Xilio Therapeutics, Inc.
For the period ended Dec 31, 2025. Filed Mar 23, 2026.
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FY2025 · Filed Mar 23, 2026
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3. Fair Value Measurements
The Company measures the following liabilities at fair value on a recurring basis:
| Quoted | ||||||||
|---|---|---|---|---|---|---|---|---|
| Prices in | ||||||||
| Active · Significant | ||||||||
| Markets for · Other · Significant | ||||||||
| Identical · Observable · Unobservable | ||||||||
| Assets · Inputs · Inputs | ||||||||
| Level 1 · Level 2 · Level 3 · Total | ||||||||
| Financial liabilities: | ||||||||
| Series A warrants to purchase common stock | $ | — | $ | — | $ | 23,100 | $ | 23,100 |
| Series C warrants to purchase common stock | — | — | 6,460 | 6,460 | ||||
| Total financial liabilities at December 31, 2025 | $ | — | $ | — | $ | 29,560 | $ | 29,560 |
The fair value of the common stock warrant liabilities, which are described in more detail in Note 9, are calculated utilizing a Black-Scholes option pricing model for the Series A warrants and a Monte Carlo simulation model for the Series C warrants. For the portion of the year ended December 31, 2025 that the Series B warrants were outstanding, the fair value of such warrants were calculated using a Monte Carlo simulation model. The Black-Scholes option pricing model and the Monte Carlo simulation model both require the use of assumptions, certain of which are not observable in the market, which represent Level 3 measurements within the fair value hierarchy. The Black-Scholes pricing model and the Monte Carlo simulation model assumptions include the warrant exercise price, the expected term of the warrant, the current price of the Company’s common stock, expected volatility, the risk-free interest rate for the expected term of the warrant and expected dividend yield. The Monte Carlo simulation assumptions also include the potential impacts of the warrant strike price reset features.
The inputs used in the fair market value of the Company’s common stock warrants liabilities as of the issuance date and December 31, 2025 were the following:
| June 5, 2025 · December 31, | |||||||
|---|---|---|---|---|---|---|---|
| (issuance date) · 2025 | |||||||
| Closing price of common stock | $ | 9.52 | $ | 8.96 | |||
| Warrant exercise price | $ | 10.50 | $ | 10.50 | |||
| Expected volatility | 70 | % | 70 | % | |||
| Risk free interest rate | 3.91 | % | 3.62 | % | |||
| Expected dividend yield | — | — | |||||
| Expected term (in years) | 0.57 - 5.00 | 0.92 - 4.43 | |||||
The following table summarizes the changes in the fair market value of the Company’s common stock warrant liabilities, which are classified within the Level 3 fair value hierarchy:
| financial | ||||||||
|---|---|---|---|---|---|---|---|---|
| Series A · Series B · Series C · liabilities | ||||||||
| Balance at December 31, 2024 | $ | — | $ | — | $ | — | $ | — |
| Initial fair value of common stock warrant liabilities | 26,840 | 6,600 | 5,060 | 38,500 | ||||
| Change in fair value of common stock warrant liabilities | (3,740) | (3,505) | 1,400 | (5,845) | ||||
| Conversion of common stock warrant liabilities to equity | — | (3,095) | — | (3,095) | ||||
| Balance at December 31, 2025 | $ | 23,100 | $ | — | $ | 6,460 | $ | 29,560 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.