Xenetic Biosciences, Inc.
XBIOHealthcare|Biotechnology|US
$1.87
+0.01 (+0.31%)
Tangible Book / Share
$2.65
Cash / Share
$2.82
Financials
Financial Snapshot
Market Cap
$4.4M
Enterprise Value
-$2.1M
Revenue (TTM)
$3.3M
Net Income (TTM)
-$2.5M
Cash & Investments
$6.5M
Net Cash
$6.5M
Free Cash Flow (TTM)
-$2.3M
Operating CF (TTM)
-$2.3M
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$6.5M
Quarterly Burn
$578.2K
Monthly Burn
$192.7K
Est. Runway
~11.2 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $4.0M | $5.5M | $571.6K | $10.4M | $11.5M | $18.2M | $13.1M | $9.0M | $6.2M | $7.9M | $6.5M | |
| Operating Cash Flow | -$8.8M | $1.5M | -$6.5M | -$6.4M | -$4.3M | -$4.7M | -$4.6M | -$4.1M | -$2.8M | -$2.3M | -$2.3M | |
| Free Cash Flow | -$8.8M | $1.5M | -$6.5M | -$6.4M | -$4.3M | -$4.7M | -$5.1M | -$4.1M | -$2.8M | -$2.3M | -$2.3M | |
| Capital Expenditure | -$16.8K | -$9.3K | $0.00 | $0.00 | $0.00 | $0.00 | -$500.0K | -$1.00 | $0.00 | $0.00 | -$6.00 | |
| Financing Cash Flow | $12.7M | $125.00 | $1.5M | $16.1M | $5.4M | $11.5M | $0.00 | $0.00 | $0.00 | $4.0M | $4.0M |
R&D Spending
R&D (TTM)
$2.7M
R&D Intensity
84.1%
R&D Growth vs Prior
-10.5%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.0M | $7.6M | $0.00 | $17.1K | $436.9K | $1.2M | $1.7M | $2.5M | $2.5M | $3.0M | $3.3M | |
| R&D Expense | $43.7M | $4.1M | $2.9M | $4.9M | $1.7M | $3.2M | $4.8M | $3.5M | $3.3M | $3.1M | $2.7M | |
| R&D % of Revenue | 1457.9% | 53.5% | — | 28649.6% | 396.3% | 272.6% | 279.5% | 137.6% | 131.5% | 103.0% | 84.1% | |
| SG&A | $6.7M | $6.9M | $4.4M | $4.7M | $3.4M | $3.7M | $3.7M | $3.6M | $3.4M | $2.7M | $3.2M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.0M | $7.6M | $0.00 | $17.1K | $436.9K | $1.2M | $1.7M | $2.5M | $2.5M | $3.0M | $3.3M | |
| Cost of Revenue | $36.4K | $156.1K | $15.8K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $3.0M | $7.4M | -$15.8K | $17.1K | $436.9K | $1.2M | $1.7M | $2.5M | $2.5M | $3.0M | $3.3M | |
| R&D | $43.7M | $4.1M | $2.9M | $4.9M | $1.7M | $3.2M | $4.8M | $3.5M | $3.3M | $3.1M | $2.7M | |
| SG&A | $6.7M | $6.9M | $4.4M | $4.7M | $3.4M | $3.7M | $3.7M | $3.6M | $3.4M | $2.7M | $3.2M | |
| Operating Income | -$47.4M | -$3.6M | -$7.3M | -$12.9M | -$13.9M | -$5.7M | -$6.7M | -$4.5M | -$4.2M | -$2.8M | -$2.6M | |
| Interest Expense | $729.6K | $1.8K | $24.1K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$54.2M | -$3.6M | -$7.3M | -$12.8M | -$13.8M | -$5.6M | -$6.6M | -$4.1M | -$4.0M | -$2.7M | -$2.5M | |
| Net Income | -$54.2M | -$3.6M | -$7.3M | -$12.8M | -$10.9M | -$5.6M | -$6.6M | -$4.1M | -$4.0M | -$2.7M | -$2.5M | |
| EPS (Diluted) | -875.41 | -49.78 | -96.57 | -55.92 | -17.04 | -5.39 | -4.49 | -2.71 | -2.57 | -1.58 | -1.19 | |
| EBITDA | -$53.4M | -$3.6M | -$7.3M | -$9.6M | -$4.7M | -$5.6M | -$6.5M | -$4.1M | -$3.8M | -$2.7M | -$2.5M | |
| Shares Out. (M) | 0.06 | 0.07 | 0.08 | 0.29 | 0.64 | 1.03 | 1.42 | 1.53 | 1.54 | 1.70 | 2.29 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $4.0M | $5.5M | $571.6K | $10.4M | $11.5M | $18.2M | $13.1M | $9.0M | $6.2M | $7.9M | $6.5M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $8.3M | $5.9M | $1.2M | $11.1M | $12.4M | $18.7M | $13.7M | $9.6M | $6.6M | $8.0M | $6.7M | |
| Total Assets | $21.0M | $19.2M | $14.4M | $21.5M | $13.2M | $19.8M | $14.7M | $10.6M | $6.9M | $8.4M | $7.0M | |
| Total Current Liabilities | $1.9M | $1.9M | $1.6M | $1.4M | $936.9K | $1.4M | $1.1M | $809.6K | $894.3K | $968.0K | $895.0K | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $4.8M | $4.9M | $4.5M | $4.3M | $964.0K | $1.4M | $1.1M | $809.6K | $894.3K | $968.0K | $895.0K | |
| Stockholders' Equity | $16.2M | $14.3M | $9.9M | $17.2M | $12.2M | $18.4M | $13.6M | $9.8M | $6.0M | $7.4M | $6.1M | |
| Retained Earnings | -$142.3M | -$145.9M | -$153.2M | -$166.0M | -$176.9M | -$182.5M | -$189.1M | -$193.2M | -$197.2M | -$199.9M | -$201.3M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$8.8M | $1.5M | -$6.5M | -$6.4M | -$4.3M | -$4.7M | -$4.6M | -$4.1M | -$2.8M | -$2.3M | -$2.3M | |
| Capital Expenditure | -$16.8K | -$9.3K | $0.00 | $0.00 | $0.00 | $0.00 | -$500.0K | -$1.00 | $0.00 | $0.00 | -$6.00 | |
| Free Cash Flow | -$8.8M | $1.5M | -$6.5M | -$6.4M | -$4.3M | -$4.7M | -$5.1M | -$4.1M | -$2.8M | -$2.3M | -$2.3M | |
| Investing Cash Flow | -$16.8K | -$9.3K | $22.5K | $2.0K | $0.00 | $0.00 | -$500.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Financing Cash Flow | $12.7M | $125.00 | $1.5M | $16.1M | $5.4M | $11.5M | $0.00 | $0.00 | $0.00 | $4.0M | $4.0M | |
| Issuance of Stock | $9.0M | $125.00 | $1.5M | $16.1M | $5.4M | $11.5M | $0.00 | $0.00 | $0.00 | $4.0M | $4.0M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $3.7M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $2.1M | $1.9M | $1.4M | $853.5K | $468.9K | $410.4K | $511.5K | $283.1K | $171.8K | $64.8K | $66.0K | |
| Net Change in Cash | $3.9M | $1.5M | -$5.0M | $9.7M | $1.2M | $6.7M | -$5.1M | -$4.1M | -$2.8M | $1.7M | $1.7M |
Dilution Tracker
Shares outstanding grew 166.2% over 5 years — significant dilution
Shares Outstanding
2M
5-Year Share Growth
+166.2%
Stock Issuance (TTM)
$4.0M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.06 | 0.07 | 0.08 | 0.29 | 0.64 | 1.03 | 1.42 | 1.53 | 1.54 | 1.70 | 2.29 | |
| Change vs Prior % | — | 16.6% | 4.7% | 277.3% | 124.1% | 60.8% | 38.4% | 7.4% | 0.9% | 10.4% | 34.8% | |
| Stock Issuance | $9.0M | $125.00 | $1.5M | $16.1M | $5.4M | $11.5M | $0.00 | $0.00 | $0.00 | $4.0M | $4.0M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $2.1M | $1.9M | $1.4M | $853.5K | $468.9K | $410.4K | $511.5K | $283.1K | $171.8K | $64.8K | $66.0K |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 98.8% | 97.9% | — | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | |
| Operating Margin % | -1581.0% | -47.1% | — | -75511.7% | -3189.8% | -495.1% | -393.6% | -177.8% | -168.2% | -95.2% | -81.0% | |
| Net Margin % | -1806.9% | -47.4% | — | -74856.6% | -2493.1% | -486.4% | -383.9% | -162.8% | -158.4% | -90.1% | -75.9% | |
| EBITDA Margin % | -1781.3% | -47.1% | — | -56111.4% | -1067.8% | -483.3% | -382.3% | -162.8% | -152.3% | -90.1% | -75.9% | |
| FCF Margin % | -293.5% | 19.6% | — | -37498.0% | -976.6% | -408.2% | -301.5% | -162.0% | -112.7% | -76.8% | -70.9% | |
| ROE % | -335.2% | -25.1% | -73.6% | -74.2% | -89.2% | -30.7% | -48.0% | -42.2% | -65.9% | -36.2% | -40.6% | |
| ROA % | -258.4% | -18.8% | -50.6% | -59.3% | -82.7% | -28.5% | -44.5% | -39.0% | -57.4% | -32.1% | -35.5% | |
| ROIC % | -248.2% | -20.7% | -56.7% | -63.9% | -89.5% | -31.2% | -49.2% | -46.1% | -70.0% | -38.3% | -43.5% | |
| R&D / Revenue % | 1457.9% | 53.5% | — | 28649.6% | 396.3% | 272.6% | 279.5% | 137.6% | 131.5% | 103.0% | 84.1% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 152.8% | -100.0% | 0.0% | 2460.3% | 165.6% | 47.1% | 48.8% | -1.6% | 19.0% | |
| Gross Profit | 5381.2% | 150.7% | -100.2% | 207.8% | 2460.3% | 165.6% | 47.1% | 48.8% | -1.6% | 19.0% | |
| Operating Income | -382.9% | 92.5% | -103.9% | -77.1% | -8.2% | 58.8% | -16.9% | 32.8% | 6.9% | 32.6% | |
| Net Income | -333.4% | 93.4% | -103.1% | -75.0% | 14.7% | 48.2% | -16.1% | 36.9% | 4.2% | 32.3% | |
| EPS (Diluted) | -146.4% | 94.3% | -94.0% | 42.1% | 69.5% | 68.4% | 16.7% | 39.6% | 5.2% | 38.5% | |
| Operating Cash Flow | -65.8% | 117.0% | -532.6% | 1.0% | 33.3% | -11.0% | 1.9% | 11.5% | 31.5% | 18.8% | |
| Free Cash Flow | -66.0% | 116.9% | -535.3% | 1.0% | 33.3% | -11.0% | -8.6% | 20.1% | 31.5% | 18.8% | |
| R&D Expense | 1173.7% | -90.7% | -29.0% | 69.5% | -64.6% | 82.7% | 50.8% | -26.7% | -5.9% | -6.8% | |
| SG&A Expense | 4.8% | 3.7% | -36.7% | 7.7% | -28.1% | 10.1% | -2.4% | -2.5% | -4.1% | -19.6% | |
| Total Assets | 24.0% | -8.6% | -24.7% | 49.3% | -38.8% | 50.3% | -25.7% | -28.0% | -34.9% | 21.2% | |
| Book Value / Share | 39.1% | -24.2% | -33.8% | -54.0% | -68.3% | -6.4% | -46.4% | -33.2% | -39.2% | 11.5% | |
| Debt | -100.0% | 0.0% | 0.0% | 0.0% | 212.0% | -56.7% | -100.0% | 0.0% | 0.0% | 0.0% | |
| Diluted Shares | 75.9% | 16.6% | 4.7% | 277.3% | 124.1% | 60.8% | 38.4% | 7.4% | 0.9% | 10.4% |
Valuation
P/E (TTM)At Loss
P/S1.34
10Y Low / Med / High1.24 / 2.46 / 240.69
P/B0.71
10Y Low / Med / High0.24 / 1.02 / 1.98
EV/EBITDA0.84
10Y Low / Med / High0.00 / 0.90 / 1.56
EV/Revenue-0.64
10Y Low / Med / High1.46 / 3.61 / 9.30
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$2.65
Net Current Assets / Share
$2.46
Graham Net-Net
$2.43
Cash / Share
$2.82
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -0.59 | -4.63 | -2.04 | -0.26 | -1.20 | -2.39 | -0.63 | -1.27 | -1.55 | -1.37 | -1.57 | |
| P/S Ratio | 10.65 | 2.19 | 0.00 | 240.69 | 29.84 | 11.42 | 2.38 | 2.08 | 2.46 | 1.24 | 1.34 | |
| P/B Ratio | 1.98 | 1.16 | 1.50 | 0.24 | 1.07 | 0.72 | 0.30 | 0.54 | 1.02 | 0.50 | 0.71 | |
| EV/EBITDA | -0.52 | -3.11 | -1.97 | 0.65 | -0.34 | 0.88 | 1.39 | 0.90 | 0.00 | 1.56 | 0.84 | |
| EV/Revenue | 9.30 | 1.46 | 0.00 | -365.66 | 3.61 | -4.27 | -5.30 | -1.46 | -0.01 | -1.41 | -0.64 |
Analyst Estimates & Quality
Altman Z-Score
-37.21
Distress
Piotroski F-Score
3
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $3.0M | $2.5M | $9.7M |
| Net Income | -$5.6M | -$578.5K | -$391.4K |
| EPS | $-3.32 | $-0.34 | $-0.23 |
| # Analysts (EPS) | 1 | 1 | 1 |
Revenue Segments
By Product
| Segment | 2020 |
|---|---|
| Royalty Revenue | $437.0K |