Xilio Therapeutics goes public as biopharma IPOs rumble forward in Q4
It’s been a busy fall on Wall Street — and this week, we’ve got another biotech going public after Ventyx yesterday.
Massachusetts solid-tumor biotech Xilio Therapeutics made its public debut today, joining 149 other biotechs that have gone public so far this year.
Back on October 1st, Xilio filed its S-1 with the SEC to make its IPO debut for $100 million — the next step in financing after completing a $95 million Series C back in February.
And yesterday, the biotech announced its pricing — offering just over 7.3 million shares at $16 a share, for a total raise of $117 million.
In addition, Xilio has given underwriters 30 days to purchase up to an additional 1.1 million shares of common stock at the IPO price of $16 a share, minus underwriting discounts and commissions.
These shares have already started trading, showing up on Nasdaq at $16 a share under the ticker $XLO.
Between all the Xilio directors such as Atlas Venture partner David Grayzel, who will own more than 2 million shares, and Xilio CEO René Russo with over 407,000 shares, the 13 executives/directors will own 22% of the company’s common stock — more than 26 million shares. This includes the 7.3 million in the IPO.
The biotech formerly known as Akrevia only entered the clinic a month ago — with a Phase I/II study for their anti-CTLA-4 monoclonal antibody for advanced solid tumors.
Most of the IPO funds will be directed toward getting two preclinical candidates into human studies — $20-25 million for an IL-12 and between $30-35 million for an IL-2. And the company’s anti-CTLA-4 antibody will also see some cash — somewhere between $10 and $15 million, according to an S-1 amendment.
The offering will close on Tuesday, according to a company statement. The trading comes one week after Xilio hired Timothy Hunt as the company’s chief culture and corporate affairs officer.