Xilio Therapeutics Inc. has announced the pricing of an underwritten offering of pre-funded warrants to purchase 74,780,300 shares of common stock at $0.5349 per warrant. Each warrant is immediately exercisable for one share of common stock at an exercise price of $0.0001 per share. The offering is expected to raise approximately $40 million in gross proceeds, which will be used to advance the development of Xilio’s product candidates and for general corporate purposes. The financing was led by Coastlands Capital, with participation from Gilead Sciences, OrbiMed, Perceptive Advisors, and other investors. Leerink Partners is serving as the sole bookrunner for the offering.

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