Xilio Therapeutics, Inc. 8-K

What Happened
Xilio Therapeutics, Inc. (XLO) filed an 8‑K (Jan 5, 2026) disclosing results of warrant activity from a June 2025 follow‑on offering. The company issued 66,676,000 Series B warrants (exercisable through Dec 31, 2025); through Dec 31, 2025, 48,207,815 of those were exercised resulting in 8,202,815 newly issued common shares and 40,005,000 prefunded warrants. Xilio received $35.8 million in gross proceeds from those exercises. The company also issued 66,676,000 Series C warrants (exercisable June 1–Dec 2, 2026); 48,207,815 Series C warrants remain outstanding. If all outstanding Series C warrants are cashed in at $0.75 each, Xilio would receive up to $36.2 million in additional gross proceeds by the end of 2026. As of January 2, 2026, Xilio had 67,540,930 shares of common stock issued and outstanding.

Key Details

• Series B warrants issued (June 2025): 66,676,000; exercised through 12/31/2025: 48,207,815.
• Proceeds from Series B exercises: $35.8 million (gross, before fees).
• Series C warrants outstanding: 48,207,815; exercise price: $0.75; potential gross proceeds: up to $36.2 million if fully exercised.
• Shares outstanding as of 01/02/2026: 67,540,930 (includes recent exercises and prefunded warrant activity).
• Financial guidance: cash, cash equivalents and net proceeds from Series B exercises expected to fund operations and capital expenditures into Q2 2027.

Why It Matters
This filing shows Xilio converted a large portion of its Series B warrants into cash and securities, strengthening near‑term liquidity by $35.8M (gross). The remaining Series C warrants represent a concrete potential source of up to $36.2M in additional cash if exercised at $0.75 each. For investors, the two most relevant facts are the updated shares outstanding (67.54M) affecting dilution and the company’s stated cash runway into the second quarter of 2027, which frames near‑term financing needs and operational runway.