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Xenetic Biosciences Inc. (XBIO-3.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net loss of $3,960,275 for the year, compared to a net loss of $4,134,578 in the previous year. The company attributes the decrease in net loss to reduced research and development expenses.
Revenue for the year was $2,500,284, primarily from royalty payments under a sublicense agreement with Takeda Pharmaceutical Co. Ltd. This represents a slight decrease from $2,539,986 in the prior year.
Research and development expenses decreased by 5.9% to $3,288,332, primarily due to decreased spending on process development efforts related to the company's DNase technology.
General and administrative expenses were $3,416,380, a decrease of 4.1% from the previous year, attributed to reduced legal and accounting costs.
The company reported cash and cash equivalents of $6,165,568 as of December 31, 2024, with a working capital of $5,693,259.
Xenetic Biosciences continues to focus on advancing its DNase technology as an adjunctive therapy for pancreatic carcinoma and other solid tumors.
The company acknowledges the need for additional capital to continue its operations and pursue its business initiatives in the long term.
Xenetic Biosciences has entered into strategic collaborations with institutions such as Scripps Research and the University of Virginia to advance its DNase program.
The company does not anticipate paying cash dividends in the foreseeable future and intends to retain earnings to support its business strategy.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Xenetic Biosciences Inc. annual 10-K report dated March 18, 2025. To report an error, please email earnings@qz.com.