Operating margins remain deeply negative at -111.6% in 2026Q1, reflecting a business model where R&D expenditures of $19.8 million consistently outpace erratic, milestone-driven revenue streams.
| Sales/Revenue | 53.48M | 43.77M | 6.34M | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 476.71% | 589.88% | - | - | - | - | - | - |
| Cost of Goods Sold | 15.67M | 1.54M | 0 | 0 | 0 | 1.5M | 1.06M | 240K |
| COGS % of Revenue | - | 3.52% | - | - | - | - | - | - |
| Gross Profit | 37.81M | 42.23M | 6.34M | 0 | 0 | -1.5M | -1.06M | -240K |
| Gross Margin % | 70.69% | 96.48% | 100% | - | - | - | - | - |
| Gross Profit Growth % | - | 565.59% | - | - | 100% | -40.75% | -343.75% | - |
| Operating Expenses | 80.05M | 84.21M | 66.93M | 79.13M | 89.15M | 73.55M | 53.5M | 18.79M |
| OpEx % of Revenue | - | 192.4% | 1054.95% | - | - | - | - | - |
| Selling, General & Admin | 27.78M | 29.71M | 24.78M | 27M | 29.95M | 22.36M | 9.59M | 4.53M |
| SG&A % of Revenue | - | 67.88% | 390.57% | - | - | - | - | - |
| Research & Development | 67.61M | 56.04M | 41.21M | 52.14M | 59.2M | 51.19M | 43.91M | 14.26M |
| R&D % of Revenue | - | 128.04% | 649.61% | - | - | - | - | - |
| Other Operating Expenses | -1000K | -1.54M | 937K | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -42.24M | -41.98M | -60.58M | -79.13M | -89.15M | -75.04M | -54.56M | -19.03M |
| Operating Margin % | -78.98% | -95.92% | -954.95% | - | - | - | - | - |
| Operating Income Growth % | - | 30.7% | 23.44% | 11.24% | -18.8% | -37.54% | -186.77% | - |
| EBITDA | -40.85M | -40.44M | -58.94M | -77.23M | -87.3M | -73.55M | -53.5M | -18.79M |
| EBITDA Margin % | -76.39% | -92.4% | -929.04% | - | - | - | - | - |
| EBITDA Growth % | 26.05% | 31.38% | 23.69% | 11.53% | -18.71% | -37.47% | -184.76% | - |
| D&A (Non-Cash Add-back) | 1.39M | 1.54M | 1.64M | 1.9M | 1.85M | 1.5M | 1.06M | 240K |
| EBIT | -42.24M | -41.98M | -59.65M | -79.13M | -89.15M | -75.2M | -54.62M | -17.31M |
| Net Interest Income | 0 | 3.4M | -100K | 0 | 0 | -599.4K | -599.4K | 0 |
| Interest Income | 0 | 3.4M | 0 | 0 | 0 | 600 | 600 | 0 |
| Interest Expense | 0 | 0 | 100K | 0 | 0 | 600K | 600K | 0 |
| Other Income/Expense | 10.94M | 6.95M | 2.34M | 2.73M | 927K | -756K | -656K | 1.72M |
| Pretax Income | -31.3M | -35.04M | -58.24M | -76.4M | -88.22M | -75.8M | -55.22M | -17.31M |
| Pretax Margin % | -58.52% | -80.05% | -918.05% | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -31.3M | -35.04M | -58.24M | -76.4M | -88.22M | -75.8M | -55.22M | -17.31M |
| Net Margin % | -58.52% | -80.05% | -918.05% | - | - | - | - | - |
| Net Income Growth % | 42.36% | 39.84% | 23.77% | 13.4% | -16.39% | -37.27% | -218.98% | - |
| Net Income (Continuing) | -31.3M | -35.04M | -58.24M | -76.4M | -88.22M | -75.8M | -55.22M | -17.31M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.19 | -4.19 | -15.26 | -38.92 | -45.08 | -189.28 | -1475.88 | -592.06 |
| EPS Growth % | 56.13% | 72.54% | 60.79% | 13.66% | 76.18% | 87.18% | -149.28% | - |
| EPS (Basic) | - | -4.19 | -15.26 | -38.92 | -45.08 | -189.28 | -1475.88 | -592.06 |
| Diluted Shares Outstanding | 163.48M | 83.59M | 3.82M | 1.96M | 1.96M | 400.45K | 37.41K | 29.24K |
| Basic Shares Outstanding | 163.48M | 83.59M | 3.82M | 1.96M | 1.96M | 400.45K | 37.41K | 29.24K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Clinical trial execution failure
As reported in financial statements, Xilio's revenue trajectory remains highly erratic, with quarterly figures fluctuating between $2.9 million and $19.1 million over the past year, reflecting the lumpy nature of milestone-based partnership recognition rather than a sustainable, volume-driven commercial growth trend for its pipeline assets.
The revenue profile is entirely dependent on strategic licensing agreements, such as the Gilead deal, which creates significant quarter-over-quarter variance. Investors should interpret these growth spikes as indicators of successful business development rather than evidence of product-market fit or commercial scalability.
Based on Xilio's reported figures, research and development expenses remain the dominant cost driver, consistently consuming the majority of capital as the firm advances its GPS platform, with quarterly R&D spend peaking at $19.8 million in 2026Q1, underscoring the high-fixed-cost nature of clinical-stage biotechnology operations.
The company's cost structure is heavily weighted toward clinical trial execution and specialized research, leaving little room for operational efficiency improvements. Management's expense discipline appears focused on prioritizing specific programs, yet the persistent R&D drain suggests that the firm remains tethered to external financing requirements.
According to recent SEC filings, Xilio's operating margin has remained consistently negative, reaching -111.6% in 2026Q1, which indicates that the company has yet to achieve the necessary scale to offset its substantial fixed overhead and clinical research expenditures through its current partnership-based revenue model.
The lack of positive operating leverage is typical for a pre-commercial biotech, but the widening gap between R&D investment and revenue suggests that the firm is currently in a high-risk phase of capital deployment. Without a transition to commercial-stage products, the operating income will likely remain constrained by the high costs of clinical development.
As noted in the company's financial disclosures, the reliance on non-recurring milestone payments creates a structural vulnerability, as any delay in clinical milestones could rapidly deplete the $137.5 million cash runway, potentially forcing the company to seek dilutive equity financing in an unfavorable market environment.
Short-term observers may focus on the headline revenue growth, but the underlying risk lies in the potential for 'leaky' masking technology to fail in human trials. If the GPS platform does not demonstrate superior safety profiles, the entire valuation premise may be challenged, regardless of current partnership successes.
Quick answers to the most common questions about buying XLO stock.
For fiscal year 2025, Xilio Therapeutics, Inc. (XLO) reported total revenue of $43.8M.
Xilio Therapeutics, Inc. (XLO) reported a net loss of $35.0M for the fiscal year ending 2025.
Xilio Therapeutics, Inc. (XLO) reported an operating income of $-42.0M, resulting in an operating profit margin of -95.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Xilio Therapeutics, Inc. (XLO) generated $42.2M in gross profit for the year, representing a gross profit margin of 96.5%. This demonstrates the company's core pricing power and production efficiency.