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Glenn Wilkin - Friday, March 22, 2024
Xenetic Dips on Full-Year Results Xenetic Biosciences, Inc. (NASDAQ:XBIO) shares began Friday negative, as the company, based out of Framingham, Mass., and focused on advancing innovative immune-oncology technologies addressing hard to treat cancers, today reported its financial results for the year ended December 31, 2023.
Net loss for the year ended December 31, 2023 was approximately $4.1 million. Research and development expenses for the year ended December 31, 2023 decreased by $1.3 million, or 26.7%, to $3.5 million from $4.8 million in the prior year period. This decrease was primarily due to in-process research and development expense of $1.8 million in 2022 associated with our licensing of the DNase platform for which there was no similar expense in 2023.
Royalty payments of approximately $2.5 million were received from our sublicense with Takeda Pharmaceuticals Co. Ltd in the year ended December 31, 2023, representing an approximate 48.8% increase over the same period in 2022.
Said CEO Jeffrey Eisenberg, "We continued to make steady progress over the course of 2023 and are well positioned to continue on that pathway in 2024. With the encouraging preclinical data we continue to see with our DNase-based oncology platform, we are making noteworthy strides toward our first in human trial. We believe that our DNase platform, comprising multiple treatment modalities, has the potential to generate much needed therapies for pancreatic carcinoma and other locally advanced or metastatic solid tumors, and we are excited to unlock the full potential of our assets."
XBIO shares fell 30 cents, or 7.6%, to $3.65.
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