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XBiotech Inc. (XBIT+2.98%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's focus on developing True Human™ monoclonal antibodies derived from natural human immune responses. The company is advancing product candidates targeting both inflammatory and infectious diseases.
XBiotech's financial results show a net loss of $38.5 million for the year ended December 31, 2024, compared to a net loss of $24.6 million in the previous year. The increase in net loss is attributed to higher research and development expenses.
Research and development expenses increased to $37.8 million from $32.8 million in the previous year, primarily due to increased salaries, clinical trial expenses, and the expansion of the workforce.
General and administrative expenses remained stable at $4.7 million for the year ended December 31, 2024, with a slight increase in patent filing expenses and share-based compensation.
The company reported cash and cash equivalents of $172.7 million as of December 31, 2024, down from $200.0 million at the end of 2023. The decrease is mainly due to net cash used in operating activities.
XBiotech's future plans include the continuation of clinical trials for its True Human™ antibodies, with a focus on oncology, rheumatology, and neurology. The company also plans to address unmet medical needs in infectious diseases.
The filing highlights the risks associated with the company's business, including reliance on key personnel, competition, regulatory challenges, and the need for additional capital to fund operations.
XBiotech's management expressed confidence in the company's ability to achieve significant milestones with its current cash reserves, while acknowledging the uncertainties inherent in the biopharmaceutical industry.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the XBiotech Inc. annual 10-K report dated March 18, 2025. To report an error, please email earnings@qz.com.