8-K
filed March 28, 2024, 7:59 PM ET
ticker XLO
CIK 0001840233
M&A
confidence high
sentiment positive
materiality 0.85
Xilio Therapeutics, Inc. (XLO): restructuring charge — Xilio licenses XTX301 to Gilead for $43.5M upfront, up to $604M total; raises $11.3M, cuts 21% workforce
Xilio Therapeutics, Inc.
- Exclusive global license to Gilead for tumor-activated IL-12 XTX301; Xilio receives $43.5M upfront (cash + equity), potential $604M milestones and tiered royalties.
- XTX301 Phase 1 ongoing; Gilead can opt in after Phase 2 data for $75M transition fee; Xilio responsible through initial dose expansion.
- Private placement of $11.3M from existing investors at $0.64/share; prefunded warrants at $0.6399; gross proceeds ~$11.3M.
- Restructuring: cut 15 employees (21% workforce), discontinue XTX202 monotherapy, focus on XTX301 and XTX101; expects ~$1.0M one-time severance costs.
- Preliminary cash $44.7M at 12/31/23; repaid PacWest loan; cash runway into Q2 2025 with Gilead upfront and financing.
Key facts
Extracted from this filing and checked against the source text.
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Xilio Therapeutics, Inc. entered into License Agreement with Gilead Sciences, Inc. valued at approximately $43.5 million in upfront payments (effective 2024-03-27).
- Action
- entry
- Agreement
- license
- Counterparty
- Gilead Sciences, Inc.
- Value
- approximately $43.5 million in upfront payments
- Effective
- 2024-03-27
Exact text from the filing
On March 27, 2024, Xilio Development, Inc. ("Xilio Development"), a wholly-owned subsidiary of Xilio Therapeutics, Inc. (the "Company"), entered into an exclusive license agreement (the "License Agreement") with Gilead Sciences, Inc. ("Gilead")
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Xilio Therapeutics, Inc. entered into Stock Purchase Agreement with Gilead Sciences, Inc. valued at approximately $13.5 million (effective 2024-03-27).
- Action
- entry
- Agreement
- equity purchase
- Counterparty
- Gilead Sciences, Inc.
- Value
- approximately $13.5 million
- Effective
- 2024-03-27
Exact text from the filing
on March 27, 2024, the Company entered into a stock purchase agreement with Gilead (the "Stock Purchase Agreement") pursuant to which the Company agreed to initially issue and sell 6,860,223 of its shares of Common Stock to Gilead in a private placement at a purchase price of $1.97 per share for an aggregate purchase price of approximately $13.5 million
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.7
Xilio Therapeutics, Inc. entered into Investor Rights Agreement with Gilead Sciences, Inc. (effective 2024-03-27).
- Action
- entry
- Agreement
- equity purchase
- Counterparty
- Gilead Sciences, Inc.
- Effective
- 2024-03-27
Exact text from the filing
Pursuant to the terms of an investor rights agreement (the "Investor Rights Agreement") to be entered into between Gilead and the Company at the closing of the Initial Gilead Private Placement
View on SEC.gov
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
Xilio Therapeutics, Inc. announced a restructuring with charges of approximately $1.0 million (a reduction in headcount of 15 employees, representing approximately 21% of the Company's current workforce).
- Type
- restructuring
- Charge
- approximately $1.0 million
- Headcount
- a reduction in headcount of 15 employees, representing approximately 21% of the Company's current workforce
Exact text from the filing
the Company expects to incur one-time costs of approximately $1.0 million, primarily related to cash expenditures for severance and benefits continuation.
View on SEC.gov
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