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XBIT

XBiotech Inc.

XBIT

XBiotech Inc. • NASDAQ
$2.27 ▼ -0.22% (-0.01)
Market Cap $69.36 M
52w High $7.64
52w Low $2.09
Dividend Yield 0%
P/E -2.39
Volume 23.38K
Outstanding Shares 30.49M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $5.62M ▼ $-6.008M ▼ 0% $-0.2 ▼ $-5.479M ▼
Q2-2025 $0 $6.336M ▼ $-1.756M ▲ 0% $-0.058 ▲ $-1.289M ▲
Q1-2025 $0 $13.55M ▲ $-10.884M ▼ 0% $-0.36 ▼ $-10.325M ▼
Q4-2024 $0 $8.748M ▲ $-10.508M ▼ 0% $-0.34 ▼ $-9.906M ▼
Q3-2024 $0 $7.904M $-5.015M 0% $-0.16 $-4.364M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $147.367M ▼ $172.424M ▼ $5.344M ▼ $167.08M ▼
Q2-2025 $152.938M ▼ $178.682M ▼ $5.618M ▼ $173.064M ▼
Q1-2025 $155.897M ▼ $181.864M ▼ $7.151M ▼ $174.713M ▼
Q4-2024 $172.677M ▼ $199.093M ▼ $16.825M ▼ $182.268M ▼
Q3-2024 $183.118M $209.851M $17.736M $192.115M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-6.008M ▼ $-4.259M ▲ $-110K ▼ $0 $-5.571M ▼ $-4.369M ▲
Q2-2025 $-1.756M ▲ $-5.989M ▲ $-51K ▲ $0 ▲ $-2.959M ▲ $-6.04M ▲
Q1-2025 $-10.884M ▼ $-6.72M ▼ $-94K ▼ $-10.25M ▼ $-16.78M ▼ $-6.814M ▼
Q4-2024 $-10.508M ▼ $-6.54M ▼ $-84K ▲ $283K ▲ $-10.441M ▼ $-6.624M ▼
Q3-2024 $-5.015M $-5.845M $-338K $64K $-5.412M $-6.183M

Revenue by Products

Product Q1-2022Q2-2022Q3-2022Q4-2022
Manufacturing Revenue
Manufacturing Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲
Clinical Trial Service Revenue
Clinical Trial Service Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement XBiotech is still in the development stage, with essentially no recurring product revenue in recent years. The income statement is driven almost entirely by research and operating costs rather than sales. Losses have been steady over time rather than exploding, but they remain meaningful relative to the company’s size. Per‑share losses have bounced around year to year, reflecting the timing of expenses and any one‑off items, but there is no sign yet of a shift toward profitability. Overall, the income statement reflects a classic early‑stage biotech profile: research heavy, no commercial revenue, and ongoing net losses that will likely continue until a product is approved and marketed or more deals are struck.

Balance Sheet

Balance Sheet The balance sheet is small but relatively straightforward. Most assets are held in cash and equivalents, which provides flexibility to fund operations in the near term. Tangible debt is minimal, so the company is not burdened by interest payments or large mandatory repayments. Shareholders’ equity has trended down from earlier levels as losses accumulate, which is typical for a company funding itself through its cash reserves. The key balance‑sheet question is how long the current cash base can support the pipeline before additional capital or partnership income is needed.

Cash Flow

Cash Flow Cash flows show a pattern of cash being used for operations, with no meaningful inflows from product sales. There was a past period where operating cash flow turned positive, likely tied to a one‑time payment or deal, but more recent years have returned to cash outflows as development spending continues. Capital spending is negligible, so free cash flow is essentially just operating cash flow. This means the main drain on cash is research and corporate overhead rather than large facility or equipment projects. The company’s future flexibility will depend on how tightly it manages its cash burn versus the pace of clinical trials and any partnership or licensing income it can secure.

Competitive Edge

Competitive Edge XBiotech’s competitive position rests on its differentiated “True Human” antibody platform and its in‑house manufacturing capabilities. Sourcing antibodies directly from naturally immune human donors is a distinct approach compared with more conventional engineered antibodies, which could translate into safety or efficacy advantages if clinical data support the concept. The company has built intellectual‑property protections around both its antibodies and its technology, and it controls manufacturing from end to end, which can lower costs and speed development compared with outsourcing. However, it operates in a field dominated by large, well‑funded pharmaceutical and biotech companies with broader pipelines, larger sales forces, and more resources. XBiotech’s lack of marketed products and dependence on a small set of clinical programs mean its competitive standing will largely be determined by how its lead candidates perform in trials and whether it can secure strong commercial or development partners.

Innovation and R&D

Innovation and R&D Innovation is the clear focus. The “True Human” platform, which isolates naturally occurring antibodies from people with strong immune responses, is the core scientific differentiator. Building its own flexible, single‑use manufacturing system adds a process innovation angle, potentially allowing faster and cheaper scale‑up of new drugs. The pipeline targets areas of significant unmet need, such as colorectal cancer and shingles, with lead candidates like Natrunix and Unmetix moving through or toward clinical trials. A past major asset sale to a large pharmaceutical company provides real‑world validation that the science can be attractive to industry partners. That said, the company remains at a clinical stage, so R&D is a cost center rather than a revenue driver, and the usual biotech risks apply: trial setbacks, regulatory hurdles, and uncertainty over how its candidates will compare with competing therapies.

Summary

XBiotech is a small, research‑driven biotech focused on an unconventional but potentially powerful antibody platform. Financially, it looks like a typical clinical‑stage company: little to no recurring revenue, ongoing operating and net losses, and reliance on its cash reserves to fund development. The balance sheet is light on debt and relatively cash‑rich for its size, but that cushion will be drawn down if new funding or deal income does not arrive. Strategically, the company’s strengths are its proprietary “True Human” technology, integrated manufacturing, and proof of external validation through at least one large asset transaction. The key uncertainties are binary in nature: success or failure of key trials, ability to form lucrative partnerships or secure approvals, and how its therapies will stand up in crowded oncology and infectious‑disease markets. Overall, this is a high‑risk, high‑uncertainty profile driven more by scientific and clinical outcomes than by current financial performance.