The company remains pre-revenue with a persistent operating loss, as evidenced by the $811,900 operating loss reported in 2026Q1.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 25.49K | 0 | 160.66K | 141.96K | 75.27K | 17.88K | 20.44K | 19.9K | 19.32K | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -25.49K | 0 | -160.66K | -141.96K | -75.27K | -17.88K | -20.44K | -19.9K | -19.32K | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 100% | -13.17% | -88.6% | -320.91% | 12.51% | -2.71% | -3.02% | - | - | - | - | - |
| Operating Expenses | 3.08M | 3.26M | 5.48M | 4.81M | 9.86M | 2.9M | 1.3M | 546.07K | 1.16M | 464.07K | 405.34K | 243.94K | 36.92K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 2.11M | 1.83M | 5.23M | 2.39M | 3.28M | 2.05M | 624.49K | 506.17K | 795.65K | 380.92K | 389.31K | 243.94K | 36.92K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 331.28K | 574.93K | 251.84K | 2.41M | 6.49M | 853.12K | 277.45K | 39.9K | 342.25K | 66.37K | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 640.06K | 849.41K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -3.1M | -3.26M | -5.64M | -4.81M | -12.43M | -2.9M | -1.08M | -565.97K | -1.07M | -427.11K | -389.31K | -243.94K | -36.92K |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 42.29% | -17.42% | 61.35% | -328.32% | -168.23% | -91.22% | 47.07% | -150.37% | -9.71% | -59.6% | -560.68% | - |
| EBITDA | -2.99M | -3.14M | -5.48M | -4.62M | -12.36M | -2.88M | -1.06M | -546.07K | -1.05M | -410.33K | -373.29K | -229.93K | -36.92K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 45.56% | 42.64% | -18.73% | 62.64% | -328.37% | -171.71% | -94.45% | 48% | -155.9% | -9.92% | -62.35% | -522.75% | - |
| D&A (Non-Cash Add-back) | 111.62K | 112.11K | 160.66K | 188.54K | 75.27K | 17.88K | 20.44K | 19.9K | 19.32K | 16.78K | 16.02K | 14.01K | 0 |
| EBIT | -3.1M | -3.26M | -4.54M | -6.57M | -9.49M | -2.92M | -1.27M | -592.37K | -1.09M | -443.88K | -405.34K | -257.94K | 0 |
| Net Interest Income | 25.06K | 41.87K | 167.01K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 25.06K | 41.87K | 167.01K | 342.2K | 101.37K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 4.39K | 13.51K | 37.21K | 22.3K | 15.46K | 8.63K | 0 | 0 |
| Other Income/Expense | 349.55K | 599.71K | 1.1M | 1.95M | 2.95M | 1.25M | -202.36K | -63.61K | -2.71M | -47.09K | -25.52K | -35.37K | 0 |
| Pretax Income | -2.75M | -2.66M | -4.54M | -2.86M | -9.49M | -1.65M | -1.28M | -629.58K | -3.78M | -474.2K | -414.83K | -279.31K | -36.92K |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 4.39K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | -0.27% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -2.75M | -2.66M | -4.54M | -2.86M | -6.99M | -1.65M | -1.28M | -629.58K | -3.78M | -474.2K | -414.83K | -279.31K | -36.92K |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -177.41% | 41.48% | -58.75% | 59.09% | -322.98% | -28.62% | -104.04% | 83.33% | -696.27% | -14.31% | -48.52% | -656.48% | - |
| Net Income (Continuing) | -2.75M | -2.66M | -4.54M | -2.86M | -9.49M | -1.65M | -1.28M | -629.58K | -3.78M | -474.2K | -414.83K | -279.31K | -36.92K |
| Discontinued Operations | 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 |
| EPS (Diluted) | -1.98 | -14.20 | -39.50 | -36.00 | -118.00 | -30.00 | -43.25 | -25.25 | -150.75 | -55.75 | -58.00 | -34.50 | -11.50 |
| EPS Growth % | -54.63% | 64.05% | -9.72% | 69.49% | -293.33% | 30.64% | -71.29% | 83.25% | -170.4% | 3.88% | -68.12% | -200% | - |
| EPS (Basic) | - | -14.20 | -39.50 | -36.00 | -118.00 | -30.00 | -43.25 | -25.25 | -150.75 | -55.75 | -58.00 | -34.50 | -11.50 |
| Diluted Shares Outstanding | 1.39M | 189.38K | 115.14K | 79.27K | 59.2K | 43.77K | 29.62K | 25.04K | 25.04K | 8.51K | 7.13K | 8.09K | 3.23K |
| Basic Shares Outstanding | 1.39M | 189.38K | 115.14K | 79.27K | 59.2K | 43.77K | 29.62K | 25.04K | 25.04K | 8.49K | 7.13K | 8.08K | 3.23K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and dilution risk
As a clinical-stage biotechnology entity, XORTX Therapeutics currently reports zero revenue, with financial performance entirely dependent on R&D milestones rather than commercial sales, according to the latest quarterly filings which highlight the company's ongoing transition through the early phases of its proprietary xanthine oxidase inhibitor development program.
The absence of top-line growth is consistent with the company's current R&D-heavy business model. Investors should note that future revenue potential remains speculative and contingent upon successful clinical trial outcomes and subsequent regulatory approval for its ADPKD therapeutic candidate.
Based on reported financial statements, XORTX's cost structure is dominated by administrative overhead and clinical trial management, with R&D expenses fluctuating significantly as the company navigates the development of XRx-008, leaving the firm with a persistent operating loss that necessitates frequent reliance on external capital markets.
The variability in R&D spending suggests a project-based approach to clinical development rather than a steady-state operational cadence. Management's ability to control SG&A expenses while maintaining trial momentum is critical, as the current burn rate appears to be outpacing the company's limited cash reserves.
Analysis of the income statement reveals that reported net income figures are frequently impacted by non-operating items, such as derivative warrant liability adjustments, which can create significant volatility in bottom-line results that do not accurately reflect the underlying operational progress of the company's core drug development activities.
Investors should exercise caution when interpreting net income, as these accounting fluctuations can mask the true cash-burn profile of the business. A focus on operating loss and cash-on-hand provides a more reliable indicator of the company's financial health than the headline net income figures.
With cash and equivalents reported at only $862,940, the company faces a severe liquidity challenge that warrants close investigation, as the current burn rate suggests that XORTX may be forced into highly dilutive financing rounds to sustain its clinical programs through the next major data readout.
The discrepancy between the company's ambitious clinical goals and its limited cash position creates a significant risk of operational disruption. Without a clear path to non-dilutive funding or a strategic partnership, the sustainability of the current R&D trajectory appears increasingly precarious for existing shareholders.
Quick answers to the most common questions about buying XRTX stock.
For fiscal year 2025, XORTX Therapeutics Inc. (XRTX) reported total revenue of $0.0M.
XORTX Therapeutics Inc. (XRTX) reported a net loss of $2.7M for the fiscal year ending 2025.