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Gilead Sciences, Inc. reports beneficial ownership of 10,613,944 shares of Xilio Therapeutics, representing 19.9% of the outstanding common stock based on 51,827,910 shares outstanding. The filing states Gilead has sole voting and dispositive power over these shares. The holdings consist of 6,860,223 shares issued March 28, 2024; 485,250 shares issued April 3, 2024; 1,759,978 shares issued December 18, 2024; and 1,508,493 shares issuable upon exercise of pre-funded warrants. The statement certifies the shares were not acquired to change or influence control of the issuer.

Frazier-affiliated investment vehicles reported ownership of pre-funded warrants exercisable into Xilio Therapeutics (XLO) common stock. Several Frazier funds each directly hold warrants to acquire specific share amounts: Frazier Life Sciences Public Fund (reported cover-page amount 8,141,017 shares), Frazier Life Sciences Public Overage Fund (2,401,633), Frazier Life Sciences X (336,042), Frazier Life Sciences XI (894,779) and Frazier Life Sciences XII (1,561,529). Collectively these positions amount to 13,335,000 shares issuable upon exercise of the reported warrants (sum of the reported quantities). The filing explains that the percentages are calculated using 51,782,273 shares outstanding (as reported by the issuer), and notes that FLSPF’s exercisability is subject to a 9.99% beneficial ownership limitation (the cover pages show FLSPF at 9.9% due to rounding). The statement also corrects prior attributions and clarifies which committee members are not attributed beneficial ownership; certain individuals (e.g., James Topper and Patrick Heron) are reported as sharing voting and dispositive power over 336,042 shares held through FLS X.

Xilio Therapeutics (XLO) reported a mixed quarter with strengthened liquidity but continued operating losses that raise going concern questions. The company held $121.6 million of cash and cash equivalents and $1.8 million of restricted cash at June 30, 2025 (total $123.3 million including restricted cash). Xilio recognized $11.0 million of collaboration and license revenue in the six months ended June 30, 2025 and recorded $70.9 million of total deferred revenue related to agreements with Gilead and AbbVie.

Operating results show a $29.1 million net loss for the six months ended June 30, 2025 and an $412.9 million accumulated deficit. Management discloses that these losses and cash needs create substantial doubt about the company’s ability to continue as a going concern within twelve months. The company closed a June 2025 follow-on offering that produced $50.0 million of initial gross proceeds and issued prefunded warrants and detachable common stock warrants that could yield up to $100.0 million more if exercised. Xilio is also eligible for material contingent payments under collaborations: up to $2.1 billion from AbbVie and $592.5 million from Gilead, subject to achievement of milestones.