Dec. 1 at 7:01 PM
$XLO XLO looks heavily discounted. It’s trading around a
$120M EV, but the pipeline’s risk-adjusted value is closer to
$500–700M.
XTX101 (tumor-activated CTLA-4) carries most of that value and early Phase 2 MSS-CRC data looks better than unmasked CTLA-4s. XTX501 (tumor-activated IL-2/PD-1, IND mid-2026) adds meaningful upside, and three masked TCEs (CLDN18.2, PSMA, STEAP1) hit between late 2025 and mid-2026.
Fair value is probably
$4–6 based on what’s already known. If AbbVie or Gilead expands involvement or moves on the platform,
$8–12 isn’t unrealistic.
Catalysts start later this year: PSMA (Q3), CLDN18.2 (Q4), more XTX101 data, then the XTX501 IND in mid-2026.
The setup: real data, big-pharma validation, funded into 2026, and trading like a broken biotech — except the science isn’t broken. The next 6–12 months matter.
