XILIO THERAPEUTICS, INC.(XLO), a leading biopharmaceutical company, released its financial results for the second quarter of 2023, reporting a net loss of $19.4 million. The company generated revenue amounting to $20.1 million during this period, showcasing its ongoing commitment to advancing therapeutic solutions.**
XILIO THERAPEUTICS, INC. recently disclosed its Condensed Consolidated Balance Sheets and financial statements for the second quarter of 2023. The company's performance is dissected below in terms of net income/loss and revenue.
Net Loss of $19.4 Million in Q2 2023
During the three months ended June 30, 2023, XILIO THERAPEUTICS, INC. reported a net loss of $19.4 million. This figure reflects the company's operating expenses, research and development costs, and general administrative expenditures. The net loss per share, both basic and diluted, was calculated at $0.70 for this quarter. The weighted average number of common shares outstanding during this period was approximately 27.5 million.
Revenue of $20.1 Million Generated in Q2 2023
XILIO THERAPEUTICS, INC. achieved revenue of $20.1 million for the second quarter of 2023. The company's revenue is attributed to its ongoing efforts in research and development, as well as its commitment to advancing therapeutic innovations. The revenue generated during this period contributes to the company's mission to develop treatments that address unmet medical needs.
Condensed Consolidated Statements of Operations and Comprehensive Loss
The company's financial results for the second quarter of 2023 were detailed in its Condensed Consolidated Statements of Operations and Comprehensive Loss. Operating expenses for the quarter totaled $20.1 million, comprising $13.2 million in research and development costs and $6.9 million in general and administrative expenses. The loss from operations stood at $20.1 million, reflecting the company's ongoing investments in its core activities.
Condensed Consolidated Statements of Stockholders' Equity
XILIO THERAPEUTICS, INC.'s financial statements also presented the Condensed Consolidated Statements of Stockholders' Equity, showcasing changes in common stock, additional paid-in capital, and accumulated deficit. The company's stockholders' equity at the end of the quarter was reported as $67.4 million.
Condensed Consolidated Statements of Cash Flows
The company's cash flows for the six months ended June 30, 2023, revealed a net cash used in operating activities amounting to $41.8 million. Cash flows from investing activities amounted to a net usage of $486,000, primarily attributed to purchases of property and equipment. Cash flows from financing activities showed a net usage of $2.7 million, primarily due to debt repayments and stock-based compensation.
XILIO THERAPEUTICS, INC.'s financial results for the second quarter of 2023 indicate its ongoing dedication to advancing therapeutic solutions while managing its financial performance.