The company maintains a debt-free capital structure, yet the total asset base has contracted from $10.6 million in 2023Q4 to $7.9 million in 2026Q1 due to persistent operational losses.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Current Assets | 7.6M | 8.05M | 6.59M | 9.59M | 13.65M | 18.72M | 12.37M | 11.09M | 1.19M | 5.88M | 8.34M | 4.19M | 2.78M | 5.33M | 11.54M |
| Cash & Short-Term Investments | 7.35M | 7.88M | 6.17M | 8.98M | 13.1M | 18.24M | 11.53M | 10.37M | 571.61K | 5.53M | 4.05M | 132.23K | 2.51M | 4.84M | 11.14M |
| Cash Only | 7.35M | 7.88M | 6.17M | 8.98M | 13.1M | 18.24M | 11.53M | 10.37M | 571.61K | 5.53M | 4.05M | 132.23K | 2.51M | 4.84M | 11.14M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3M | 0 | 115.78K | 256.01K | 212.18K |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | 365 | - | - | 93.45 | 263.78 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 247.81K | 166.29K | 0 | 603.83K | 0 | 227.04K | 0 | 527.08K | 66.51K | 99.51K | 66.51K | 66.51K | 58.78K | 66K | 0 |
| Total Non-Current Assets | 313.92K | 313.92K | 313.92K | 1.02M | 1.07M | 1.09M | 809.99K | 10.46M | 13.24M | 13.28M | 12.64M | 12.72M | 13.54M | 14.14M | 13.83M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 27.04K | 20.8K | 4.96K | 27.85K | 42.37K | 62.02K | 119.45K | 152.6K | 122.08K |
| Fixed Asset Turnover | - | - | - | - | - | - | 16.16x | 0.82x | - | 272.39x | 70.81x | - | - | 6.55x | 2.40x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.28M | 3.28M | 3.28M | 3.28M | 3.47M | 3.67M | 3.59M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.24M | 9.24M | 9.24M | 9.24M | 9.24M | 9.75M | 10.32M | 10.11M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 313.92K | 313.92K | 313.92K | 1.02M | 1.07M | 1.09M | 782.94K | 1.19M | 705.66K | 724.71K | 66.34K | 129.31K | 199.27K | 0 | -13.83M |
| Total Assets | 7.91M | 8.36M | 6.9M | 10.61M | 14.72M | 19.82M | 13.18M | 21.55M | 14.43M | 19.16M | 20.97M | 16.91M | 16.32M | 19.47M | 25.37M |
| Asset Turnover | 0.48x | 0.36x | 0.36x | 0.24x | 0.12x | 0.06x | 0.03x | 0.00x | - | 0.40x | 0.14x | - | - | 0.05x | 0.01x |
| Asset Growth % | -19.99% | 21.19% | -34.92% | -27.96% | -25.71% | 50.35% | -38.83% | 49.31% | -24.7% | -8.63% | 24.04% | 3.63% | -16.18% | -23.28% | - |
| Total Current Liabilities | 958.24K | 968.02K | 894.26K | 809.59K | 1.07M | 1.42M | 936.93K | 1.42M | 1.6M | 1.94M | 1.87M | 7.34M | 2.7M | 3.59M | 1.4M |
| Accounts Payable | 558.81K | 258.11K | 283.62K | 240.83K | 287.36K | 362.47K | 327.4K | 931.13K | 934.15K | 786.78K | 1.01M | 1.79M | 852.76K | 942.16K | 119.67K |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | 21.54K | 1.84K | 10.08K | 11.63K | - | 40.77K | 974.16 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20.04K | 0 | 0 | 0 | 4.05M | 395K | 681.12K | 682.99K |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.49M | -395K | 1.91M | 543.34K |
| Other Current Liabilities | 399.43K | 709.92K | 34.2K | 48.26K | 39.95K | 0 | 0 | 463.99K | 218.03K | 44.31K | 20.2K | 19.1K | 41.47K | 1.36M | 63.9K |
| Current Ratio | 7.93x | 8.32x | 7.37x | 11.84x | 12.72x | 13.18x | 13.20x | 7.84x | 0.75x | 3.03x | 4.47x | 0.57x | 1.03x | 1.48x | 8.25x |
| Quick Ratio | 7.93x | 8.32x | 7.37x | 11.84x | 12.72x | 13.18x | 13.20x | 7.84x | 0.75x | 3.03x | 4.47x | 0.57x | 1.03x | 1.48x | 8.25x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 27.04K | 2.92M | 2.92M | 2.92M | 2.94M | 2.96M | 3.14M | 3.26M | 3.19M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 212.81K |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 27.04K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.92M | 2.92M | 2.92M | 2.92M | 2.92M | 3.08M | 3.26M | 3.19M |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19.88K | 38.79K | 56.38K | 0 | -212.81K |
| Total Liabilities | 958.24K | 968.02K | 894.26K | 809.59K | 1.07M | 1.42M | 963.97K | 4.33M | 4.52M | 4.86M | 4.8M | 10.3M | 5.84M | 6.85M | 4.59M |
| Total Debt | 0 | 0 | 0 | 0 | 0 | 27.04K | 62.52K | 20.04K | 0 | 0 | 0 | 395K | 395K | 681.12K | 682.99K |
| Net Debt | -7.35M | -7.88M | -6.17M | -8.98M | -13.1M | -18.22M | -11.47M | -10.35M | -571.61K | -5.53M | -4.05M | 262.77K | -2.11M | -4.16M | -10.45M |
| Debt / Equity | 0.00x | - | - | - | - | 0.00x | 0.01x | 0.00x | - | - | - | 0.06x | 0.04x | 0.05x | 0.03x |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 3.05x | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | - | -301.53x | -1976.52x | -73.30x | -36.79x | -3039.18x | -13573.76x | -121.31x |
| Total Equity | 6.95M | 7.4M | 6.01M | 9.8M | 13.65M | 18.39M | 12.22M | 17.21M | 9.91M | 14.3M | 16.17M | 6.61M | 10.48M | 12.62M | 20.78M |
| Equity Growth % | -25.22% | 23.12% | -38.67% | -28.22% | -25.81% | 50.58% | -29.03% | 73.65% | -30.69% | -11.55% | 144.67% | -36.94% | -16.94% | -39.28% | - |
| Book Value per Share | 3.03 | 4.35 | 3.90 | 6.41 | 9.59 | 17.89 | 19.11 | 60.35 | 131.12 | 198.04 | 261.13 | 187.75 | 305.41 | 4169.76 | 6868.99 |
| Total Shareholders' Equity | 6.95M | 7.4M | 6.01M | 9.8M | 13.65M | 18.39M | 12.22M | 17.21M | 9.91M | 14.3M | 16.17M | 6.61M | 10.48M | 12.62M | 20.78M |
| Common Stock | 2.29K | 2.29K | 1.54K | 1.54K | 1.52K | 13.46K | 8.77K | 6.09K | 9.73K | 9.04K | 8.73K | 162.01K | 1.5M | 1.31M | 1.31M |
| Retained Earnings | -200.33M | -199.88M | -197.19M | -193.23M | -189.1M | -182.55M | -176.9M | -166.01M | -153.23M | -145.93M | -142.34M | -88.13M | -75.62M | -58.31M | -49.73M |
| Treasury Stock | -5.28M | -5.28M | -5.28M | -5.28M | -5.28M | -5.28M | -5.28M | -5.28M | -5.28M | -5.28M | -5.28M | -5.28M | -5.28M | -5.28M | -5.28M |
| Accumulated OCI | 253.73K | 253.73K | 253.73K | 253.73K | 253.73K | 253.73K | 253.73K | 253.73K | 253.73K | 253.73K | 253.73K | 253.73K | 575.68K | 900.25K | 915.6K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Finite Cash Runway
As reported in recent financial filings, XBIO's total assets have contracted from $10.6 million in 2023Q4 to $7.9 million in 2026Q1, a trend that underscores the company's ongoing reliance on existing cash reserves to fund clinical development in the absence of significant revenue growth.
The consistent decline in total assets suggests that the company is consuming its primary liquidity buffer to sustain operations. This trajectory implies that the business model remains highly dependent on external capital or milestone events to prevent further degradation of the balance sheet.
Based on XBIO's reported figures, the cash position has declined from $9.0 million in 2023Q4 to $7.3 million as of 2026Q1, indicating that the company's current liquidity buffer is being steadily eroded by the high fixed costs associated with its clinical-stage R&D initiatives.
While the current ratio remains elevated at 7.93, this metric is somewhat misleading due to the lack of significant short-term liabilities rather than an abundance of liquid assets. Investors should monitor the cash runway closely, as the current burn rate may necessitate additional financing to maintain clinical momentum.
According to recent SEC filings, XBIO's equity base has been significantly impaired by a massive accumulated deficit of $200.3 million as of 2026Q1, which highlights the long-term challenges the company faces in achieving a sustainable return on invested capital for its shareholders.
The persistent growth of the accumulated deficit suggests that historical R&D investments have yet to yield a self-sustaining commercial engine. This structural imbalance implies that equity value is currently driven more by speculative clinical potential than by the underlying book value of the firm.
As indicated in financial statements, the absence of PPE and goodwill on the balance sheet confirms an asset-light licensing model, yet this lack of tangible collateral may limit the company's ability to secure non-dilutive debt financing during periods of heightened clinical or market volatility.
While the lack of capital-intensive assets avoids depreciation burdens, it also leaves the company with few levers to improve its financial position outside of equity issuance or partnership milestones. This reliance on intangible IP assets warrants further investigation into the durability of the PolyXen platform's competitive moat.
Quick answers to the most common questions about buying XBIO stock.
As of 2025, Xenetic Biosciences, Inc. (XBIO) had total assets of $8.4M including $8.0M in current assets.
Xenetic Biosciences, Inc. (XBIO) carries total debt of $0.0M, offset by $7.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Xenetic Biosciences, Inc. (XBIO) has total shareholders' equity (book value) of $7.4M ($4.35 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Xenetic Biosciences, Inc. (XBIO) reported a current ratio of 8.32x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.