XBiotech Inc.
XBITHealthcare|Biotechnology|US
$1.89
+0.02 (+1.07%)
DCF Value
$4.08
Tangible Book / Share
$4.21
Cash / Share
$3.59
Financials
Financial Snapshot
Market Cap
$57.6M
Enterprise Value
-$51.9M
Revenue (TTM)
$0.00
Net Income (TTM)
-$45.1M
Cash & Investments
$109.5M
Net Cash
$109.5M
Free Cash Flow (TTM)
-$40.8M
Operating CF (TTM)
-$40.7M
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$109.5M
Quarterly Burn
$10.2M
Monthly Burn
$3.4M
Est. Runway
~10.8 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $34.3M | $31.8M | $15.8M | $714.6M | $237.4M | $237.0M | $217.5M | $200.0M | $172.7M | $125.6M | $109.5M | |
| Operating Cash Flow | -$46.0M | -$33.6M | -$16.5M | -$18.3M | -$65.1M | $69.4M | -$14.8M | -$18.7M | -$31.0M | -$39.9M | -$40.7M | |
| Free Cash Flow | -$59.9M | -$35.1M | -$16.7M | -$18.5M | -$68.9M | $65.9M | -$15.4M | -$19.1M | -$32.3M | -$40.2M | -$40.8M | |
| Capital Expenditure | -$13.9M | -$1.4M | -$122.0K | -$204.0K | -$3.7M | -$3.5M | -$585.0K | -$362.0K | -$1.3M | -$289.0K | -$141.0K | |
| Financing Cash Flow | $2.9M | $33.3M | $201.0K | $42.1M | -$409.7M | -$67.0M | $0.00 | -$9.0K | $10.4M | -$10.3M | $0.00 |
R&D Spending
R&D (TTM)
$40.9M
R&D Intensity
—
R&D Growth vs Prior
-13.6%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $44.0M | $18.4M | $4.0M | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $42.5M | $26.4M | $15.7M | $24.1M | $9.5M | $28.3M | $31.5M | $32.8M | $37.8M | $47.4M | $40.9M | |
| R&D % of Revenue | — | — | — | — | 21.7% | 153.7% | 786.6% | — | — | — | — | |
| SG&A | $10.3M | $7.6M | $5.3M | $4.8M | $18.2M | $9.4M | $6.3M | $4.7M | $4.7M | $8.3M | $7.3M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $44.0M | $18.4M | $4.0M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $698.0K | $1.5M | $2.4M | $2.4M | $34.5M | $5.8M | $651.0K | $0.00 | $0.00 | $1.7M | $332.0K | |
| Gross Profit | -$698.0K | -$1.5M | -$2.4M | -$2.4M | $9.4M | $12.6M | $3.4M | $0.00 | $0.00 | -$1.7M | -$332.0K | |
| R&D | $42.5M | $26.4M | $15.7M | $24.1M | $9.5M | $28.3M | $31.5M | $32.8M | $37.8M | $47.4M | $40.9M | |
| SG&A | $10.3M | $7.6M | $5.3M | $4.8M | $18.2M | $9.4M | $6.3M | $4.7M | $4.7M | $8.3M | $7.3M | |
| Operating Income | -$52.8M | -$34.1M | -$21.0M | -$31.2M | -$18.3M | -$25.1M | -$34.5M | -$37.5M | -$42.5M | -$55.7M | -$48.2M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $807.0K | $88.0K | $0.00 | |
| Pretax Income | -$52.8M | -$33.1M | -$21.1M | $718.5M | -$12.8M | -$25.5M | -$33.6M | -$24.3M | -$38.6M | -$45.3M | -$44.9M | |
| Net Income | -$52.8M | -$33.1M | -$21.1M | $668.6M | -$11.2M | -$17.4M | -$32.9M | -$24.6M | -$38.5M | -$45.5M | -$45.1M | |
| EPS (Diluted) | -1.63 | -0.95 | -0.59 | 14.44 | -0.36 | -0.58 | -1.08 | -0.81 | -1.26 | -1.49 | -1.48 | |
| EBITDA | -$52.1M | -$32.6M | -$18.7M | $720.8M | -$16.0M | -$22.8M | -$31.0M | -$22.6M | -$36.0M | -$43.5M | -$41.5M | |
| Shares Out. (M) | 32.40 | 34.88 | 35.80 | 46.32 | 30.82 | 30.04 | 30.44 | 30.44 | 30.46 | 30.49 | 30.49 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $34.3M | $31.8M | $15.8M | $714.6M | $237.4M | $237.0M | $157.3M | $200.0M | $172.7M | $125.6M | $109.5M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $60.2M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $36.9M | $33.3M | $17.0M | $716.3M | $325.9M | $246.9M | $219.8M | $201.7M | $174.6M | $127.0M | $111.2M | |
| Total Assets | $67.0M | $63.0M | $44.3M | $816.9M | $353.7M | $275.2M | $246.1M | $226.6M | $199.1M | $150.1M | $133.7M | |
| Total Current Liabilities | $8.0M | $2.8M | $2.9M | $60.2M | $4.0M | $3.5M | $4.1M | $6.1M | $15.1M | $7.9M | $3.4M | |
| 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 | $8.0M | $2.8M | $2.9M | $61.2M | $5.1M | $5.8M | $5.7M | $7.8M | $16.8M | $9.7M | $5.2M | |
| Stockholders' Equity | $59.1M | $60.2M | $41.4M | $755.6M | $348.6M | $269.4M | $240.4M | $218.8M | $182.3M | $140.3M | $128.5M | |
| Retained Earnings | -$183.4M | -$216.6M | -$237.7M | $430.9M | $97.6M | $5.2M | -$27.7M | -$52.3M | -$90.8M | -$136.4M | -$148.6M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$46.0M | -$33.6M | -$16.5M | -$18.3M | -$65.1M | $69.4M | -$14.8M | -$18.7M | -$31.0M | -$39.9M | -$40.7M | |
| Capital Expenditure | -$13.9M | -$1.4M | -$122.0K | -$204.0K | -$3.7M | -$3.5M | -$585.0K | -$362.0K | -$1.3M | -$289.0K | -$141.0K | |
| Free Cash Flow | -$59.9M | -$35.1M | -$16.7M | -$18.5M | -$68.9M | $65.9M | -$15.4M | -$19.1M | -$32.3M | -$40.2M | -$40.8M | |
| Investing Cash Flow | -$13.9M | -$1.4M | -$122.0K | $674.8M | -$3.7M | -$3.5M | -$63.9M | $61.5M | -$1.3M | -$289.0K | -$139.0K | |
| Financing Cash Flow | $2.9M | $33.3M | $201.0K | $42.1M | -$409.7M | -$67.0M | $0.00 | -$9.0K | $10.4M | -$10.3M | $0.00 | |
| Issuance of Stock | $1.8M | $32.6M | $201.0K | $38.1M | $0.00 | $8.0M | $0.00 | $5.0K | $0.00 | $0.00 | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | -$420.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $10.3M | -$10.3M | $0.00 | |
| Stock Based Comp. | $5.6M | $1.8M | $1.7M | $3.4M | $12.6M | $4.5M | $5.1M | $3.3M | $1.8M | $3.6M | $530.0K | |
| Net Change in Cash | -$56.7M | -$2.6M | -$15.9M | $698.8M | -$477.2M | -$383.0K | -$79.7M | $42.7M | -$27.3M | -$47.1M | -$43.4M |
Dilution Tracker
Shares Outstanding
30M
5-Year Share Growth
-1.1%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 32.40 | 34.88 | 35.80 | 46.32 | 30.82 | 30.04 | 30.44 | 30.44 | 30.46 | 30.49 | 30.49 | |
| Change vs Prior % | — | 7.6% | 2.7% | 29.4% | -33.5% | -2.5% | 1.3% | -0.0% | 0.1% | 0.1% | 0.0% | |
| Stock Issuance | $1.8M | $32.6M | $201.0K | $38.1M | $0.00 | $8.0M | $0.00 | $5.0K | $0.00 | $0.00 | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | -$420.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $5.6M | $1.8M | $1.7M | $3.4M | $12.6M | $4.5M | $5.1M | $3.3M | $1.8M | $3.6M | $530.0K |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | — | — | 21.5% | 68.4% | 83.8% | — | — | — | — | |
| Operating Margin % | — | — | — | — | -41.5% | -136.4% | -860.1% | — | — | — | — | |
| Net Margin % | — | — | — | — | -25.5% | -94.7% | -820.4% | — | — | — | — | |
| EBITDA Margin % | — | — | — | — | -36.5% | -124.0% | -772.4% | — | — | — | — | |
| FCF Margin % | — | — | — | — | -156.5% | 358.4% | -384.3% | — | — | — | — | |
| ROE % | -89.3% | -55.1% | -51.1% | 88.5% | -3.2% | -6.5% | -13.7% | -11.2% | -21.1% | -32.4% | -31.6% | |
| ROA % | -78.7% | -52.6% | -47.7% | 81.9% | -3.2% | -6.3% | -13.4% | -10.8% | -19.4% | -30.3% | -33.8% | |
| ROIC % | -89.3% | -56.6% | -50.7% | -3.8% | -4.6% | -6.3% | -14.0% | -17.0% | -21.8% | -39.2% | -37.0% | |
| R&D / Revenue % | — | — | — | — | 21.7% | 153.7% | 786.6% | — | — | — | — |
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% | 0.0% | 0.0% | 0.0% | 0.0% | -58.2% | -78.2% | -100.0% | 0.0% | 0.0% | |
| Gross Profit | 0.1% | -112.6% | -63.9% | 3.0% | 500.2% | 33.1% | -73.3% | -100.0% | 0.0% | 0.0% | |
| Operating Income | -40.7% | 35.4% | 38.4% | -48.8% | 41.5% | -37.2% | -37.5% | -8.8% | -13.2% | -31.1% | |
| Net Income | -40.8% | 37.2% | 36.2% | 3263.2% | -101.7% | -55.2% | -88.9% | 25.4% | -56.9% | -18.2% | |
| EPS (Diluted) | -33.6% | 41.7% | 37.9% | 2547.5% | -102.5% | -61.1% | -86.2% | 25.0% | -55.6% | -18.3% | |
| Operating Cash Flow | -38.1% | 26.9% | 50.9% | -10.5% | -256.6% | 206.6% | -121.3% | -26.3% | -65.4% | -28.9% | |
| Free Cash Flow | -37.1% | 41.5% | 52.5% | -10.9% | -272.8% | 195.7% | -123.4% | -23.9% | -69.1% | -24.6% | |
| R&D Expense | 35.7% | -37.8% | -40.5% | 53.2% | -60.5% | 196.7% | 11.6% | 4.1% | 14.9% | 25.5% | |
| SG&A Expense | 65.8% | -25.7% | -31.0% | -9.2% | 280.6% | -48.4% | -32.8% | -26.1% | 1.1% | 76.0% | |
| Total Assets | -38.7% | -6.1% | -29.6% | 1742.1% | -56.7% | -22.2% | -10.6% | -7.9% | -12.1% | -24.6% | |
| Book Value / Share | -45.5% | -5.4% | -33.0% | 1578.1% | -41.7% | -20.7% | -11.9% | -8.6% | -17.1% | -23.1% | |
| Debt | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -100.0% | |
| Diluted Shares | 5.2% | 7.6% | 2.7% | 29.4% | -33.5% | -2.5% | 1.3% | -0.0% | 0.1% | 0.1% |
Valuation
P/E (TTM)At Loss
P/S0.00
10Y Low / Med / High10.96 / 18.18 / 26.64
P/B0.45
10Y Low / Med / High0.44 / 1.24 / 5.55
EV/EBITDA1.25
10Y Low / Med / High0.02 / 1.21 / 3.49
EV/Revenue0.00
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$4.08
Tangible Book / Share
$4.21
Net Current Assets / Share
$3.48
Graham Net-Net
$3.43
Cash / Share
$3.59
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -6.21 | -4.15 | -8.61 | 1.09 | -43.47 | -19.19 | -3.25 | -4.94 | -3.13 | -1.60 | -1.28 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 10.96 | 18.18 | 26.64 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | 5.55 | 2.28 | 4.39 | 0.96 | 1.38 | 1.24 | 0.44 | 0.55 | 0.66 | 0.52 | 0.45 | |
| EV/EBITDA | -5.64 | -3.24 | -8.88 | 0.02 | -15.28 | -4.27 | 1.63 | 3.49 | 1.17 | 1.21 | 1.25 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 5.57 | 5.30 | -12.58 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
5.01
Safe
Piotroski F-Score
1
Weak
Dividends
Frequency
Special
Recent Payments
| Ex-Date | Pay Date | Amount | Frequency |
|---|---|---|---|
| Jul 15, 2021 | Jul 23, 2021 | $2.50 | Special |
Revenue Segments
By Product
| Segment | 2020 | 2021 | 2022 |
|---|---|---|---|
| Clinical Trial Service Revenue | $26.0M | $394.0K | — |
| Manufacturing Revenue | $18.0M | $18.0M | $4.0M |
| Product and Service, Other | $22.0K | — | — |