Exhibit 19
XILIO THERAPEUTICS, INC.
Insider Trading Policy
Amended and Restated Effective:August 3, 2023
 
| 1. | Background and purpose | 
The federal securities laws prohibit any member of the Board of Directors (each, a “director”), officer (as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), an “executive officer”) or employee of Xilio Therapeutics, Inc. (together with its subsidiaries, the “Company”) from purchasing or selling Company securities on the basis of material nonpublic information concerning the Company, or from tipping material nonpublic information to others. These laws impose severe sanctions on individuals who violate them. In addition, the U.S. Securities and Exchange Commission (the “SEC”) has the authority to impose large fines on the Company and on the Company’s directors, executive officers and controlling stockholders if the Company’s employees engage in insider trading and the Company has failed to take appropriate steps to prevent it (referred to as “controlling person” liability).
This insider trading policy is being adopted in light of these legal requirements, and with the goal of helping:
| ◾ | prevent inadvertent violations of the insider trading laws; | 
| ◾ | promote compliance with the Company’s obligation to publicly disclose information related to its insider trading policies and practices and the use of certain trading arrangements by Company insiders; | 
| ◾ | avoid embarrassing proxy disclosure of reporting violations by persons subject to Section 16 of the Exchange Act; | 
| ◾ | avoid the appearance of impropriety on the part of those employed by, or associated with, the Company; | 
| ◾ | protect the Company from controlling person liability; and | 
| ◾ | protect the reputation of the Company, its directors and its employees. | 
As detailed below, this policy applies to family members and certain other persons and entities with whom directors and employees have relationships. While the provisions in Sections 2 and 3 of this policy are not applicable to transactions by the Company itself, transactions by the Company will only be made in accordance with applicable U.S. federal securities laws, including those relating to insider trading.
Information concerning the Company is considered material if there is a substantial likelihood that a reasonable stockholder would consider the information important in making an investment decision with respect to the Company’s securities. In other words, there must be a substantial likelihood that a reasonable stockholder would view the information as having significantly altered the “total mix” of information available about the Company. Material information can include positive or negative information about the Company. Information concerning any of the following items listed below, or the Company’s plans with respect to any of these items, would often be considered material. Please note that the following list is illustrative only and is not intended to provide a comprehensive list of circumstances that could give rise to material information.
| ◾ | the Company’s liquidity, cash burn rate, revenues, earnings, or losses (including forecasts); | 
| ◾ | a merger or acquisition involving the Company; | 
| ◾ | a change in management or the Board; | 
| ◾ | the public or private sale of a significant amount of securities of the Company; | 
| ◾ | the establishment of a program to repurchase securities of the Company; | 
| ◾ | a stock split; | 
| ◾ | a default on outstanding debt of the Company or a bankruptcy filing; | 
| ◾ | a new product release or a significant development, invention or discovery; | 
| ◾ | information concerning significant U.S. Food and Drug Administration actions, communications or interactions or other significant regulatory developments, including a clinical hold or product recall; | 
| ◾ | a significant licensing, collaboration or similar agreement, or serious discussions regarding such an agreement; | 
| ◾ | information concerning the Company’s ongoing and planned clinical trials or significant preclinical studies, including the timing of such trials and studies, significant results or data from such trials or studies, and status or progress of enrollment in clinical trials; | 
| ◾ | the loss, delay or gain of a significant contract, sale or order or other important development regarding customers, collaborators, or suppliers; | 
| ◾ | a significant operational issue or investigation of a potential such issue, including cybersecurity incidents; | 
| ◾ | any litigation or dispute to which the Company may be a party; | 
| ◾ | a conclusion by the Company or a notification from its independent auditor that any of the Company’s previously issued financial statements should no longer be relied upon; or | 
| ◾ | a change in or dispute with the Company’s independent auditor. | 
Information concerning the Company is considered nonpublic if it has not been disseminated in a manner making it available to investors generally.
Information will generally be considered nonpublic unless (1) the information has been disclosed in a broadly disseminated press release, in a public filing made with the SEC (such as a Report on Form 10-K, Form 10-Q or Form 8-K), or posted on the Company’s website or on one of the Company’s social media pages, and (2) a sufficient amount of time has passed so that the information has had an opportunity to be digested by the marketplace.
All directors and employees will periodically certify their receipt, understanding and current and future compliance with this insider trading policy (including any amendment thereto), with the form and timing of such certification determined by the Company’s Chief Operating Officer or Chief Legal Officer, as applicable, or the Company’s outside counsel.
| 2. | PROHIBITIONS RELATING TO TRANSACTIONS IN THE COMPANY’S SECURITIES | 
| ◾ | all directors; | 
| ◾ | all employees; | 
| ◾ | all family members of directors and employees who share the same address as, or are financially dependent on, the director or employee and any other person who shares the same address as the director or employee (other than (x) an employee or tenant of the director or employee or (y) another unrelated person whom the Chief Operating Officer or Chief Legal Officer, as applicable, determines should not be covered by this policy); and | 
| ◾ | purchase, sell or donate any securities of the Company while he or she is aware of any material nonpublic information concerning the Company or recommend to another person that they do so; | 
| ◾ | tip or otherwise disclose to any other person any material nonpublic information concerning the Company if such person may misuse that information, such as by purchasing or selling Company securities or tipping that information to others; | 
| ◾ | purchase, sell or donate any securities of another company while he or she is aware of any material nonpublic information concerning such other company which he or she learned in the course of his or her service as a director or employee of the Company or recommend to another person that they do so; or | 
| ◾ | tip or otherwise disclose to any other person any material nonpublic information concerning another company which he or she learned in the course of his or her service as a director or employee of the Company if such person may misuse that information, such as by purchasing or selling securities of such other company or tipping that information to others. | 
| ◾ | short sales, including short sales “against the box”; or | 
| ◾ | purchases or sales of puts, calls or other derivative securities; or | 
| ◾ | purchases of financial instruments (including prepaid variable forward contracts, equity swaps, collars and exchange funds) or other transactions that hedge or offset, or are designed to hedge or offset, any decrease in the market value of Company securities. | 
| 3. | ADDITIONAL PROHIBITIONS APPLICABLE TO DIRECTORS, EXECUTIVE OFFICERS AND DESIGNATED EMPLOYEES | 
| ◾ | all directors; | 
| ◾ | all executive officers; | 
| ◾ | such other employees as are designated from time to time by the Board of directors, the Chief Executive Officer, the Chief Financial Officer, the Chief Operating Officer or the Chief Legal Officer as being subject to this Section 3 (the “Designated Employees”); | 
| ◾ | all family members of directors, executive officers and Designated Employees who share the same address as, or are financially dependent on, the director, executive officer or Designated Employee and any other person who shares the same address as the director, executive officer or Designated Employee (other than (x) an employee or tenant of the director, executive officer or Designated Employee or (y) another unrelated person whom the Chief Operating Officer or Chief Legal Officer, as applicable, determines should not be covered by this policy); and | 
| ◾ | all corporations, limited liability companies, partnerships, trusts or other entities controlled by any of the above persons, unless the entity has implemented policies or procedures designed to ensure that such person cannot influence transactions by the entity involving Company securities. | 
| 4. | Exceptions. | 
| ◾ | exercises of stock options or other equity awards for cash payment of the exercise price, or the surrender of shares to the Company in order to pay the exercise price or to satisfy tax withholding obligations, in each case in a manner permitted by the applicable equity award agreement; provided, however, that the securities so acquired may not be sold (either outright or in connection with a “cashless” exercise transaction through a broker) while the employee or director is aware of material nonpublic information or during an applicable blackout period (as defined in Section 2.3(b)); | 
| ◾ | acquisitions or dispositions of Company common stock under the Company’s 401(k) plan or other individual account plan that are made pursuant to standing instructions, in a form approved by the Company, not entered into or modified while the employee or director is aware of material nonpublic information or during an applicable blackout period; | 
| ◾ | other purchases of securities from the Company (including purchases under the Company’s Employee Stock Purchase Plan pursuant to standing instructions in a form approved by the Company) or sales of securities to the Company; provided, however, that if the transaction involves the exercise of stock options or other equity awards, the securities so acquired may not be sold (either outright or in connection with a “cashless” exercise transaction through a broker) while the employee or director is aware of material nonpublic information or during an applicable blackout period (as defined in Section 3.2); | 
| ◾ | bona fide gifts that are approved in advance by the Company; | 
| ◾ | purchases, sales or donations made pursuant to a binding contract, written plan or specific instruction which satisfies the applicable affirmative defense conditions of Rule 10b5-1(c), including as applicable the requirements applicable to an eligible sell-to-cover transaction as defined in Rule 10b5-1(c)(1)(ii)(D)(3), or for which the affirmative defense is available under Rule 10b5-1(c) because such plan was adopted prior to February 27, 2023, met the affirmative defense conditions in effect at the time of adoption, and was not | 
| modified or changed on or after February 27, 2023 (a “trading plan”); provided such trading plan: (1) is in writing and (2) was submitted to the Company for review prior to its adoption; and | 
| ◾ | purchases, sales or donations made pursuant to a binding contract, written plan or specific instruction which satisfies the definition of a “non-Rule 10b5-1 trading arrangement” as such term is defined in Item 408(c) of Regulation S-K, provided such non-Rule 10b5-1 trading arrangement: (1) is in writing and (2) was submitted to the Company for review prior to its adoption. | 
| 5. | REGULATION BTR | 
If the Company is required to impose a “pension fund blackout period” under Regulation BTR, each director and executive officer shall not, directly or indirectly sell, purchase or otherwise transfer during such blackout period any equity securities of the Company acquired in connection with his or her service as a director or officer of the Company, except as permitted by Regulation BTR.
| 6. | penalties for VIOLATION | 
Violation of any of the foregoing rules is grounds for disciplinary action by the Company, including termination of employment. In addition to any disciplinary actions the Company may take, insider trading can also result in administrative, civil or criminal proceedings which can result in significant fines and civil penalties, being barred from service as an officer or director of a public company, or imprisonment.
| 7. | company assistance and EDUCATION | 
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Certification
I do hereby certify that:
1.I have received and carefully read the Insider Trading Policy of Xilio Therapeutics, Inc.
2.I understand the Insider Trading Policy.
3.I have complied and will continue to comply with the terms of the Insider Trading Policy.
Date:   
(Signature)
Name:
EACH EMPLOYEE, OFFICER AND DIRECTOR IS REQUIRED TO SIGN, DATE AND RETURN THIS CERTIFICATION TO THE LEGAL DEPARTMENT. FAILURE TO DO SO MAY RESULT IN DISCIPLINARY ACTION.