According to documents submitted to the U.S. Securities and Exchange Commission (SEC), biotechnology company Xilio Therapeutics Inc. has entered into a common stock sales agreement with investment bank Leerink Partners LLC.

According to the agreement, Xilio Therapeutics may periodically offer and sell company common stock with a total value of up to $17.22 million through an "at-the-market" offering method. Leerink Partners will serve as the sales agent, responsible for the stock offering. This type of financing arrangement provides the company with a flexible capital-raising channel, enabling it to sell shares on the open market in a timely manner based on market conditions and its own funding needs to obtain operating funds. The potential proceeds from this offering will be used for general corporate purposes, which may include advancing the research and development of its tumor immunotherapy pipeline, clinical trials, and other operational expenses.