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Xilio Therapeutics, Inc. (NASDAQ:XLO), a pharmaceutical company with a market capitalization of $36 million, announced the appointment of Akintunde Bello, Ph.D., as a new member of its Board of Directors, effective today. According to InvestingPro data, the company maintains a strong financial position with more cash than debt on its balance sheet. The company’s board now consists of ten directors following this addition.
Dr. Bello has been elected as a Class II director with a term set to expire at Xilio’s 2026 annual stockholders meeting. His role will continue until his successor is elected or until his earlier resignation, death, or removal. In addition to his board responsibilities, Dr. Bello will serve on the Nominating and Corporate Governance Committee. The appointment comes as analysts maintain a Strong Buy consensus on the stock, with significant upside potential from current levels.
This appointment aligns with the company’s governance practices and expansion strategy. While InvestingPro analysis indicates the company currently maintains a Fair financial health score, analysts anticipate sales growth in the current year. Dr. Bello’s compensation aligns with the company’s standard arrangements for non-employee directors, detailed in the proxy statement filed on April 28, 2025. He will also enter into the company’s standard indemnification agreement, a form of which was filed with Xilio’s Annual Report for the year ended December 31, 2024.
Xilio Therapeutics, based in Waltham, Massachusetts, specializes in pharmaceutical preparations and is known for its commitment to innovation in the healthcare sector. The addition of Dr. Bello is expected to bring valuable insights and expertise to the company’s strategic direction.
This information is based on a press release statement filed with the U.S. Securities and Exchange Commission.
In other recent news, Xilio Therapeutics announced its fourth quarter and full-year financial results for 2024, reporting a cash position of $55.3 million as of December 31, 2024, an increase from the previous year’s $44.7 million. The company also highlighted promising Phase 2 data for its cancer treatment, vilastobart, showing a 27% objective response rate in specific colorectal cancer patients. Additionally, Xilio has entered a collaboration with AbbVie (NYSE:ABBV) to develop novel immunotherapies, receiving a $52 million upfront payment with potential future payments totaling approximately $2.1 billion. In another strategic move, Xilio initiated a public offering of warrants to support its product development and corporate needs, with Leerink Partners as the sole bookrunner. The company also faces a challenge with Nasdaq, having been notified about the risk of delisting due to its stock price falling below the $1.00 minimum bid requirement. Xilio has 180 days to regain compliance, with the possibility of an extension. Furthermore, Xilio announced a sales agreement with Leerink Partners to potentially sell up to $50 million in common stock through "at the market" transactions. Lastly, Xilio appointed Akintunde Bello, Ph.D., to its board of directors, bringing over 25 years of oncology drug development experience to the company.
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