Xilio Therapeutics moves to Nasdaq Capital Market, gets until March 30, 2026 on bid price

Xilio Therapeutics, Inc. (Nasdaq: XLO) said Nasdaq approved the transfer of its listing on October 2, 2025. The transfer took effect at the opening of business on October 6, 2025, and the stock keeps the symbol "XLO". The company disclosed the change in a Form 8-K filed October 3, 2025 under Item 3.01, which covers notices about listing standards.

The bid price deficiency

The transfer does not fix the underlying problem. Xilio disclosed on April 8, 2025 that Nasdaq staff had told it the stock was failing the $1.00 minimum bid price required under Nasdaq Listing Rule 5450(a)(1). Nasdaq has now granted an additional 180 calendar days, until March 30, 2026, to regain compliance. During that period the common stock must close at $1.00 or more for at least 10 consecutive business days. Nasdaq staff can extend that 10-day period at its discretion under Rule 5810(c)(3)(H).

The 8-K says Xilio is still evaluating options to regain compliance, but it does not describe those options. It also says the Capital Market operates in substantially the same manner as the Global Select Market and requires companies to meet certain financial requirements and governance standards. The filing does not say whether the company expects to meet the price test by the deadline.

Cash and losses

Xilio's annual report for 2024, filed March 11, 2025, shows cash and cash equivalents of $55.3 million at December 31, 2024. The company said that balance, together with $52.0 million of upfront payments received in the first quarter of 2025 under its collaboration with AbbVie Group Holdings Limited, would fund operations into the first quarter of 2026. The report says that without new capital the company will need to cut costs, including delaying or eliminating research and development programs.

The annual report says the company's recurring losses from operations raise substantial doubt about its ability to continue as a going concern. The report gives net losses of $58.2 million for 2024 and $76.4 million for 2023, and an accumulated deficit of $383.8 million at December 31, 2024. The company also says it has no committed external sources of funds.

The pipeline and partners

Xilio describes itself as a clinical-stage biotechnology company developing tumor-activated, or masked, immuno-oncology therapies. Its most advanced candidates, according to the report, are vilastobart (XTX101), a tumor-activated anti-CTLA-4 antibody, and XTX301, a tumor-activated interleukin 12 therapy.

Vilastobart was in a Phase 2 trial with atezolizumab (Tecentriq) in patients with microsatellite stable colorectal cancer, under a co-funded trial collaboration with F. Hoffmann-La Roche Ltd. XTX301 was in a Phase 1 trial in patients with advanced solid tumors. The report says Xilio reported preliminary Phase 1 dose escalation data for XTX301 in the fourth quarter of 2024. The report calls those results preliminary dose escalation data. In the first quarter of 2024, Xilio entered into an exclusive license agreement with Gilead Sciences, Inc. covering XTX301 and its interleukin 12 program.

The report also points to a collaboration agreement with AbbVie, which is the source of the $52.0 million in upfront payments. The report lists both the AbbVie agreement and the Gilead license among the arrangements whose expected benefits it cannot guarantee.

Who signed

Chief Legal Officer Caroline Hensley signed the 8-K for Xilio on October 3, 2025. The filing names no financial advisor or counsel.

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