Xbiotech Financials
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).
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
Liquidity remains unusually strong for an unprofitable business: the current ratio was 16.0x and cash made up nearly all current assets at
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Xbiotech's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Xbiotech carries a low D/E ratio of 0.07, meaning only $0.07 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.
With a current ratio of 16.01, Xbiotech holds $16.01 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
Xbiotech generates a -32.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -21.1% the prior year.
Xbiotech passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass.
For every $1 of reported earnings, Xbiotech generates $0.88 in operating cash flow (-$39.9M OCF vs -$45.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
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.
Xbiotech reported -$45.5M in net income in fiscal year 2025. This represents a decrease of 18.2% from the prior year.
Xbiotech earned $-1.49 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 18.3% from the prior year.
Cash & Balance Sheet
Xbiotech generated -$40.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 24.6% from the prior year.
Xbiotech held $125.6M in cash against $0 in long-term debt as of fiscal year 2025.
Xbiotech had 30M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.
Margins & Returns
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.
Capital Allocation
Xbiotech invested $47.4M in research and development in fiscal year 2025. This represents an increase of 25.5% from the prior year.
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.
XBIT Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 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 | $5.2M | N/A | $5.1M-4.8% | $5.3M-54.1% | $11.6M | N/A | $7.1M-45.1% | $13.0M |
| SG&A Expenses | $1.1M | N/A | $967K-3.3% | $1.0M-48.2% | $1.9M | N/A | $777K-60.8% | $2.0M |
| Operating Income | -$6.3M | N/A | -$6.0M+4.6% | -$6.3M+53.2% | -$13.6M | N/A | -$7.9M+47.2% | -$15.0M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $49K | N/A | $102K+264.3% | $28K-3.4% | $29K | N/A | $9K+136.0% | -$25K |
| Net Income | -$5.5M | N/A | -$6.0M-242.1% | -$1.8M+83.9% | -$10.9M | N/A | -$5.0M+61.4% | -$13.0M |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
XBIT Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $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-2.6% | $215.6M |
| Current Assets | $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-2.9% | $190.6M |
| Cash & Equivalents | $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-2.9% | $188.5M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | $450K-6.3% | $480K0.0% | $480K-31.4% | $700K-4.1% | $730K-16.1% | $870K |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $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-5.9% | $18.9M |
| Current Liabilities | $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-6.7% | $17.1M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $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-2.3% | $196.7M |
| Retained Earnings | -$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-6.7% | -$75.3M |
XBIT Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$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+48.6% | -$11.4M |
| Capital Expenditures | $0-100.0% | $34K-69.1% | $110K+115.7% | $51K-45.7% | $94K+11.9% | $84K-75.1% | $338K-46.1% | $627K |
| Free Cash Flow | -$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+48.5% | -$12.0M |
| Investing Cash Flow | $9K+126.5% | -$34K+69.1% | -$110K-115.7% | -$51K+45.7% | -$94K-11.9% | -$84K+75.1% | -$338K+46.1% | -$627K |
| Financing Cash Flow | $0 | $0 | $0 | $0+100.0% | -$10.3M-3721.9% | $283K+342.2% | $64K+33.3% | $48K |
| 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 | $0 | $0 | N/A |
XBIT Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | -4.1% | N/A | -3.6%-2.6pp | -1.0%+5.2pp | -6.2% | N/A | -2.6%+4.0pp | -6.6% |
| Return on Assets | -3.9% | N/A | -3.5%-2.5pp | -1.0%+5.0pp | -6.0% | N/A | -2.4%+3.6pp | -6.0% |
| Current Ratio | 39.03+23.0 | 16.01-25.8 | 41.78+1.6 | 40.16+11.0 | 29.15+17.6 | 11.56-0.0 | 11.57+0.4 | 11.13 |
| Debt-to-Equity | 0.04-0.0 | 0.07+0.0 | 0.030.0 | 0.030.0 | 0.04-0.1 | 0.090.0 | 0.090.0 | 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
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) generated -$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) generated -$39.9M in operating cash flow during fiscal year 2025, representing cash generated from 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.
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.
What is Xbiotech's cash runway?
Based on fiscal year 2025 data, Xbiotech (XBIT) had $125.6M in cash against an annual operating cash burn of $39.9M. This gives an estimated cash runway of approximately 38 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 Xbiotech's Piotroski F-Score?
Xbiotech (XBIT) has a Piotroski F-Score of 3 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 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) has an earnings quality ratio of 0.88x, 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.
How financially healthy is Xbiotech?
Xbiotech (XBIT) scores 33 out of 100 on our Financial Profile, indicating weak 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.