secwatch.observer — SEC 8-K summary
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Issuer:     Xilio Therapeutics, Inc. (XLO)
CIK:        0001840233
Form:       8-K
Filed at:   2024-03-28T23:59:59+00:00
Accession:  0001558370-24-004165
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 2.02, 8.01, 2.05, 3.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Xilio licenses XTX301 to Gilead for $43.5M upfront, up to $604M total; raises $11.3M, cuts 21% workforce
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1840233/000155837024004165/0001558370-24-004165-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1840233/000155837024004165/xlo-20240327x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-24-004165

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer