Xilio Therapeutics tumbles after $50 mln equity offering

Xilio Therapeutics

02/06/2025 15:00

Updates with pricing details

    ** Shares of Xilio Therapeutics XLO.O down 31% to 74 cents, a three-week low, early Mon after co secures equity raise

    ** Waltham, Massachusetts
    -based cancer immunotherapies firm announces offering of
    pre-funded warrants and warrants for initial gross proceeds of $50 mln

    ** Combined offering price of 75 cents is 30% discount to stock's last close on Fri

    ** If all of Series B and Series C warrants are exercised in cash, co says it could receive additional $100 mln gross proceeds

    ** It
    plans to use net offering proceeds to advance development of product candidates, and for working capital, among other purposes

    ** Leerink sole bookrunner for offering

** Co has ~51.8 mln shares outstanding and ~37.2 mln shares of public float, per LSEG data

** Over the weekend, XLO
presented
 updated Phase II data for evaluating vilastobart in combination with atezolizumab in patients with a type of colorectal cancer at the annual ASCO meeting in Chicago

** On Feb 12, XLO shares more than doubled to close at $1.48 after
inking
 collaboration and option agreement with AbbVie ABBV.N

** Stock's 52-week intraday high is $1.70 (Feb 12) and 52-week low is 62 cents (Apr 7)

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))