The company exhibits extreme negative operating leverage, with operating margins reaching -481.60% in recent periods as administrative costs consistently dwarf the $451,000 in TTM revenue.
| Metric | 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 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Sales/Revenue | 451K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.37M | 938K | 0 | 0 | 0 | 5.94M | 907K | 454K | 3.2M | 3.45M | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | -100% | 152.56% | - | - | - | -100% | 554.91% | 99.78% | -85.8% | -7.44% | - | - |
| Cost of Goods Sold | 448K | 0 | 1K | 1K | 1K | 0 | 0 | 0 | 0 | 0 | 17 | 741K | 380K | 0 | 0 | 0 | 0 | 110K | 54K | 2.8M | 3.3M | 0 |
| COGS % of Revenue | 99.33% | - | - | - | - | - | - | - | - | - | - | 31.28% | 40.51% | - | - | - | - | 12.13% | 11.89% | 87.49% | 95.57% | - |
| Gross Profit | 3K | 0 | -1K | -1K | -1K | 0 | 0 | 0 | 0 | 0 | -17 | 1.63M | 558K | 0 | 0 | 0 | 5.94M | 797K | 400K | 400K | 153K | 0 |
| Gross Margin % | 0.67% | - | - | - | - | - | - | - | - | - | - | 68.72% | 59.49% | - | - | - | 100% | 87.87% | 88.11% | 12.51% | 4.43% | - |
| Gross Profit Growth % | - | 100% | 0% | 0% | - | - | - | - | - | 100% | -100% | 191.76% | - | - | - | -100% | 645.29% | 99.25% | 0% | 161.44% | - | - |
| Operating Expenses | 2.17M | 765K | 880K | 1.03M | 948K | 842K | 793K | 1.25M | 1.71M | 2M | 2.02M | 3.85M | 3.7M | 1.16M | 1.26M | 2.29M | 15.53M | 26.53M | 16.45M | 13M | 16.93M | -14.56M |
| OpEx % of Revenue | 482.26% | - | - | - | - | - | - | - | - | - | - | 162.6% | 394.67% | - | - | - | 261.46% | 2925.25% | 3622.47% | 406.54% | 490.13% | - |
| Selling, General & Admin | 2.05M | 734K | 850K | 1M | 910K | 807K | 755K | 1.19M | 1.26M | 1.41M | 1.72M | 3.67M | 3.55M | 1M | 1.22M | 2.43M | 5.14M | 5.58M | 5.58M | 5.46M | 4.13M | 3.1M |
| SG&A % of Revenue | 453.66% | - | - | - | - | - | - | - | - | - | - | 154.83% | 378.04% | - | - | - | 86.58% | 615.44% | 1228.19% | 170.69% | 119.69% | - |
| Research & Development | 98K | 31K | 30K | 30K | 38K | 35K | 38K | 43K | 443K | 578K | 278K | 113K | 99K | 158K | 64K | 0 | 10.39M | 20.95M | 10.87M | 7.54M | 12.79M | 11.1M |
| R&D % of Revenue | 21.73% | - | - | - | - | - | - | - | - | - | - | 4.77% | 10.55% | - | - | - | 174.88% | 2309.81% | 2394.27% | 235.85% | 370.44% | - |
| Other Operating Expenses | 31K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -2.17M | -765K | -880K | -1.03M | -948K | -842K | -793K | -1.25M | -2.56M | -3.61M | -2.02M | -2.89M | -2.36M | -1.16M | -1.26M | 2.57M | -9.59M | -25.73M | -16.05M | -14.38M | -16.78M | 14.56M |
| Operating Margin % | -481.6% | - | - | - | - | - | - | - | - | - | - | -122.16% | -251.17% | - | - | - | -161.46% | -2837.38% | -3534.36% | -449.8% | -485.7% | - |
| Operating Income Growth % | -183.92% | 13.07% | 14.65% | -8.76% | -12.59% | -6.18% | 36.36% | 51.35% | 29.08% | -78.59% | 30.13% | -22.84% | -102.58% | 7.4% | -148.91% | 126.78% | 62.73% | -60.38% | -11.59% | 14.28% | -215.2% | - |
| EBITDA | -1.97M | -764K | -879K | -1.03M | -947K | 0 | -792K | -1.25M | -2.56M | -3.6M | -1.97M | -2.58M | -2.22M | -1.07M | -1.21M | 2.58M | -9.55M | -25.63M | -15.8M | -14.14M | -16.46M | 15M |
| EBITDA Margin % | -437.47% | - | - | - | - | - | - | - | - | - | - | -108.95% | -236.67% | - | - | - | -160.81% | -2825.47% | -3480.84% | -442.23% | -476.46% | - |
| EBITDA Growth % | -158.25% | 13.08% | 14.66% | -8.76% | - | 100% | 36.39% | 51.33% | 29.02% | -83.04% | 23.71% | -16.26% | -107.67% | 11.94% | -147.04% | 127.02% | 62.73% | -62.17% | -11.78% | 14.09% | -209.7% | - |
| D&A (Non-Cash Add-back) | 199K | 1K | 1K | 1K | 1K | 842K | 1K | 1K | 3K | 7K | 53K | 313K | 136K | 94K | 42K | 13K | 39K | 108K | 243K | 242K | 319K | 440K |
| EBIT | -1.13M | -765K | -880K | -1.03M | -948K | -842K | -793K | -1.25M | -1.71M | -2.01M | -2.02M | -1.41M | -984K | -1.2M | -1.26M | 2.56M | -18.44M | -25.73M | -16.05M | -12.6M | -16.78M | 0 |
| Net Interest Income | -52K | 37K | 25K | -13K | 16K | 64K | 80K | 8K | 0 | 0 | 4K | -25K | 28K | 37K | 0 | 1K | 314K | 664K | 1.06M | 503K | 352K | 0 |
| Interest Income | 34K | 41K | 36K | 8K | 33K | 93K | 87K | 16K | 0 | 0 | 10K | 10K | 43K | 45K | 2K | 3K | 317K | 668K | 1.06M | 503K | 352K | 352K |
| Interest Expense | 86K | 4K | 11K | 21K | 17K | 29K | 7K | 8K | 0 | 0 | 6K | 35K | 15K | 8K | 0 | 2K | 3K | 4K | 0 | 0 | 0 | 0 |
| Other Income/Expense | 1.01M | -1.02M | -468K | 1.47M | -2.01M | 79K | 4.42M | 465K | 16K | -11K | -97K | -3.36M | 614K | -44K | -1K | -4K | -8.87M | 590K | 1.14M | 443K | 352K | -28.77M |
| Pretax Income | -1.16M | -1.78M | -1.35M | 435K | -2.95M | -1.35M | 2.99M | -781K | -2.54M | -3.62M | -2.12M | -3.71M | -1.74M | -1.21M | -1.26M | 2.56M | -9.28M | -25.14M | -14.9M | -13.94M | -16.42M | -14.21M |
| Pretax Margin % | -256.54% | - | - | - | - | - | - | - | - | - | - | -156.73% | -185.71% | - | - | - | -156.18% | -2772.33% | -3283.04% | -435.94% | -475.51% | - |
| Income Tax | -130K | 0 | 0 | 0 | 0 | -69K | -80K | 0 | 0 | 0 | 0 | 458K | -1.19M | 6K | 0 | -23K | -31K | -206K | 227K | 78K | 49K | 78K |
| Effective Tax Rate % | 11.24% | 0% | 0% | 0% | 0% | 5.12% | -2.68% | 0% | 0% | 0% | 0% | -12.34% | 68.03% | -0.5% | 0% | -0.9% | 0.33% | 0.82% | -1.52% | -0.56% | -0.3% | -0.55% |
| Net Income | -1.03M | -1.78K | -1.35M | 435K | -782K | -1.35M | 2.99M | -781K | -2.54M | -4.31M | -2.53M | -2.48M | -1.39M | -1.21M | -1.26M | 2.59M | -9.25M | -24.94M | -15.13M | -14.02M | -16.47M | -14.29M |
| Net Margin % | -227.72% | - | - | - | - | - | - | - | - | - | - | -104.52% | -148.19% | - | - | - | -155.66% | -2749.61% | -3333.04% | -438.38% | -476.93% | - |
| Net Income Growth % | -57531.87% | 99.87% | -409.89% | 155.63% | 41.95% | -145.11% | 482.33% | 69.31% | 40.97% | -70.6% | -2.06% | -78.13% | -15.16% | 3.98% | -148.59% | 127.98% | 62.93% | -64.81% | -7.97% | 14.92% | -15.29% | - |
| Net Income (Continuing) | -1.03M | -1.78M | -1.35M | 435K | -2.95M | -763K | 3.63M | -781K | -2.54M | -3.62M | -2.12M | -1.14M | -1.39M | -1.21M | -1.26M | 2.59M | -18.43M | -24.94M | -15.13M | -14.02M | -16.47M | -14.29M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -691K | -408K | -1.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19K | 520K | 2.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -9.60 | 0.00 | -16.00 | 4.48 | -36.48 | -16.64 | 37.12 | -10.88 | -59.52 | -104.32 | -69.76 | -71.04 | -40.96 | -37.76 | -71.04 | 92.80 | -332.80 | -3520.00 | -2432.00 | -266.24 | -384.00 | -4096.00 |
| EPS Growth % | - | 100% | -457.14% | 112.28% | -119.23% | -144.83% | 441.18% | 81.72% | 42.94% | -49.54% | 1.8% | -73.44% | -8.47% | 46.85% | -176.55% | 127.88% | 90.55% | -44.74% | -813.46% | 30.67% | 90.63% | - |
| EPS (Basic) | -9.60 | 0.00 | -16.00 | 5.12 | -36.48 | -16.64 | 37.12 | -10.88 | -59.52 | -104.32 | -69.76 | -71.04 | -40.96 | -37.76 | -71.04 | 92.80 | -332.80 | -960.00 | -588.16 | -2624.00 | -3904.00 | -4096.00 |
| Diluted Shares Outstanding | 110.03K | 85.14K | 85.14K | 96.18K | 80.34K | 80.34K | 80.34K | 73.47K | 42.82K | 41.21K | 36.13K | 34.94K | 34.01K | 31.88K | 17.72K | 27.81K | 27.81K | 7.14K | 6.3K | 52.67K | 42.9K | 3.49K |
| Basic Shares Outstanding | 105.16K | 85.15K | 85.17K | 83.12K | 80.34K | 80.34K | 80.34K | 73.47K | 42.82K | 41.21K | 36.13K | 34.94K | 34.01K | 31.88K | 17.72K | 27.81K | 27.81K | 25.73K | 25.73K | 5.32K | 4.21K | 3.49K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and clinical failure
As indicated by recent financial disclosures, XTLB's revenue remains sporadic and non-operational, with a TTM total of $451,000 that appears to stem from incidental licensing or interest income rather than a scalable commercial engine, leaving the company without a reliable path toward consistent top-line growth.
The absence of recurring revenue streams suggests that the company is currently in a pre-commercial state, relying on non-core inflows that provide no meaningful cushion against operational expenses. Investors should view these figures as transactional rather than indicative of a maturing business model, as there is no evidence of product-market fit.
Based on reported income statements, XTLB maintains a high fixed-cost structure where SG&A expenses, which reached $756,000 in 2024Q3, consistently dwarf the company's negligible revenue, highlighting a lack of expense discipline relative to the firm's current stage of clinical development and administrative requirements.
The persistent reliance on administrative spending to maintain public listing status, despite the lack of a commercialized product, suggests a significant drain on limited capital resources. This cost structure appears unsustainable without a major strategic pivot or a successful out-licensing event to offset the ongoing burn.
According to historical income statement data, XTLB exhibits extreme negative operating leverage, with operating margins reaching -481.60% in recent periods, as the company continues to incur substantial regulatory and administrative costs without the benefit of a scalable gross profit margin to absorb these fixed expenditures.
The inability to scale operating income relative to gross profit indicates that the company is currently trapped in a high-burn cycle. Any future improvement in operating leverage would likely require a fundamental shift toward a royalty-based model, as the current cost base is disproportionate to the firm's output.
Financial filings reveal that with cash reserves falling to approximately $371,000, the company faces a critical liquidity shortfall that may necessitate highly dilutive financing, a reality that short-sellers likely focus on given the persistent failure to advance the hCDR1 pipeline through late-stage clinical trials.
The market's valuation of XTLB appears to reflect deep skepticism regarding the company's ability to survive without further capital injections. Investors should monitor the risk of patent expiration or loss of licensing rights, which could render the primary intellectual property asset worthless if clinical progress remains stalled.
Quick answers to the most common questions about buying XTLB stock.
For fiscal year 2024, XTL Biopharmaceuticals Ltd. (XTLB) reported total revenue of $0.5M.
XTL Biopharmaceuticals Ltd. (XTLB) reported a net loss of $1.0M for the fiscal year ending 2024.
XTL Biopharmaceuticals Ltd. (XTLB) reported an operating income of $-2.2M, resulting in an operating profit margin of -481.6%. This margin reflects the operational efficiency of the business before interest and taxes.
XTL Biopharmaceuticals Ltd. (XTLB) generated $0.0M in gross profit for the year, representing a gross profit margin of 0.7%. This demonstrates the company's core pricing power and production efficiency.