $14.67M $14.67M
Total Assets $111.5M $139.2M $139.2M
YoY Change -43.21% -36.18% -36.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.013M $3.125M $3.125M
YoY Change -13.38% -0.6% -0.6%
Accrued Expenses $6.483M $10.33M $11.25M
YoY Change -11.47% 18.01% 17.72%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.667M $6.667M $6.749M
YoY Change 299.94% 8130.49%
Total Short-Term Liabilities $16.19M $21.12M $21.12M
YoY Change 32.47% 65.28% 65.28%
LONG-TERM LIABILITIES
Long-Term Debt $1.548M $3.165M $3.210M
YoY Change -80.68% -67.13% -67.06%
Other Long-Term Liabilities $26.00K $45.00K $9.189M
YoY Change -74.0% -61.86% -9.08%
Total Long-Term Liabilities $26.00K $45.00K $12.40M
YoY Change -74.0% -61.86% -37.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.19M $21.12M $21.12M
Total Long-Term Liabilities $26.00K $45.00K $12.40M
Total Liabilities $26.71M $33.52M $33.52M
YoY Change -11.64% 2.72% 2.72%
SHAREHOLDERS EQUITY
Retained Earnings -$271.8M -$249.1M
YoY Change 49.12% 54.84%
Common Stock $3.000K $3.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $84.79M $105.6M $105.6M
YoY Change
Total Liabilities & Shareholders Equity $111.5M $139.2M $139.2M
YoY Change -43.21% -36.18% -36.18%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$22.65M -$22.47M -$88.22M
YoY Change 6.06% 14.03% 16.39%
Depreciation, Depletion And Amortization $499.0K $489.0K $1.847M
YoY Change 13.41% 24.11% 23.22%
Cash From Operating Activities -$25.25M -$18.22M -$75.72M
YoY Change 21.19% 6.18% -6.23%
INVESTING ACTIVITIES
Capital Expenditures $170.0K $509.0K $1.867M
YoY Change -33.07% -234.66% 69.73%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$170.0K -$509.0K -$1.867M
YoY Change -33.07% 34.66% 69.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.688M -21.00K -69.00K
YoY Change 33660.0% -100.02% -100.03%
NET CHANGE
Cash From Operating Activities -25.25M -18.22M -75.72M
Cash From Investing Activities -170.0K -509.0K -1.867M
Cash From Financing Activities -1.688M -21.00K -69.00K
Net Change In Cash -27.11M -18.75M -77.66M
YoY Change 28.51% -119.08% -143.43%
FREE CASH FLOW
Cash From Operating Activities -$25.25M -$18.22M -$75.72M
Capital Expenditures $170.0K $509.0K $1.867M
Free Cash Flow -$25.42M -$18.73M -$77.59M
YoY Change 20.54% 11.61% -5.21%

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CY2022 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
485000
CY2021 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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CY2022 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
1585000
CY2021 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-5617000
CY2022 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
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CY2021 us-gaap Increase Decrease In Operating Lease Liability
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CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1867000
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1100000
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
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CY2021 us-gaap Net Cash Provided By Used In Investing Activities
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CY2021 us-gaap Repayments Of Debt
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CY2021 us-gaap Proceeds From Issuance Of Long Term Debt
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FinanceLeasePrincipalPayments
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CY2021 us-gaap Finance Lease Principal Payments
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CY2021 xlo Payment For Success Fees Financing Activities
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CY2021 us-gaap Proceeds From Issuance Of Convertible Preferred Stock
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CY2021 us-gaap Proceeds From Issuance Of Common Stock
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CY2022 us-gaap Proceeds From Stock Options Exercised
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CY2021 us-gaap Proceeds From Stock Options Exercised
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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121947000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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199606000
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CY2021 us-gaap Interest Paid Net
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CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2021 xlo Derivative Liability Recognized
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250000
CY2021 xlo Conversion Of Warrants Into Equity
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28000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in accordance with GAAP requires management to make estimates and judgments that may affect the reported amounts of assets and liabilities and related disclosures of contingent assets and liabilities at the date of the financial statements and the related reporting of expenses during the reporting period. Management considers many factors in selecting appropriate financial accounting policies and controls and in developing the estimates and assumptions that are used in the preparation of these consolidated financial statements. Factors that may affect estimates include expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes and management must select an amount that falls within that range of reasonable estimates. Significant estimates of accounting reflected in these consolidated financial statements include, but are not limited to, estimates related to accrued expenses, contingent amounts payable to third parties upon the consummation of specified transactions, including an initial public offering, the valuation of equity-based compensation, including stock options and restricted common stock, useful life of long-lived assets and income taxes. Actual results could differ from those estimates.</p>
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1
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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198053000
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CY2021Q4 us-gaap Restricted Cash Noncurrent
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1553000
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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199606000
CY2022 us-gaap Concentration Risk Credit Risk
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentrations of Credit Risk and Significant Suppliers</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company holds all cash and cash equivalents at accredited financial institutions. Bank accounts in the United States are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. As of December 31, 2022 and 2021, certain of the Company’s primary operating accounts significantly exceeded the FDIC limits. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company is dependent on a third-party manufacturer to supply material and manufacturing process development services for its product candidates and related research and development activities. These research and development programs and activities could be adversely affected by a significant interruption in the supply of such products and services which could have a material adverse effect on the Company’s business, financial position and results of operations.</p>
CY2021Q4 xlo Fair Value Liabilities Level2 To Level1 Transfers Amount1
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0
CY2022Q4 xlo Fair Value Liabilities Level2 To Level1 Transfers Amount1
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0
CY2021Q4 xlo Fair Value Liabilities Level1 To Level2 Transfers Amount1
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0
CY2022Q4 xlo Fair Value Liabilities Level1 To Level2 Transfers Amount1
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CY2021 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
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1250000
CY2021 xlo Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Conversion
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28000
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CY2021Q4 us-gaap Property Plant And Equipment Gross
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4418000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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2712000
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CY2021Q4 us-gaap Property Plant And Equipment Net
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7620000
CY2022 us-gaap Depreciation
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CY2021 us-gaap Depreciation
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CY2022Q4 xlo Accrued External Research And Development Current
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3178000
CY2021Q4 xlo Accrued External Research And Development Current
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2794000
CY2022Q4 xlo Accrued Personnel Expenses Current
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CY2021Q4 xlo Accrued Personnel Expenses Current
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CY2021Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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CY2021Q4 us-gaap Accrued Liabilities Current
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CY2019Q3 xlo Lessee Operating Lease Extended Lease Term
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CY2021 us-gaap Operating Lease Cost
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CY2022 us-gaap Variable Lease Cost
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CY2021 us-gaap Variable Lease Cost
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CY2022 xlo Operating Lease Cost Including Variable Cost
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CY2021 xlo Operating Lease Cost Including Variable Cost
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CY2021 us-gaap Finance Lease Right Of Use Asset Amortization
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CY2022 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
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CY2021 us-gaap Finance Lease Interest Expense
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16000
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
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CY2021Q4 us-gaap Operating Lease Right Of Use Asset
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CY2021Q4 us-gaap Operating Lease Liability Current
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CY2022Q4 us-gaap Operating Lease Liability Noncurrent
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CY2021Q4 us-gaap Operating Lease Liability Noncurrent
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CY2021Q4 us-gaap Finance Lease Right Of Use Asset
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CY2021Q4 us-gaap Finance Lease Liability Current
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CY2021Q4 us-gaap Finance Lease Liability Noncurrent
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CY2021 us-gaap Operating Lease Payments
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CY2021 us-gaap Finance Lease Principal Payments
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2022Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
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CY2022Q4 us-gaap Finance Lease Liability Payments Due Year Two
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2022Q4 us-gaap Finance Lease Liability Payments Due
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CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2022Q4 us-gaap Finance Lease Liability Undiscounted Excess Amount
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CY2022Q4 us-gaap Operating Lease Liability
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CY2022Q4 us-gaap Finance Lease Liability
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CY2022Q4 us-gaap Common Stock Shares Authorized
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CY2022Q4 xlo Common Stock Capital Shares Reserved For Future Issuance Conversion Of Convertible Preferred Stock Issuable Upon Exercise Of Warrant
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CY2021Q4 xlo Common Stock Capital Shares Reserved For Future Issuance Conversion Of Convertible Preferred Stock Issuable Upon Exercise Of Warrant
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CY2022Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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CY2021Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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CY2021 us-gaap Allocated Share Based Compensation Expense
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CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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CY2022 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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89000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2021 us-gaap Effective Income Tax Rate Continuing Operations
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CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
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CY2021Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
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CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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733000
CY2022Q4 us-gaap Deferred Tax Assets Gross
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CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
50284000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
71003000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
46745000
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
3407000
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
3539000
CY2022Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
1881000
CY2021Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
1883000
CY2022Q4 xlo Deferred Tax Liabilities Right Of Use Asset
DeferredTaxLiabilitiesRightOfUseAsset
1526000
CY2021Q4 xlo Deferred Tax Liabilities Right Of Use Asset
DeferredTaxLiabilitiesRightOfUseAsset
1633000
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
24300000
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2022 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2022 xlo Defined Contribution Plan Employer Contribution Amount
DefinedContributionPlanEmployerContributionAmount
300000

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