Free cash flow remains highly inconsistent, swinging from a positive $29.0 million in 2025Q1 to a negative $22.9 million in 2026Q1 due to the timing of milestone-based working capital inflows.
| Cash from Operations | -56.31M | -4.99M | -18.38M | -68.62M | -75.72M | -80.75M | -36.09M | -17.84M |
| Operating CF Margin % | - | -11.41% | -289.69% | - | - | - | - | - |
| Operating CF Growth % | -291.73% | 72.84% | 73.22% | 9.38% | 6.23% | -123.74% | -102.27% | - |
| Net Income | -31.3M | -35.04M | -58.24M | -76.4M | -88.22M | -75.8M | -55.22M | -17.31M |
| Depreciation & Amortization | 1.39M | 1.54M | 1.64M | 1.9M | 1.85M | 1.5M | 1.06M | 240K |
| Stock-Based Compensation | 4.28M | 6.94M | 6.43M | 7.38M | 8.42M | 4.96M | 1.3M | 112K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 222K | 0 | -1.74M |
| Other Non-Cash Items | -3.53M | -3.56M | 3K | 160K | 224K | 173K | 165K | 56K |
| Working Capital Changes | -27.16M | 25.13M | 31.78M | -1.66M | 2M | -11.8M | 16.6M | 797K |
| Change in Receivables | 17.5M | -5M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -938K | 152K | 1.53M | -2.06M | 485K | -2.82M | 2.93M | 970K |
| Cash from Investing | -1.05M | -518K | -36K | -486K | -1.87M | -1.1M | -2.19M | -715K |
| Capital Expenditures | -1.05M | -518K | -36K | -486K | -1.87M | -1.1M | -2.19M | -715K |
| CapEx % of Revenue | 1.97% | 1.18% | 0.57% | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 118.65M | 87.78M | 29.2M | -6.55M | -69K | 260.67M | 10.03M | 60.02M |
| Debt Issued (Net) | 0 | 0 | -3.38M | -6.75M | -85K | -110K | -99K | 9.95M |
| Equity Issued (Net) | 120.16M | 87.78M | 6.83M | 202K | 16K | 261.25M | 9.97M | 60.02M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.51M | 0 | 25.75M | 0 | 0 | -467K | 159K | -9.95M |
| Net Change in Cash | 61.27M | 82.27M | 10.78M | -75.68M | -77.67M | 178.82M | -28.25M | 41.46M |
| Free Cash Flow | -57.37M | -5.51M | -18.41M | -69.11M | -77.59M | -81.85M | -38.28M | -18.56M |
| FCF Margin % | -107.26% | -12.59% | -290.26% | - | - | - | - | - |
| FCF Growth % | -372.6% | 70.08% | 73.35% | 10.93% | 5.21% | -113.83% | -106.27% | - |
| FCF per Share | -0.35 | -0.07 | -4.82 | -35.19 | -39.66 | -204.40 | -1023.14 | -634.77 |
| FCF Conversion (FCF/Net Income) | 1.83x | 0.14x | 0.32x | 0.90x | 0.86x | 1.07x | 0.65x | 1.03x |
| Interest Paid | 0 | 0 | 62K | 0 | 0 | 492K | 536K | 14K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical milestone dependency
As reported in financial statements, Xilio's operating cash flow frequently diverges from net income, with the OCF/NI ratio swinging from -2.18 in 2025Q1 to 2.34 in 2026Q1, illustrating that accounting earnings are largely decoupled from the actual cash burn required to sustain clinical development.
The volatility in the OCF/NI ratio suggests that non-cash items and lumpy milestone recognition significantly distort the company's true cash-generating capability. Investors should interpret these fluctuations as evidence that net income is an unreliable proxy for the firm's underlying liquidity position.
Based on Xilio's reported figures, free cash flow remains highly inconsistent, oscillating between a positive $29.0 million in 2025Q1 and a negative $22.9 million in 2026Q1, which highlights the company's dependence on sporadic partnership inflows to offset ongoing research and development expenditures.
The lack of a stable FCF trajectory indicates that the company is currently in a cash-burning phase where operational sustainability is tied to external collaboration milestones. This pattern suggests that the firm's ability to fund its pipeline is subject to significant timing risks regarding clinical trial progress.
According to recent SEC filings, Xilio's working capital changes are the primary driver of quarterly cash flow variance, with a massive $40.2 million inflow in 2025Q1 contrasting sharply with a $18.1 million outflow in 2025Q3, reflecting the impact of milestone-based revenue recognition on liquidity.
These swings in working capital appear to be driven by the timing of upfront payments and milestone receipts from strategic partners rather than operational efficiency. Analysts should monitor these movements closely, as they may mask the underlying rate at which the company consumes cash for its core research activities.
As indicated by the provided data, Xilio maintains a low capital intensity, with CapEx/Revenue ratios frequently remaining below 1% in most quarters, suggesting that the firm's cash burn is almost entirely concentrated in R&D rather than physical infrastructure or equipment replacement.
The minimal investment in property and equipment implies that the company's business model is asset-light, focusing resources on clinical trial execution rather than manufacturing capacity. This structure warrants further investigation into whether the firm will eventually require significant capital expenditure to scale its manufacturing capabilities for commercialization.
Quick answers to the most common questions about buying XLO stock.
Xilio Therapeutics, Inc. (XLO) generated $-5.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Xilio Therapeutics, Inc. (XLO) reported negative free cash flow of $5.5M in 2025, indicating capital requirements exceeded cash from operations.
Xilio Therapeutics, Inc. (XLO) spent $0.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.