Xilio Therapeutics' Q1 Cash And Cash Equivalents Of $34M, $30M Upfront Payment Received In April 2024 Under Gilead Agreement And Approximately $14.6M In Gross Proceeds From Private Placement In April 2024 Are Expected To Provide Cash Runway Into Q2 2025
Portfolio Pulse from Benzinga Newsdesk
Xilio Therapeutics reported Q1 cash and cash equivalents of $34M. The company received a $30M upfront payment from Gilead in April 2024 and raised approximately $14.6M through a private placement in April 2024. These funds are expected to extend Xilio's cash runway into Q2 2025.
May 14, 2024 | 11:45 am
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POSITIVE IMPACT
Gilead's strategic investment in Xilio Therapeutics through an upfront payment of $30M underscores a partnership likely aimed at leveraging Xilio's pipeline.
Gilead Sciences' decision to make a $30M upfront payment to Xilio Therapeutics as part of a partnership agreement likely indicates a strategic move to capitalize on Xilio's innovative pipeline. This investment not only provides financial support to Xilio but also potentially enriches Gilead's portfolio with innovative therapies, which could be beneficial for Gilead's long-term growth and market positioning.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Xilio Therapeutics' financial position is strengthened through strategic partnerships and equity actions, extending its operational runway into Q2 2025.
The receipt of a $30M upfront payment from Gilead and the successful raising of approximately $14.6M through a private placement significantly bolsters Xilio Therapeutics' cash reserves. This financial infusion is critical for sustaining operations and potentially advancing its pipeline, making it a positive development for investors.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100