Xenetic Biosciences, Inc. Reports Third Quarter 2024 Financial Results
Xenetic Biosciences (NASDAQ:XBIO) reported Q3 2024 financial results, showing a net loss of $0.4 million. R&D expenses decreased by 63.9% to $0.4 million compared to $1.0 million in Q3 2023, primarily due to reduced spending on DNase platform development. The company continues advancing its DNase-based oncology program towards Phase 1 clinical trials for pancreatic carcinoma and other solid tumors. Preliminary preclinical studies combining DNase I with chemotherapy, immuno-therapies, and CAR-T therapy in colorectal cancer models have been completed. The company ended Q3 with $6.8 million in cash.
Xenetic Biosciences (NASDAQ:XBIO) ha riportato i risultati finanziari del terzo trimestre del 2024, evidenziando una perdita netta di 0,4 milioni di dollari. Le spese per ricerca e sviluppo sono diminuite del 63,9% a 0,4 milioni di dollari rispetto a 1,0 milione di dollari nel terzo trimestre del 2023, principalmente a causa della riduzione delle spese per lo sviluppo della piattaforma DNase. L'azienda sta continuando a far avanzare il suo programma oncologico basato su DNase verso le sperimentazioni cliniche di fase 1 per il carcinoma pancreatico e altri tumori solidi. Studi preliminari preclinici che combinano DNase I con chemioterapia, terapie immunologiche e terapia CAR-T in modelli di cancro colorettale sono stati completati. Alla fine del terzo trimestre, l'azienda aveva 6,8 milioni di dollari in cassa.
Xenetic Biosciences (NASDAQ:XBIO) reportó los resultados financieros del tercer trimestre de 2024, mostrando una pérdida neta de 0,4 millones de dólares. Los gastos en I+D disminuyeron un 63,9% a 0,4 millones de dólares en comparación con 1,0 millón de dólares en el tercer trimestre de 2023, principalmente debido a una reducción en el gasto para el desarrollo de la plataforma DNase. La compañía sigue avanzando en su programa oncológico basado en DNase hacia ensayos clínicos de fase 1 para el carcinoma pancreático y otros tumores sólidos. Se han completado estudios preclínicos preliminares que combinan DNase I con quimioterapia, terapias inmunológicas y terapia CAR-T en modelos de cáncer colorrectal. Al final del tercer trimestre, la compañía tenía 6,8 millones de dólares en efectivo.
제넥틱 바이오사이언스 (NASDAQ:XBIO)는 2024년 3분기 재무 실적을 발표하며 40만 달러의 순손실을 기록했습니다. 연구개발 비용은 63.9% 감소하여 40만 달러로, 2023년 3분기의 100만 달러와 비교됩니다. 이는 주로 DNase 플랫폼 개발에 대한 지출이 줄어들었기 때문입니다. 회사는 췌장암 및 기타 고형 종양에 대한 임상 1상 시험을 향한 DNase 기반의 종양학 프로그램을 지속적으로 발전시키고 있습니다. DNase I을 화학요법, 면역요법 및 CAR-T 요법과 결합한 초기 전임상 연구가 완료되었습니다. 회사는 3분기 말에 680만 달러의 현금을 보유하고 있었습니다.
Xenetic Biosciences (NASDAQ:XBIO) a annoncé ses résultats financiers du troisième trimestre 2024, faisant état d'une perte nette de 0,4 million de dollars. Les dépenses en recherche et développement ont diminué de 63,9 % pour atteindre 0,4 million de dollars contre 1,0 million de dollars au troisième trimestre 2023, principalement en raison d'une réduction des dépenses allouées au développement de la plateforme DNase. La société continue de faire progresser son programme d'oncologie basé sur la DNase vers des essais cliniques de phase 1 pour le carcinome pancréatique et d'autres tumeurs solides. Des études précliniques préliminaires combinant la DNase I avec la chimiothérapie, les immunothérapies et la thérapie CAR-T dans des modèles de cancer colorectal ont été complétées. À la fin du troisième trimestre, la société disposait de 6,8 millions de dollars en liquidités.
Xenetic Biosciences (NASDAQ:XBIO) hat die finanziellen Ergebnisse für das dritte Quartal 2024 veröffentlicht und einen Nettoverlust von 0,4 Millionen Dollar verzeichnet. Die Forschung- und Entwicklungskosten sanken um 63,9% auf 0,4 Millionen Dollar im Vergleich zu 1,0 Millionen Dollar im dritten Quartal 2023, hauptsächlich aufgrund reduzierter Ausgaben für die Entwicklung der DNase-Plattform. Das Unternehmen verbessert weiterhin sein DNase-basiertes Onkologieprogramm in Richtung klinischer Phase-1-Studien für das Pankreaskarzinom und andere solide Tumoren. Vorläufige präklinische Studien, die DNase I mit Chemotherapie, Immuntherapien und CAR-T-Therapie in Modellen des kolorektalen Krebses kombinieren, wurden abgeschlossen. Am Ende des dritten Quartals hatte das Unternehmen 6,8 Millionen Dollar in bar.
- Significant reduction in R&D expenses by 63.9% to $0.4 million
- Strong cash position of $6.8 million to fund operations
- Strategic partnerships with Tokyo Medical University and The Scripps Research Institute
- Net loss of $0.4 million in Q3 2024
- Decreased spending on DNase platform development process
- Departure of CEO in Q2 2024
Insights
The Q3 financial results reveal concerning trends for this micro-cap biotech. The
The cash position of
The DNase-based oncology platform shows promise in addressing challenging cancers, with preliminary preclinical data in colorectal cancer models and combination studies with chemotherapy and immuno-therapies. However, the
The platform's potential in multiple high-value oncology indications is promising, but investors should note that the company is still in early stages with no clinical-stage assets yet. The focus on investigator-initiated studies is a cost-effective approach but may result in slower development compared to fully company-sponsored trials.
Establishing growing body of preclinical data evaluating the DNase-based oncology platform across a number of high-value oncology indications
Ongoing progress towards first in human clinical study for locally advanced or metastatic solid tumors
Strategic focus on exploratory investigator-initiated studies with institutional partners
Ended the quarter with
$6.8 million of cash to fund operations
FRAMINGHAM, MA / ACCESSWIRE / November 13, 2024 / Xenetic Biosciences, Inc. (NASDAQ:XBIO) ("Xenetic" or the "Company"), a biopharmaceutical company focused on advancing innovative immune-oncology technologies addressing hard to treat cancers, today reported its financial results for the third quarter of 2024.
"Over the course of the past quarter, we have continued to make progress advancing our DNase platform. Our focus is to leverage institutional partnerships to drive our development strategy, such as our recently announced agreement with Tokyo Medical University and extension of our agreement with The Scripps Research Institute, efficiently utilizing our capital while minimizing our non-program cash spend. We are encouraged by the preclinical data generated to date and remain focused on building a growing body of data and further developing our pipeline to build value in the near and long term," commented James Parslow, Interim Chief Executive Officer and Chief Financial Officer of Xenetic.
Xenetic continues to advance its DNase-based oncology program 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. The Company and its partners plan to report further preclinical data at scientific conferences as it recently did at the Society for Immunotherapy of Cancer (SITC) conference (SITC 2024).
Summary of Financial Results for Third Quarter 2024
Net loss for the quarter ended September 30, 2024 was approximately
The Company ended the quarter with approximately
About Xenetic Biosciences
Xenetic Biosciences, Inc. is a biopharmaceutical company focused on advancing innovative immune-oncology technologies addressing hard to treat cancers. The Company's DNase platform is designed to improve outcomes of existing treatments, including immunotherapies, by targeting neutrophil extracellular traps (NETs), which are involved in cancer progression. Xenetic is currently focused on advancing its systemic DNase program into the clinic as an adjunctive therapy for pancreatic carcinoma and other locally advanced or metastatic solid tumors.
For more information, please visit the Company's website at www.xeneticbio.com and connect on Twitter, LinkedIn, and Facebook.
Forward-Looking Statements
This press release contains forward-looking statements that we intend to be subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical facts may constitute forward-looking statements within the meaning of the federal securities laws. These statements can be identified by words such as "expects," "plans," "projects," "will," "may," "anticipates," "believes," "should," "intends," "estimates," "remain," "focus", "confidence in", "potential", and other words of similar meaning, including, but not limited to, all statements regarding expectations for our DNase-base oncology platform, including statements regarding: our growing body of preclinical data evaluating the DNase-based oncology platform across a number of high-value oncology indications, ongoing progress towards first in human clinical study for locally advanced or metastatic solid tumors, our strategic focus on exploratory investigator-initiated studies with institutional partners, including leveraging institutional partnerships to drive our development strategy, our focus on advancing innovative immune-oncology technologies addressing hard to treat cancers, our expectations regarding preclinical data generated to date, our focus on building a growing body of data and further developing our pipeline to build value in the near and long term, our plans regarding presentations of the results of preclinical data, the DNase platform improving outcomes of existing treatments, including immunotherapies, by targeting neutrophil extracellular traps (NETs), which are involved in cancer progression, and our focus on advancing our systemic DNase program towards Phase 1 clinical development as an adjunctive therapy for the treatment of pancreatic carcinoma and other locally advanced or metastatic solid tumors. Any forward-looking statements contained herein are based on current expectations and are subject to a number of risks and uncertainties. Many factors could cause our actual activities, performance, achievements, or results to differ materially from the activities and results anticipated in forward-looking statements. Important factors that could cause actual activities, performance, achievements, or results to differ materially from such plans, estimates or expectations include, among others, (1) unexpected costs, charges or expenses resulting from our manufacturing and collaboration agreements; (2) unexpected costs, charges or expenses resulting from the licensing of the DNase platform; (3) uncertainty of the expected financial performance of the Company following the licensing of the DNase platform; (4) failure to realize the anticipated potential of the DNase or PolyXen technologies; (5) the ability of the Company to obtain funding and implement its business strategy; and (6) other risk factors as detailed from time to time in the Company's reports filed with the SEC, including its annual report on Form 10-K, periodic quarterly reports on Form 10-Q, current reports on Form 8-K and other documents filed with the SEC. The foregoing list of important factors is not exclusive. In addition, forward-looking statements may also be adversely affected by general market factors, general economic and business conditions, including potential adverse effects of public health issues, such as the COVID-19 outbreak, and geopolitical events, such as the conflicts in the Ukraine and in the Middle East, on economic activity, competitive product development, product availability, federal and state regulations and legislation, the regulatory process for new product candidates and indications, manufacturing issues that may arise, patent positions, litigation, and shareholder activism, among other factors. The forward-looking statements contained in this press release speak only as of the date the statements were made, and the Company does not undertake any obligation to update forward-looking statements, except as required by law.
CONTACT:
JTC Team, LLC
Jenene Thomas
(908) 824-0775
xbio@jtcir.com
SOURCE: Xenetic Biosciences, Inc.
View the original press release on accesswire.com
FAQ
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