Cambridge biotech tracker · Waltham
Xilio Therapeutics
Listed on Nasdaq as XLO, filed under SEC industry code 2834 (pharmaceutical preparations). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q2 '26.
- Cash & investments
- $136M
- Q2 '26 · Jun 30, 2026
- Burn per quarter
- $15.1M
- avg. operating cash flow, 4 qtrs
- Runway
- 2.2 yrs
- 24 to 36 months
- Net loss
- $6.4M
- Q2 '26
- R&D expense
- $14.6M
- 66% of opex
- Raised, last 4 qtrs
- +$75.8M
- net financing cash flow
- Next readout
- Sep 2028
- Phase 1/2 · cash to the catalyst, barely
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
2.2 years
Cash at Q2 '26 divided by the average burn of the last four quarters, $5.0M a month.
Management’s own date
Into Q1 2028
Jan–Mar 2028
Guidance counts money received after quarter end, so it is not converted into a burn rate.
“Based on our current operating plans, we anticipate that our existing cash and cash equivalents as of June 30, 2026, together with the $6.0 million development milestone achieved under the AbbVie collaboration in the second quarter of 2026, will be sufficient to enable us to fund our operating expenses and capital expenditure requirements into the first quarter of 2028.”
Cash against the calendar
What the runway has to reach.
Sep 2028estimated
XTX301 in Patients With Advanced Solid Tumors
Advanced Solid Tumor
NCT05684965 on ClinicalTrials.govDoes the cash reach it?
Cash to the catalyst, barely
- Runway
- 2.2 years
- Time to the date
- 22 months
It is about 22 months out. At the current burn the cash lasts roughly 5 months past it. That is a thin margin: a slipped enrollment date or a delayed database lock turns a data-driven raise into a necessary one.
Catalysts ahead
- Sep 2028Phase 1/2XTX301 in Patients With Advanced Solid Tumors
- Nov 2029Phase 1/2XTX501 in Patients With Metastatic Non-Small Cell Lung Cancer and Advanced Solid Tumors
Pipeline
2 active trials, through phase 1/2.
Phase 1/2 · 2
| Study | Phase | Status | Enrolled | Primary completion |
|---|---|---|---|---|
| XTX301 in Patients With Advanced Solid TumorsNCT05684965 · Advanced Solid TumorPhase 1/2Sep 2028est. | Phase 1/2 | Recruiting | ||
| XTX501 in Patients With Metastatic Non-Small Cell Lung Cancer and Advanced Solid TumorsNCT07688577 · Metastatic NSCLC - Non-Small Cell Lung Cancer, Advanced Solid TumorPhase 1/2Nov 2029est. | Phase 1/2 | Recruiting | ||
| Vilastobart (XTX101) Monotherapy and Vilastobart and Atezolizumab Combination Therapy in Advanced Solid TumorsNCT04896697 · Advanced Solid TumorPhase 1/2May 2026 | Phase 1/2 | Completed |
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyThe cash reaches the next catalyst with little to spare
The next dated event is a phase 1/2 readout in Sep 2028, about 22 months out. That leaves roughly 5 months of cash on the other side. Enrollment slipping a quarter would erase it, which is why the cash forecast and the clinical timeline belong in the same model.
About 2.2 years of runway
Cash and investments of $136M at Q2 '26 against an average operating cash burn of $15.1M per quarter over the last four reported quarters runs out around August 2028. More than two years of runway means the finance conversation is about deployment, not survival.
Cash position up $74.8M since Q3 '24
Net financing inflows of $75.8M over the last four quarters, from equity, debt, or ATM sales, more than covered operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
Cash burn runs $12.4M above net loss
Operating cash outflow exceeded the reported net loss in Q2 '26, which usually means working capital absorbed cash: prepayments to CROs and CDMOs, accrued liabilities paid down, or deferred revenue being earned without new cash coming in.
R&D is 66% of operating expenses
$14.6M of R&D against $22.2M of total operating expenses in Q2 '26, with G&A at $7.6M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Revenue of $18.7M in Q2 '26
The balance sheet carries $35.3M of deferred revenue, which is typically upfront collaboration or license payments being recognized over time. Collaboration and license revenue under ASC 606 and ASC 808 is the single most judgment-heavy area in biotech accounting: performance obligations, variable consideration on milestones, and the split between revenue and cost-sharing.
Accumulated deficit of $435M
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Cash-only balance shown
This company either holds no marketable securities or tags them under a name the tracker does not read. If the 10-Q reports a larger cash-and-investments figure, that figure is the right one.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q3 '24 · Sep 30, 24 | $61.3M | −$13.7M | −$14.0M | $10.8M | $6.3M | $2.3M | $1.6M | −$3K |
| Q4 '24 · Dec 31, 24 | $55.3M | −$14.2M | −$13.1M | $8.8M | $6.5M | $1.7M | $1.5M | $8.2M |
| Q1 '25 · Mar 31, 25 | $89.1M | $29.0M | −$13.3M | $8.3M | $8.5M | $2.9M | $1.5M | $4.8M |
| Q2 '25 · Jun 30, 25 | $122M | −$14.5M | −$15.8M | $15.3M | $7.1M | $8.1M | $1.4M | $47.4M |
| Q3 '25 · Sep 30, 25 | $104M | −$17.5M | −$16.3M | $14.3M | $6.7M | $19.1M | $1.1M | −$285K |
| Q4 '25 · Dec 31, 25 | $138M | −$2.0M | $10.4M | $18.1M | $7.4M | $13.7M | $2.9M | $35.9M |
| Q1 '26 · Mar 31, 26 | $150M | −$22.3M | −$9.5M | $19.8M | $6.9M | $12.6M | $2.2M | $35.7M |
| Q2 '26 · Jun 30, 26 | $136M | −$18.8M | −$6.4M | $14.6M | $7.6M | $18.7M | $1.6M | $4.5M |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.