Revenue growth remains inconsistent, fluctuating between a 36.0% year-over-year increase in 2026Q1 and prior double-digit contractions, while operating margins remain deeply negative at -62.2%.
| 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 |
|---|
| Sales/Revenue | 3.19M | 2.98M | 2.5M | 2.54M | 1.71M | 1.16M | 436.94K | 17.07K | 0 | 7.58M | 3M | 0 | 0 | 1M | 293.6K |
| Revenue Growth % | 23.52% | 19.04% | -1.56% | 48.8% | 47.06% | 165.64% | 2460.31% | - | -100% | 152.83% | - | - | -100% | 240.6% | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15.83K | 156.12K | 36.45K | 56.12K | 0 | 8.44K | 44.84K |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | 2.06% | 1.21% | - | - | 0.84% | 15.27% |
| Gross Profit | 2.38M | 2.98M | 2.5M | 2.54M | 1.71M | 1.16M | 436.94K | 17.07K | -15.83K | 7.43M | 2.96M | -56.12K | 0 | 991.57K | 248.76K |
| Gross Margin % | 74.71% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | - | 97.94% | 98.78% | - | - | 99.16% | 84.73% |
| Gross Profit Growth % | - | 19.04% | -1.56% | 48.8% | 47.06% | 165.64% | 2460.31% | 207.83% | -100.21% | 150.68% | 5381.21% | - | -100% | 298.6% | - |
| Operating Expenses | 5.58M | 5.81M | 6.7M | 7.06M | 8.42M | 6.91M | 14.37M | 12.9M | 7.28M | 11M | 50.43M | 9.82M | 12.92M | 9.61M | 5.51M |
| OpEx % of Revenue | - | 195.23% | 268.16% | 277.78% | 493.57% | 595.12% | 3289.82% | 75611.71% | - | 144.99% | 1681.02% | - | - | 961.35% | 1875.12% |
| Selling, General & Admin | 2.74M | 2.75M | 3.42M | 3.56M | 3.65M | 3.74M | 3.4M | 4.73M | 4.39M | 6.94M | 6.69M | 6.39M | 6.6M | 6.55M | 3.56M |
| SG&A % of Revenue | - | 92.24% | 136.64% | 140.2% | 214.07% | 322.56% | 778.15% | 27722.82% | - | 91.47% | 223.09% | - | - | 655.32% | 1213.17% |
| Research & Development | 2.85M | 3.07M | 3.29M | 3.49M | 4.77M | 3.16M | 1.73M | 4.89M | 2.88M | 4.06M | 43.74M | 3.43M | 6.32M | 3.06M | 1.94M |
| R&D % of Revenue | - | 102.99% | 131.52% | 137.59% | 279.5% | 272.55% | 396.26% | 28649.6% | - | 53.53% | 1457.93% | - | - | 306.03% | 661.95% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 9.24M | 3.28M | -24.64K | -41.1K | 0 | 0 | 0 | 68.28K | 0 |
| Operating Income | -2.39M | -2.83M | -4.2M | -4.52M | -6.72M | -5.75M | -13.94M | -12.89M | -7.28M | -3.57M | -47.43M | -9.82M | -12.92M | -8.61M | -6.34M |
| Operating Margin % | -75.05% | -95.23% | -168.16% | -177.78% | -393.57% | -495.12% | -3189.82% | -75511.71% | - | -47.05% | -1581.02% | - | - | -861.35% | -2160.83% |
| Operating Income Growth % | - | 32.58% | 6.89% | 32.78% | -16.9% | 58.77% | -8.15% | -77.11% | -103.89% | 92.48% | -382.9% | 24.01% | -50.05% | -35.77% | - |
| EBITDA | -2.41M | -2.83M | -4.05M | -4.52M | -6.69M | -5.71M | -13.91M | -12.86M | -7.26M | -3.54M | -47.39M | -9.77M | -12.84M | -8.56M | -6.24M |
| EBITDA Margin % | -75.47% | -95.23% | -162.03% | -177.78% | -391.98% | -492.06% | -3183.22% | -75350.65% | - | -46.74% | -1579.81% | - | - | -856.14% | -2125.2% |
| EBITDA Growth % | 37.93% | 30.03% | 10.29% | 32.51% | -17.15% | 58.94% | -8.16% | -77.11% | -104.81% | 92.52% | -385.3% | 23.92% | -49.93% | -37.21% | - |
| D&A (Non-Cash Add-back) | -13.24K | 0 | 153.34K | 0 | 27.04K | 35.48K | 28.84K | 27.49K | 15.83K | 23.78K | 36.45K | 56.12K | 88.69K | 52.03K | 104.62K |
| EBIT | -2.36M | -2.83M | -4.2M | -4.52M | -6.72M | -5.75M | -4.69M | -9.6M | -7.28M | -3.59M | -53.48M | -9.82M | -14.3M | -8.58M | -6.28M |
| Net Interest Income | 154.56K | 148K | 249.86K | 355.76K | 167.15K | 100.47K | 126.17K | 108.49K | 0 | 14.73K | -729.54K | -265.31K | 14.25K | 34.22K | 15.94K |
| Interest Income | 154.56K | 148K | 249.86K | 355.76K | 167.15K | 100.47K | 126.17K | 108.49K | 0 | 16.54K | 32 | 1.69K | 18.96K | 34.85K | 67.67K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 24.13K | 1.82K | 729.57K | 267K | 4.71K | 632 | 51.74K |
| Other Income/Expense | 160.19K | 153.72K | 244.15K | 381.14K | 165.56K | 101.59K | 125.68K | 111.8K | -24.13K | -26.37K | -6.78M | -2.69M | -1.38M | -31.95K | -1.18M |
| Pretax Income | -2.23M | -2.68M | -3.96M | -4.13M | -6.55M | -5.65M | -13.81M | -12.78M | -7.3M | -3.6M | -54.21M | -12.51M | -14.31M | -8.58M | -6.33M |
| Pretax Margin % | -70.03% | -90.07% | -158.39% | -162.78% | -383.87% | -486.36% | -3161.06% | -74856.59% | - | -47.4% | -1806.87% | - | - | -857.92% | -2155.41% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | -2.92M | 0 | 24.13K | 26.37K | 0 | 0 | 0 | -34.22K | 1.09M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 21.13% | 0% | -0.33% | -0.73% | 0% | 0% | 0% | 0.4% | -17.19% |
| Net Income | -2.23M | -2.68M | -3.96M | -4.13M | -6.55M | -5.65M | -10.89M | -12.78M | -7.3M | -3.6M | -54.21M | -12.51M | -14.31M | -8.58M | -6.33M |
| Net Margin % | -70.03% | -90.07% | -158.39% | -162.78% | -383.87% | -486.36% | -2493.11% | -74856.59% | - | -47.4% | -1806.87% | - | - | -857.92% | -2155.41% |
| Net Income Growth % | 39.1% | 32.31% | 4.22% | 36.9% | -16.07% | 48.18% | 14.73% | -74.99% | -103.07% | 93.37% | -333.39% | 12.58% | -66.76% | -35.57% | - |
| Net Income (Continuing) | -2.23M | -2.68M | -3.96M | -4.13M | -6.55M | -5.65M | -10.89M | -12.78M | -7.3M | -3.6M | -54.21M | -12.51M | -14.31M | -8.58M | -6.33M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.98 | -1.58 | -2.57 | -2.71 | -4.49 | -5.39 | -17.04 | -55.92 | -96.57 | -49.78 | -875.41 | -355.34 | -416.91 | -2835.18 | -2092.01 |
| EPS Growth % | 48.32% | 38.52% | 5.17% | 39.64% | 16.7% | 68.37% | 69.53% | 42.09% | -93.99% | 94.31% | -146.36% | 14.77% | 85.3% | -35.52% | - |
| EPS (Basic) | - | -1.58 | -2.57 | -2.71 | -4.49 | -5.39 | -17.04 | -55.92 | -96.58 | -49.78 | -875.41 | -355.34 | -416.91 | -2835.18 | -2092.01 |
| Diluted Shares Outstanding | 2.29M | 1.7M | 1.54M | 1.53M | 1.42M | 1.03M | 639.24K | 285.25K | 75.6K | 72.21K | 61.92K | 35.2K | 34.32K | 3.03K | 3.02K |
| Basic Shares Outstanding | 2.29M | 1.7M | 1.54M | 1.53M | 1.42M | 1.03M | 639.24K | 285.25K | 75.59K | 72.21K | 61.92K | 35.2K | 34.32K | 3.03K | 3.02K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Limited Cash Runway
According to recent financial filings, XBIO's revenue growth remains highly inconsistent, fluctuating between a 36.0% year-over-year increase in 2026Q1 and significant double-digit contractions in prior periods, reflecting the inherent lumpiness of milestone payments and the reliance on third-party commercial performance of partnered assets like Adynovate.
The revenue trajectory is dictated by external partner sales rather than internal commercial execution, making organic growth difficult to forecast. Investors should monitor whether the company can secure new licensing agreements to stabilize these top-line fluctuations, as the current reliance on a single primary royalty stream limits long-term visibility.
As reported in financial statements, XBIO consistently maintains a 100% gross margin, a structural outcome of its intellectual property licensing model that avoids the capital intensity and direct costs associated with the physical manufacturing or distribution of pharmaceutical products.
While the 100% gross margin is theoretically ideal, it masks the underlying inability of the business to scale its royalty income to cover fixed operating expenses. This margin profile suggests that the company functions more as an IP holding entity than a traditional biotech manufacturer, placing the entire burden of profitability on the volume of partnered drug sales.
Based on XBIO's reported figures, the company exhibits a persistent inability to achieve operating leverage, with operating margins remaining deeply negative at -62.2% in 2026Q1, as R&D and SG&A expenditures continue to dwarf the modest royalty inflows generated by the PolyXen platform.
The lack of operating leverage indicates that the company's current cost structure is misaligned with its revenue generation capacity. Without a significant inflection in royalty volume or a reduction in clinical-stage R&D spending, the company appears likely to continue consuming cash at a rate that necessitates ongoing external financing.
Data from recent income statements indicates that XBIO's cost structure is dominated by heavy R&D and SG&A investments, which collectively exceed total revenue in every reported period, highlighting a fundamental mismatch between the company's clinical ambitions and its current royalty-based revenue base.
Management's expense discipline appears secondary to the aggressive pursuit of the XCART platform, which functions as a significant cost center without immediate revenue offsets. Investors should interpret this cost structure as a high-risk commitment to long-term clinical development that may jeopardize short-term liquidity if milestones are not met.
A critical review of the income statement suggests that the reliance on royalty income to subsidize clinical-stage R&D creates a precarious financial position, as the company's cash burn rate consistently outpaces its ability to generate non-dilutive capital through its existing licensing partnerships.
Short-sellers would likely focus on the widening gap between operating expenses and royalty revenue, arguing that the current business model is unsustainable without frequent equity dilution. The lack of a clear path to operational self-sufficiency warrants further investigation into the company's ability to maintain its clinical pipeline under current market conditions.
Quick answers to the most common questions about buying XBIO stock.
For fiscal year 2025, Xenetic Biosciences, Inc. (XBIO) reported total revenue of $3.0M. This represents a 913.8% increase compared to $0.3M in 2012.
Xenetic Biosciences, Inc. (XBIO) reported a net loss of $2.7M for the fiscal year ending 2025.
Xenetic Biosciences, Inc. (XBIO) reported an operating income of $-2.8M, resulting in an operating profit margin of -95.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Xenetic Biosciences, Inc. (XBIO) generated $3.0M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.