What is Xbiotech's earnings per share (EPS)?

Xbiotech (XBIT) reported diluted earnings per share of -$1.49 for fiscal year 2025. This represents a -18.3% 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.

Xbiotech Financials

XBIT

FY2025 annual

Revenue Not reported for FY2025

Net Income -$45.5M -18.2% YoY

EPS (Diluted) -$1.49 -18.3% YoY

Free Cash Flow -$40.2M -24.6% YoY

Source SEC Filings (10-K/10-Q) Data as of Jun 30, 2026 Currency USD FYE December

This page shows Xbiotech (XBIT) 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).

Rhea AI XBIT FY2025 2026-04-29

XBiotech is operating like a cash-funded development program, where research spending rather than revenue determines losses and liquidity.

From FY2023 to FY2025, operating cash burn widened from -$18.7M to -$39.9M while capital spending stayed tiny at just $289K in FY2025, so cash use is coming from the operating engine, not from building or maintaining heavy infrastructure. Even after that step-up, cash reserves of $125.6M against just $9.7M of liabilities mean the practical constraint is burn duration, not leverage.

The deeper FY2025 loss looks primarily like a spending choice, not a balance-sheet squeeze: R&D rose from $37.8M to $47.4M, and SG&A also increased, pushing operating loss to -$55.7M. With recent years showing no meaningful revenue base, annual results are being shaped mostly by how aggressively management funds development activity.

Liquidity remains unusually strong for an unprofitable business: the current ratio was 16.0x and cash made up nearly all current assets at $125.6M versus $127.0M. At the FY2025 free-cash-burn pace of -$40.2M, that cash balance covers roughly 3 years if spending and financing conditions stay similar.

Financial Health Signals

Financial health score not available

Xbiotech does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

3/6

Xbiotech passes 3 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, all 2 leverage/liquidity signals pass.

Earnings Quality No Cash Backing

N/A

Xbiotech reported a net loss of $45.5M while operations used $39.9M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Key Financial Metrics

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Earnings & Revenue

EBITDA

-$54.0M

YoY-32.6%

Xbiotech's EBITDA was -$54.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 32.6% from the prior year.

Net Income

-$45.5M

YoY-18.2%

Xbiotech reported -$45.5M in net income in fiscal year 2025. This represents a decrease of 18.2% from the prior year.

EPS (Diluted)

-$1.49

YoY-18.3%

Xbiotech earned -$1.49 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 18.3% from the prior year.

Revenue

Not reported for fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow

-$40.2M

YoY-24.6%

Xbiotech recorded an outflow of $40.2M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 24.6% from the prior year.

Cash & Debt

$125.6M

YoY-27.3%

5Y CAGR-12.0%

10Y CAGR+3.3%

Xbiotech held $125.6M in cash as of fiscal year 2025; long-term debt is not reported for that period.

Shares Outstanding

30M

YoY0.0%

5Y CAGR+0.8%

10Y CAGR-0.6%

Xbiotech had 30M shares outstanding in fiscal year 2025. That is unchanged from the prior year.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

Return on Equity

-32.5%

YoY-11.3pp

5Y CAGR-29.2pp

10Y CAGR+3.9pp

Xbiotech's ROE was -32.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 11.3 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Net Margin

Not reported for fiscal year 2025.

Capital Allocation

R&D Spending

$47.4M

YoY+25.5%

5Y CAGR+37.8%

10Y CAGR+4.2%

Xbiotech invested $47.4M in research and development in fiscal year 2025. This represents an increase of 25.5% from the prior year.

Capital Expenditures

$289K

YoY-77.8%

5Y CAGR-40.0%

10Y CAGR-18.8%

Xbiotech invested $289K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 77.8% from the prior year.

Share Buybacks

Not reported for fiscal year 2025.

XBIT Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

XBIT annual income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13
Revenue	N/A	N/A	N/A	$0-100.0%	$4.0M-78.2%	$18.4M-58.2%	$44.0M	$0	$0	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	$0-100.0%	$651K-88.8%	$5.8M-83.2%	$34.5M	$0	$0	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	$0-100.0%	$3.4M-73.3%	$12.6M+33.1%	$9.4M	$0	$0	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	$47.4M+25.5%	$37.8M+14.9%	$32.8M+4.1%	$31.5M+11.6%	$28.3M+196.7%	$9.5M-60.5%	$24.1M+53.2%	$15.7M-40.5%	$26.4M-37.8%	$42.5M+35.7%	$31.3M+118.5%	$14.3M+80.6%	$7.9M
SG&A Expenses	N/A	$8.3M+76.0%	$4.7M+1.1%	$4.7M-26.1%	$6.3M-32.8%	$9.4M-48.4%	$18.2M+154.8%	$7.1M+35.6%	$5.3M-31.0%	$7.6M-25.7%	$10.3M+65.8%	$6.2M-16.8%	$7.4M+274.3%	$2.0M
Operating Income	N/A	-$55.7M-31.1%	-$42.5M-13.2%	-$37.5M-8.8%	-$34.5M-37.5%	-$25.1M-37.2%	-$18.3M+41.5%	-$31.2M-48.8%	-$21.0M+38.4%	-$34.1M+35.4%	-$52.8M-40.7%	-$37.5M-72.2%	-$21.8M-119.4%	-$9.9M
Income Tax	N/A	$235K+834.4%	-$32K-113.1%	$244K+135.5%	-$688K+91.4%	-$8.0M-400.9%	-$1.6M-103.2%	$49.8M	$0	$0	$0	$0	$0	N/A
Net Income	N/A	-$45.5M-18.2%	-$38.5M-56.9%	-$24.6M+25.4%	-$32.9M-88.9%	-$17.4M-55.2%	-$11.2M-101.7%	$668.6M+3263.2%	-$21.1M+36.2%	-$33.1M+37.2%	-$52.8M-40.8%	-$37.5M-72.5%	-$21.7M-118.8%	-$9.9M
EPS (Diluted)	—	-$1.49-18.3%	-$1.26-55.6%	-$0.81+25.0%	-$1.08-86.2%	-$0.58-61.1%	-$0.36-102.5%	$14.44+2547.5%	-$0.59+37.9%	-$0.95	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
R&D Expenses	$5.3M+1.7%	$5.2M	N/A	$5.1M-4.8%	$5.3M-54.1%	$11.6M	N/A	$7.1M
SG&A Expenses	$850K-20.4%	$1.1M	N/A	$967K-3.3%	$1.0M-48.2%	$1.9M	N/A	$777K
Operating Income	-$6.1M+2.0%	-$6.3M	N/A	-$6.0M+4.6%	-$6.3M+53.2%	-$13.6M	N/A	-$7.9M
Income Tax	$46K-6.1%	$49K	N/A	$102K+264.3%	$28K-3.4%	$29K	N/A	$9K
Net Income	-$6.7M-22.2%	-$5.5M	N/A	-$6.0M-242.1%	-$1.8M+83.9%	-$10.9M	N/A	-$5.0M

Not reported in any period shown, so not listed: Interest Expense.

TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

XBIT Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

XBIT annual balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13
Total Assets	$150.1M-24.6%	$199.1M-12.1%	$226.6M-7.9%	$246.1M-10.6%	$275.2M-22.2%	$353.7M-56.7%	$816.9M+1742.1%	$44.3M-29.6%	$63.0M-6.1%	$67.0M-38.7%	$109.4M+75.9%	$62.2M	N/A
Current Assets	$127.0M-27.3%	$174.6M-13.5%	$201.7M-8.2%	$219.8M-10.9%	$246.9M-24.2%	$325.9M-54.5%	$716.3M+4109.4%	$17.0M-48.9%	$33.3M-9.7%	$36.9M-60.3%	$93.0M+60.2%	$58.1M	N/A
Cash & Equivalents	$125.6M-27.3%	$172.7M-13.7%	$200.0M+27.2%	$157.3M-33.6%	$237.0M-0.2%	$237.4M-66.8%	$714.6M+4416.2%	$15.8M-50.2%	$31.8M-7.4%	$34.3M-62.3%	$91.1M+58.8%	$57.3M+691.4%	$7.2M
Accounts Receivable	N/A	$700K-18.6%	$860K-29.3%	$1.2M	$0-100.0%	$4.1M	$0	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$9.7M-42.2%	$16.8M+116.6%	$7.8M+36.3%	$5.7M-1.6%	$5.8M+13.5%	$5.1M-91.7%	$61.2M+1978.2%	$2.9M+4.9%	$2.8M-64.8%	$8.0M+26.6%	$6.3M+100.4%	$3.1M	N/A
Current Liabilities	$7.9M-47.5%	$15.1M+147.6%	$6.1M+50.0%	$4.1M+17.8%	$3.5M-13.3%	$4.0M-93.4%	$60.2M+1944.5%	$2.9M+5.4%	$2.8M-64.9%	$8.0M+26.6%	$6.3M+99.9%	$3.1M	N/A
Total Equity	$140.3M-23.0%	$182.3M-16.7%	$218.8M-9.0%	$240.4M-10.8%	$269.4M-22.7%	$348.6M-53.9%	$755.6M+1725.3%	$41.4M-31.2%	$60.2M+1.9%	$59.1M-42.7%	$103.0M+74.6%	$59.0M+477.1%	$10.2M
Retained Earnings	-$136.4M-50.1%	-$90.8M-73.7%	-$52.3M-88.5%	-$27.7M-638.7%	$5.2M-94.7%	$97.6M-77.4%	$430.9M+281.3%	-$237.7M-9.8%	-$216.6M-18.1%	-$183.4M-40.4%	-$130.7M-40.2%	-$93.2M	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$133.7M-4.4%	$139.8M-6.8%	$150.1M-13.0%	$172.4M-3.5%	$178.7M-1.7%	$181.9M-8.7%	$199.1M-5.1%	$209.9M
Current Assets	$111.2M-5.0%	$117.0M-7.8%	$127.0M-14.8%	$149.0M-3.8%	$154.9M-1.8%	$157.7M-9.7%	$174.6M-5.7%	$185.0M
Cash & Equivalents	$109.5M-5.1%	$115.5M-8.0%	$125.6M-14.8%	$147.4M-3.6%	$152.9M-1.9%	$155.9M-9.7%	$172.7M-5.7%	$183.1M
Accounts Receivable	N/A	N/A	N/A	$450K-6.3%	$480K0.0%	$480K-31.4%	$700K-4.1%	$730K
Total Liabilities	$5.2M+7.7%	$4.8M-50.5%	$9.7M+82.1%	$5.3M-4.9%	$5.6M-21.4%	$7.2M-57.5%	$16.8M-5.1%	$17.7M
Current Liabilities	$3.4M+11.8%	$3.0M-62.2%	$7.9M+122.4%	$3.6M-7.6%	$3.9M-28.7%	$5.4M-64.2%	$15.1M-5.5%	$16.0M
Total Equity	$128.5M-4.9%	$135.0M-3.8%	$140.3M-16.0%	$167.1M-3.5%	$173.1M-0.9%	$174.7M-4.1%	$182.3M-5.1%	$192.1M
Retained Earnings	-$148.6M-4.7%	-$141.9M-4.0%	-$136.4M-24.6%	-$109.5M-5.8%	-$103.5M-1.7%	-$101.7M-12.0%	-$90.8M-13.1%	-$80.3M

Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.

XBIT Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

XBIT annual cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13
Operating Cash Flow	-$40.7M	-$39.9M-28.9%	-$31.0M-65.4%	-$18.7M-26.3%	-$14.8M-121.3%	$69.4M+206.6%	-$65.1M-256.6%	-$18.3M-10.5%	-$16.5M+50.9%	-$33.6M+26.9%	-$46.0M-38.1%	-$33.3M-184.7%	-$11.7M-31.3%	-$8.9M
Capital Expenditures	$144K	$289K-77.8%	$1.3M+260.2%	$362K-38.1%	$585K-83.4%	$3.5M-5.4%	$3.7M+1727.0%	$204K+67.2%	$122K-91.3%	$1.4M-70.4%	$4.7M+104.4%	$2.3M+66.2%	$1.4M+2267.8%	$59K
Free Cash Flow	-$40.8M	-$40.2M-24.6%	-$32.3M-69.1%	-$19.1M-23.9%	-$15.4M-123.4%	$65.9M+195.7%	-$68.9M-272.8%	-$18.5M-10.9%	-$16.7M+52.5%	-$35.1M+30.9%	-$50.8M-42.5%	-$35.6M-172.0%	-$13.1M-46.1%	-$9.0M
Investing Cash Flow	-$139K	-$289K+77.8%	-$1.3M-102.1%	$61.5M+196.3%	-$63.9M-1712.5%	-$3.5M+5.4%	-$3.7M-100.6%	$674.8M+553211.5%	-$122K+91.3%	-$1.4M+89.9%	-$13.9M-33.9%	-$10.4M-643.9%	-$1.4M-2267.8%	-$59K
Financing Cash Flow	$0	-$10.3M-198.1%	$10.4M+116211.1%	-$9K	$0+100.0%	-$67.0M+83.6%	-$409.7M-1073.3%	$42.1M+20843.3%	$201K-99.4%	$33.3M+1031.9%	$2.9M-96.2%	$77.5M+22.6%	$63.2M+424.7%	$12.0M
Dividends Paid	N/A	N/A	N/A	N/A	$0-100.0%	$75.0M	$0	$0	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	$0-100.0%	$14K	$0	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	-$4.5M+49.7%	-$9.0M+60.9%	-$23.0M-438.9%	-$4.3M+28.9%	-$6.0M+10.9%	-$6.7M-2.8%	-$6.5M-11.9%	-$5.8M
Capital Expenditures	$0	$0-100.0%	$34K-69.1%	$110K+115.7%	$51K-45.7%	$94K+11.9%	$84K-75.1%	$338K
Free Cash Flow	-$4.5M+49.7%	-$9.0M+61.0%	-$23.0M-426.1%	-$4.4M+27.7%	-$6.0M+11.4%	-$6.8M-2.9%	-$6.6M-7.1%	-$6.2M
Investing Cash Flow	-$4K-144.4%	$9K+126.5%	-$34K+69.1%	-$110K-115.7%	-$51K+45.7%	-$94K-11.9%	-$84K+75.1%	-$338K
Financing Cash Flow	$0	$0	$0	$0	$0+100.0%	-$10.3M-3721.9%	$283K+342.2%	$64K
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	$0	$0

XBIT Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

XBIT annual financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13
Gross Margin	N/A	N/A	N/A	83.8%+15.4pp	68.4%+46.9pp	21.5%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	-860.1%	-136.4%	-41.5%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	-820.4%	-94.7%-69.2pp	-25.5%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-32.5%-11.3pp	-21.1%-9.9pp	-11.2%+2.5pp	-13.7%-7.2pp	-6.5%-3.2pp	-3.2%-91.7pp	88.5%+139.6pp	-51.1%+4.0pp	-55.1%+34.2pp	-89.3%-53.0pp	-36.4%+0.4pp	-36.8%+60.3pp	-97.1%
Return on Assets	-30.3%-11.0pp	-19.4%-8.5pp	-10.8%+2.5pp	-13.4%-7.0pp	-6.3%-3.2pp	-3.2%-85.0pp	81.8%+129.5pp	-47.7%+5.0pp	-52.6%+26.1pp	-78.7%-44.4pp	-34.3%+0.7pp	-34.9%	N/A
Current Ratio	16.01+4.5x	11.56-21.5x	33.07-21.0x	54.07-17.4x	71.49-10.3x	81.80+69.9x	11.90+6.1x	5.78-6.2x	11.94+7.3x	4.64-10.2x	14.79-3.7x	18.45	N/A
Debt-to-Equity	0.070.0x	0.09+0.1x	0.040.0x	0.020.0x	0.020.0x	0.01-0.1x	0.080.0x	0.070.0x	0.05-0.1x	0.14+0.1x	0.060.0x	0.05	N/A
FCF Margin	N/A	N/A	N/A	-384.3%	358.4%	-156.5%	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Return on Equity	-5.2%-1.2pp	-4.1%	N/A	-3.6%-2.6pp	-1.0%+5.2pp	-6.2%	N/A	-2.6%
Return on Assets	-5.0%-1.1pp	-3.9%	N/A	-3.5%-2.5pp	-1.0%+5.0pp	-6.0%	N/A	-2.4%
Current Ratio	33.15-5.9x	39.03+23.0x	16.01-25.8x	41.78+1.6x	40.16+11.0x	29.15+17.6x	11.560.0x	11.57
Debt-to-Equity	0.040.0x	0.040.0x	0.070.0x	0.030.0x	0.030.0x	0.04-0.1x	0.090.0x	0.09

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.

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Where Xbiotech Ranks

Frequently Asked Questions

Is Xbiotech profitable?

No, Xbiotech (XBIT) reported a net income of -$45.5M in fiscal year 2025.

What is Xbiotech's EBITDA?

Xbiotech (XBIT) had EBITDA of -$54.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Xbiotech's return on equity (ROE)?

Xbiotech (XBIT) has a return on equity of -32.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Xbiotech's free cash flow?

Xbiotech (XBIT) recorded an outflow of $40.2M in free cash flow during fiscal year 2025. This represents a -24.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Xbiotech's operating cash flow?

Xbiotech (XBIT) recorded an outflow of $39.9M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are Xbiotech's total assets?

Xbiotech (XBIT) had $150.1M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Xbiotech's capital expenditures?

Xbiotech (XBIT) invested $289K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Xbiotech spend on research and development?

Xbiotech (XBIT) invested $47.4M in research and development during fiscal year 2025.

How many shares does Xbiotech have outstanding?

Xbiotech (XBIT) had 30M shares outstanding as of fiscal year 2025.

What is Xbiotech's current ratio?

Xbiotech (XBIT) had a current ratio of 16.01 as of fiscal year 2025, which is generally considered healthy.

What is Xbiotech's debt-to-equity ratio?

Xbiotech (XBIT) had a debt-to-equity ratio of 0.07 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Xbiotech's return on assets (ROA)?

Xbiotech (XBIT) had a return on assets of -30.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

How does Xbiotech's liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, Xbiotech (XBIT) held $125.6M in cash, cash equivalents and investments, and reported an operating cash outflow of $39.9M over that year. Dividing the one by the other, the reported balance equals about 38 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

What is Xbiotech's Piotroski F-Score?

Xbiotech (XBIT) has a Piotroski F-Score of 3 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Xbiotech's earnings high quality?

Xbiotech (XBIT) reported a net loss of $45.5M while operations used $39.9M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.