Xenetic Biosciences Inc Financials

XBIO

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Xenetic Biosciences Inc (XBIO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 56/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Xenetic Biosciences Inc has an operating margin of -168.2%, meaning the company retains $-168 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -177.8% the prior year.

Growth

Xenetic Biosciences Inc's revenue declined 1.6% year-over-year, from $2.5M to $2.5M. This contraction results in a growth score of 24/100.

Leverage

100

Xenetic Biosciences Inc carries a low D/E ratio of 0.15, meaning only $0.15 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 7.37, Xenetic Biosciences Inc holds $7.37 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Piotroski F-Score Weak

2/9

Xenetic Biosciences Inc passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Low Quality

0.71x

For every $1 of reported earnings, Xenetic Biosciences Inc generates $0.71 in operating cash flow (-$2.8M OCF vs -$4.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-16.8x

Xenetic Biosciences Inc earns $-16.8 in operating income for every $1 of interest expense (-$4.2M vs $250K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

$2.5M

YoY-1.6%

5Y CAGR+171.1%

Xenetic Biosciences Inc generated $2.5M in revenue in fiscal year 2024. This represents a decrease of 1.6% from the prior year.

EBITDA

N/A

Free Cash Flow

N/A

Net Income

-$4.0M

YoY+4.2%

Xenetic Biosciences Inc reported -$4.0M in net income in fiscal year 2024. This represents an increase of 4.2% from the prior year.

EPS (Diluted)

$-2.57

YoY+5.2%

Xenetic Biosciences Inc earned $-2.57 per diluted share (EPS) in fiscal year 2024. This represents an increase of 5.2% from the prior year.

Cash & Debt

$6.2M

YoY-31.4%

5Y CAGR-9.9%

10Y CAGR+9.4%

Xenetic Biosciences Inc held $6.2M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

YoY+0.1%

Xenetic Biosciences Inc had 2M shares outstanding in fiscal year 2024. This represents an increase of 0.1% from the prior year.

Gross Margin

N/A

Operating Margin

-168.2%

YoY+9.6pp

5Y CAGR+75343.6pp

Xenetic Biosciences Inc's operating margin was -168.2% in fiscal year 2024, reflecting core business profitability. This is up 9.6 percentage points from the prior year.

Net Margin

-158.4%

YoY+4.4pp

5Y CAGR+74698.2pp

Xenetic Biosciences Inc's net profit margin was -158.4% in fiscal year 2024, showing the share of revenue converted to profit. This is up 4.4 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$3.3M

YoY-5.9%

5Y CAGR-7.6%

10Y CAGR-6.3%

Xenetic Biosciences Inc invested $3.3M in research and development in fiscal year 2024. This represents a decrease of 5.9% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

XBIO Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$2.5M-1.6%	$2.5M+48.8%	$1.7M+47.1%	$1.2M+165.6%	$437K+2460.3%	$17K
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$3.3M-5.9%	$3.5M-26.7%	$4.8M+50.8%	$3.2M+82.7%	$1.7M-64.6%	$4.9M
SG&A Expenses	$3.4M-4.1%	$3.6M-2.5%	$3.7M-2.4%	$3.7M+10.1%	$3.4M-28.1%	$4.7M
Operating Income	-$4.2M+6.9%	-$4.5M+32.8%	-$6.7M-16.9%	-$5.7M+58.8%	-$13.9M-8.2%	-$12.9M
Interest Expense	$250K-29.8%	$356K+112.8%	$167K+66.4%	$100K-20.4%	$126K+16.3%	$108K
Income Tax	$0	$0	$0	$0+100.0%	-$2.9M	$0
Net Income	-$4.0M+4.2%	-$4.1M+36.9%	-$6.6M-16.1%	-$5.6M+48.2%	-$10.9M+14.7%	-$12.8M
EPS (Diluted)	$-2.57+5.2%	$-2.71+41.2%	$-4.61	$-0.55	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$1.0M+74.1%	$590K-0.6%	$593K-8.6%	$649K-10.7%	$726K+42.2%	$511K-24.0%	$672K+9.9%	$611K
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$756K+15.2%	$657K-25.3%	$879K-15.7%	$1.0M+11.6%	$934K-1.1%	$944K-3.2%	$976K-4.4%	$1.0M
SG&A Expenses	$815K+23.9%	$658K+0.2%	$657K-7.0%	$706K-37.5%	$1.1M+35.3%	$835K-12.3%	$952K+29.1%	$737K
Operating Income	-$545K+24.8%	-$724K+23.1%	-$942K+14.3%	-$1.1M+17.8%	-$1.3M-5.4%	-$1.3M-1.0%	-$1.3M-9.5%	-$1.1M
Interest Expense	$31K-10.1%	$34K-12.7%	$39K-24.4%	$52K-18.3%	$63K-13.4%	$73K-12.5%	$84K-8.8%	$92K
Income Tax	$0	$0	$0	$0	$0	$0	$0	$0
Net Income	-$510K+26.0%	-$689K+23.7%	-$903K+14.4%	-$1.1M+17.2%	-$1.3M-6.6%	-$1.2M-2.0%	-$1.2M-11.0%	-$1.1M
EPS (Diluted)	$-0.33+26.7%	$-0.45+23.7%	$-0.59+13.2%	$-0.68+18.1%	$-0.83-6.4%	$-0.78-1.3%	$-0.77-11.6%	$-0.69

XBIO Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$6.9M-34.9%	$10.6M-28.0%	$14.7M-25.7%	$19.8M+50.3%	$13.2M-38.8%	$21.5M
Current Assets	$6.6M-31.3%	$9.6M-29.8%	$13.7M-27.1%	$18.7M+51.4%	$12.4M+11.5%	$11.1M
Cash & Equivalents	$6.2M-31.4%	$9.0M-31.4%	$13.1M-28.2%	$18.2M+58.3%	$11.5M+11.2%	$10.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	$0-100.0%	$9.2M
Total Liabilities	$894K+10.5%	$810K-24.6%	$1.1M-24.5%	$1.4M+47.4%	$964K-77.8%	$4.3M
Current Liabilities	$894K+10.5%	$810K-24.6%	$1.1M-24.5%	$1.4M+51.7%	$937K-33.8%	$1.4M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$6.0M-38.7%	$9.8M-28.2%	$13.6M-25.8%	$18.4M+50.6%	$12.2M-29.0%	$17.2M
Retained Earnings	-$197.2M-2.0%	-$193.2M-2.2%	-$189.1M-3.6%	-$182.5M-3.2%	-$176.9M-6.6%	-$166.0M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$5.1M-5.3%	$5.4M-7.6%	$5.8M-16.1%	$6.9M-23.6%	$9.0M-3.8%	$9.4M-11.4%	$10.6M-11.3%	$12.0M
Current Assets	$5.1M-5.3%	$5.4M-2.3%	$5.5M-16.9%	$6.6M-17.8%	$8.0M-4.3%	$8.4M-12.6%	$9.6M-14.8%	$11.3M
Cash & Equivalents	$4.1M-13.8%	$4.8M-7.4%	$5.2M-16.2%	$6.2M-15.5%	$7.3M-6.7%	$7.8M-12.9%	$9.0M-8.1%	$9.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.1M+23.1%	$903K+35.3%	$668K-25.3%	$894K-43.7%	$1.6M+121.6%	$716K-11.5%	$810K-24.2%	$1.1M
Current Liabilities	$1.1M+23.1%	$903K+35.3%	$668K-25.3%	$894K-43.7%	$1.6M+121.6%	$716K-11.5%	$810K-24.2%	$1.1M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$4.0M-11.1%	$4.5M-13.1%	$5.1M-14.7%	$6.0M-19.3%	$7.4M-14.2%	$8.7M-11.4%	$9.8M-10.1%	$10.9M
Retained Earnings	-$199.3M-0.3%	-$198.8M-0.3%	-$198.1M-0.5%	-$197.2M-0.8%	-$195.7M-0.7%	-$194.4M-0.6%	-$193.2M-0.6%	-$192.1M

XBIO Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$2.8M+31.5%	-$4.1M+11.5%	-$4.6M+1.9%	-$4.7M-11.0%	-$4.3M+33.3%	-$6.4M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	$0+100.0%	-$500K	$0	$0-100.0%	$2K
Financing Cash Flow	N/A	N/A	$0-100.0%	$11.5M+111.1%	$5.4M-66.3%	$16.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	-$658K-71.5%	-$384K+61.7%	-$1.0M-48.7%	-$674K-28.4%	-$525K+54.7%	-$1.2M-46.2%	-$793K+16.5%	-$950K
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	$0	$0
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

XBIO Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-168.2%+9.6pp	-177.8%+215.8pp	-393.6%+101.5pp	-495.1%+2694.7pp	-3189.8%+72321.9pp	-75511.7%
Net Margin	-158.4%+4.4pp	-162.8%+221.1pp	-383.9%+102.5pp	-486.4%+2006.8pp	-2493.1%+72363.5pp	-74856.6%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-57.4%-18.4pp	-39.0%+5.5pp	-44.5%-16.0pp	-28.5%+54.2pp	-82.7%-23.4pp	-59.3%
Current Ratio	7.37-4.5	11.84-0.9	12.72-0.5	13.18-0.0	13.20+5.4	7.84
Debt-to-Equity	0.15+0.1	0.080.0	0.080.0	0.080.0	0.08-0.2	0.25
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-53.0%+69.8pp	-122.8%+36.1pp	-158.8%+10.6pp	-169.4%+14.7pp	-184.1%+64.2pp	-248.3%-61.4pp	-186.9%+0.8pp	-187.6%
Net Margin	-49.7%+67.1pp	-116.8%+35.5pp	-152.2%+10.3pp	-162.5%+12.9pp	-175.4%+58.6pp	-234.0%-59.6pp	-174.3%-1.6pp	-172.7%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-10.1%+2.8pp	-12.9%+2.7pp	-15.6%-0.3pp	-15.3%-1.2pp	-14.1%-1.4pp	-12.7%-1.7pp	-11.1%-2.2pp	-8.8%
Current Ratio	4.56-1.4	5.93-2.3	8.20+0.8	7.37+2.3	5.05-6.6	11.69-0.2	11.84+1.3	10.54
Debt-to-Equity	0.28+0.1	0.20+0.1	0.13-0.0	0.15-0.1	0.21+0.1	0.080.0	0.08-0.0	0.10
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Xenetic Biosciences Inc's annual revenue?

Xenetic Biosciences Inc (XBIO) reported $2.5M in total revenue for fiscal year 2024. This represents a -1.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Xenetic Biosciences Inc's revenue growing?

Xenetic Biosciences Inc (XBIO) revenue declined by 1.6% year-over-year, from $2.5M to $2.5M in fiscal year 2024.

Is Xenetic Biosciences Inc profitable?

No, Xenetic Biosciences Inc (XBIO) reported a net income of -$4.0M in fiscal year 2024, with a net profit margin of -158.4%.

What is Xenetic Biosciences Inc's earnings per share (EPS)?

Xenetic Biosciences Inc (XBIO) reported diluted earnings per share of $-2.57 for fiscal year 2024. This represents a 5.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Xenetic Biosciences Inc's operating margin?

Xenetic Biosciences Inc (XBIO) had an operating margin of -168.2% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Xenetic Biosciences Inc's net profit margin?

Xenetic Biosciences Inc (XBIO) had a net profit margin of -158.4% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Xenetic Biosciences Inc's operating cash flow?

Xenetic Biosciences Inc (XBIO) generated -$2.8M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Xenetic Biosciences Inc's total assets?

Xenetic Biosciences Inc (XBIO) had $6.9M in total assets as of fiscal year 2024, including both current and long-term assets.

How much does Xenetic Biosciences Inc spend on research and development?

Xenetic Biosciences Inc (XBIO) invested $3.3M in research and development during fiscal year 2024.

How many shares does Xenetic Biosciences Inc have outstanding?

Xenetic Biosciences Inc (XBIO) had 2M shares outstanding as of fiscal year 2024.

What is Xenetic Biosciences Inc's current ratio?

Xenetic Biosciences Inc (XBIO) had a current ratio of 7.37 as of fiscal year 2024, which is generally considered healthy.

What is Xenetic Biosciences Inc's debt-to-equity ratio?

Xenetic Biosciences Inc (XBIO) had a debt-to-equity ratio of 0.15 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Xenetic Biosciences Inc's return on assets (ROA)?

Xenetic Biosciences Inc (XBIO) had a return on assets of -57.4% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Xenetic Biosciences Inc's cash runway?

Based on fiscal year 2024 data, Xenetic Biosciences Inc (XBIO) had $6.2M in cash against an annual operating cash burn of $2.8M. This gives an estimated cash runway of approximately 26 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Xenetic Biosciences Inc's Piotroski F-Score?

Xenetic Biosciences Inc (XBIO) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Xenetic Biosciences Inc's earnings high quality?

Xenetic Biosciences Inc (XBIO) has an earnings quality ratio of 0.71x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Xenetic Biosciences Inc cover its interest payments?

Xenetic Biosciences Inc (XBIO) has an interest coverage ratio of -16.8x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Xenetic Biosciences Inc?

Xenetic Biosciences Inc (XBIO) scores 56 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.