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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7. Leases
The Company has an operating lease for its headquarters and a finance lease for certain lab equipment. In August 2019, the Company entered into a facility lease agreement with a landlord providing funding for tenant improvements and occupancy of approximately 27,830 square feet of office and laboratory space (the “premises”) at 828 Winter Street, Waltham, Massachusetts. The initial term of the lease expires in March 2030, unless terminated earlier in accordance with the terms of the lease. The Company has a right to afive-year option to extend at then-market rates. The Company is obligated to pay its portion of real estate taxes and costs related to the premises, including costs of operations, maintenance, repair, replacement, and management of the leased premises, which it began paying simultaneous with the rent commencement date in March 2020. As of both December 31, 2025 and 2024, the Company has a letter of credit for the benefit of its landlord in the amount of $1.8 million, collateralized by a money market account, which is recorded as restricted cash on the consolidated balance sheets.
The components of lease expense were as follows:
| Year Ended | ||||
|---|---|---|---|---|
| December 31, | ||||
| 2025 · 2024 | ||||
| Operating lease cost | $ | 1,225 | $ | 1,225 |
| Variable lease cost | 1,165 | 1,060 | ||
| Total lease costs | $ | 2,390 | $ | 2,285 |
| Finance lease cost: | ||||
| Amortization of right-of-use asset | $ | — | $ | 49 |
| Interest on lease liability | — | 1 | ||
Supplemental balance sheet information related to the leases was as follows (in thousands, except for remaining lease term and discount rates):
| Year Ended | ||||||
|---|---|---|---|---|---|---|
| December 31, | ||||||
| 2025 · 2024 | ||||||
| Operating Lease: | ||||||
| Operating lease right-of-use asset | $ | 3,959 | $ | 4,587 | ||
| Operating lease liability, current portion | $ | 1,343 | $ | 1,188 | ||
| Operating lease liability, net of current portion | $ | 5,611 | $ | 6,954 | ||
| Weighted-average remaining lease term (in years): | ||||||
| Operating lease | 4.2 | 5.2 | ||||
| Weighted-average discount rate: | ||||||
| Operating lease | 8.0 | % | 8.0 | % | ||
Supplemental cash flow information related to leases was as follows:
| Year Ended | ||||
|---|---|---|---|---|
| December 31, | ||||
| 2025 · 2024 | ||||
| Cash paid for amounts included in the measurement of lease liabilities: | ||||
| Operating cash flows from operating leases | $ | 1,785 | $ | 1,733 |
| Financing cash flows from finance leases | — | 49 | ||
Future minimum lease payments under non-cancellable leases as of December 31, 2025 are as follows:
| Operating Lease | ||
|---|---|---|
| 2026 | $ | 1,839 |
| 2027 | 1,894 | |
| 2028 | 1,951 | |
| 2029 | 2,010 | |
| 2030 | 506 | |
| Total future minimum lease payments | 8,200 | |
| Present value adjustment | (1,246) | |
| Present value of lease liabilities | $ | 6,954 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.