On November 10, 2023 Xenetic Biosciences, Inc. (NASDAQ:XBIO) ("Xenetic" or the "Company"), a biopharmaceutical company focused on advancing innovative immune-oncology technologies addressing hard to treat cancers, reported its financial results for the third quarter ended September 30, 2023 (Press release, Xenetic Biosciences, NOV 10, 2023, View Source [SID1234637467]).
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
"Over the past quarter we continued to see encouraging preclinical data across our DNase platform modalities that is advancing our programs toward first-in-human clinical studies. This data is bolstering our belief in the potential of this innovative immune-oncology platform to deliver a much-needed treatment option to hard-to-treat patients," commented Jeffrey Eisenberg, Chief Executive Officer of Xenetic. "Additionally, we remain committed to expanding our development capabilities and resources through partnerships in order to potentially accelerate our development timelines, including efforts to advance toward a Phase 1 study for the treatment of pancreatic carcinoma, our lead indication."
Summary of Financial Results for Third Quarter 2023
Net loss for the quarter ended September 30, 2023 was approximately $1.1 million. Research & development expenses for the three months ended September 30, 2023 increased by approximately $0.6 million, or 155.9%, to approximately $1.0 million from approximately $0.4 million in the comparable quarter in 2022. The increase was primarily due to the Company’s increase in spending related to pre-clinical development efforts associated with our DNase platform. Royalty payments of approximately $0.6 million were received from our sublicense with Takeda Pharmaceuticals Co. Ltd in the three months ended September 30, 2023, representing an approximate 47.5% increase over the same period in 2022. General and administrative expenses for the three months ended September 30, 2023 decreased by approximately $0.1, or 14.6%, to approximately $0.7 million from approximately $0.9 million in the comparable quarter in 2022. The decrease was primarily due to decreases in personnel costs and share-based expense during the three months ended September 30, 2023 compared to the same period in 2022.
The Company ended the quarter with approximately $9.8 million of cash.