On May 14, 2025 Xenetic Biosciences, Inc. (NASDAQ:XBIO) ("Xenetic" or the "Company"), a biopharmaceutical company focused on advancing innovative immuno-oncology technologies addressing difficult to treat cancers, reported its financial results for the quarter ended March 31, 2025 (Press release, Xenetic Biosciences, MAY 14, 2025, View Source [SID1234653081]).
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Recent Highlights
Announced that its collaboration partner, PeriNess Ltd., entered into a Clinical Study Agreement to advance development of DNase platform for the treatment of relapsed/refractory osteosarcoma and Ewing sarcoma; and
Continued pursuit of other strategic collaborations to advance the Company’s technology.
"We remain focused on engaging with our strategic partners to participate in a series of exploratory studies to evaluate our systemic DNase I in combination with immunotherapy, chemotherapy, and radiotherapy in various oncology indications where there remains significant unmet need to advance our development programs forward. These partnerships allow us to advance our technology toward the clinic while utilizing our resources efficiently and minimizing our internal investment. Additionally, this development strategy opens up valuable opportunities to continue expanding our growing body of positive preclinical data that supports the use of DNase I across several cancer indications," commented James Parslow, Interim Chief Executive Officer and Chief Financial Officer of Xenetic.
Xenetic continues to advance its DNase-based technology towards Phase 1 clinical development for the treatment of pancreatic carcinoma and other locally advanced or metastatic solid tumors. Preliminary preclinical studies evaluating the combinations of DNase I with chemotherapy and DNase I with immuno-therapies in colorectal cancer models as well as CAR-T therapy have been completed.
Additionally, as previously announced in December 2024, Xenetic entered into a Clinical Trial Services Agreement with PeriNess, under which PeriNess will lead in the regulatory approval, operational execution and management of potential exploratory, investigator initiated studies of recombinant DNase as an adjunctive treatment in patients with pancreatic carcinoma and other locally advanced or metastatic solid tumors receiving chemotherapy and immunotherapy in Israeli medical centers.
Summary of Financial Results for First Quarter 2025
Net loss for the quarter ended March 31, 2025 was approximately $0.9 million. Revenue increased by approximately $0.1 million, or 16.1%, to approximately $0.6 million during the three months ended March 31, 2025 from approximately $0.5 million in the comparable quarter in 2024. Total operating costs and expenses for the three months ended March 31, 2025 decreased by approximately $244,000, or 13.7%, to approximately $1.5 million from approximately $1.8 million in the comparable quarter in 2024. The decrease was primarily due to a decrease in personnel costs and share-based expense related to the departures of the Company’s former Chief Executive Officer and Chief Scientific Officer during the second quarter of 2024.
The Company ended the quarter with approximately $5.2 million of cash.