On June 2, 2025, Xilio Therapeutics, Inc., a clinical-stage biotechnology company discovering and developing tumor-activated immuno-oncology therapies for people living with cancer, announced the pricing of its underwritten offering of pre-funded warrants to purchase 66,676,000 shares of common stock, Series A warrants to purchase 66,676,000 shares of common stock, Series B warrants to purchase 66,676,000 shares of common stock and Series C warrants to purchase 66,676,000 shares of common stock at a combined public offering price of $0.7499 for the pre-funded warrants, Series A warrants, Series B warrants and Series C warrants, less the $0.0001 per share exercise price of the pre-funded warrants. The aggregate gross proceeds to Xilio were $50 million before deducting underwriting discounts and commissions and other offering expenses payable by Xilio. If all of the Series B warrants and Series C warrants sold in the offering were to be exercised in cash at their exercise price, Xilio would receive additional gross proceeds of approximately $100 million.

The WilmerHale team representing Xilio consisted of Cynthia Mazareas, Molly Fox, Liz Graffeo, Andrea Sorrentino, Matt Kosior, Jane Cha and Gwen Ljung, with assistance from Meghan Walsh, Tim Silva, Annaka Merrick and Mark Devine.