Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Xenetic Biosciences, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
3
7.59
0
0.02
0.44
1.16
1.71
2.54
2.5
2.98
Research and development
43.7
4.06
2.88
4.89
1.73
3.16
4.77
3.49
3.29
3.07
General and administrative
6.69
6.94
4.39
4.73
3.4
3.74
3.65
3.56
3.42
2.75
Operating expenses
7.28
12.9
14.4
6.91
8.42
7.06
6.7
5.81
Operating income
-47.4
-3.57
-7.28
-12.9
-13.9
-5.75
-6.72
-4.52
-4.2
-2.83
Interest expense
0.73
0
Interest income
0
0.02
Other non-operating income
-6.78
-0.03
-0.02
0.11
0.13
0.1
0.17
0.38
0.24
0.15
Income tax
0
0
0
0
-2.92
0
0
0
0
0
Net income
-54.2
-3.6
-7.3
-12.8
-10.9
-5.65
-6.55
-4.13
-3.96
-2.68
EBITDA
-47.4
-3.54
-7.26
-12.9
-13.9
-5.75
-6.72
EPS, basic
-948.74
-49.62
-96.81
-63.44
-17.04
-5.51
-4.61
-2.71
-2.57
-1.58
EPS, diluted
-948.74
-49.62
-96.81
-63.44
-17.04
-5.51
-4.61
-2.71
-2.57
-1.58
Shares, basic (weighted)
0.06
0.07
0.08
0.28
0.64
1.03
1.42
1.53
1.54
1.7
Shares, diluted (weighted)
0.06
0.07
0.08
0.28
0.64
1.03
1.42
1.53
1.54
1.7
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
4.11
5.6
0.64
10.4
11.5
18.2
13.1
8.98
6.17
7.88
Receivables
3
0
Other current assets
1.22
0.29
0.56
0.72
0.84
0.48
0.56
0.6
0.42
0.17
Total current assets
8.34
5.88
1.19
11.1
12.4
18.7
13.7
9.59
6.59
8.05
Property, plant and equipment
0.04
0.03
0
0
0
0
0
Lease right-of-use assets
0.02
0.04
Goodwill
3.28
3.28
3.28
9.24
0
Other non-current assets
0.07
0.72
0.71
1.21
0.81
1.09
1.07
1.02
0.31
0.31
Total assets
21
19.2
14.4
21.5
13.2
19.8
14.7
10.6
6.9
8.36
Accounts payable
1.01
0.79
0.93
0.93
0.33
0.36
0.29
0.24
0.28
0.26
Accrued liabilities
0.84
1.14
0.66
0.46
0.57
1.03
0.79
0.57
0.61
0.71
Total current liabilities
1.87
1.94
1.6
1.42
0.94
1.42
1.07
0.81
0.89
0.97
Lease liabilities
0
0.03
Other non-current liabilities
0.02
0
0
Total liabilities
4.8
4.86
4.52
4.33
0.96
1.42
1.07
0.81
0.89
0.97
Paid-in capital
164
165
168
188
194
206
208
208
208
212
Retained earnings
-142
-146
-153
-166
-177
-183
-189
-193
-197
-200
Treasury stock
-5.28
-5.28
-5.28
-5.28
-5.28
-5.28
-5.28
-5.28
-5.28
-5.28
Other comprehensive income
0.25
0.25
0.25
0.25
0.25
0.25
0.25
0.25
0.25
0.25
Shareholders' equity
16.2
14.3
9.91
17.2
12.2
18.4
13.6
9.8
6.01
7.4
Total equity
16.2
14.3
9.91
17.2
12.2
18.4
13.6
9.8
6.01
7.4
Total liabilities and equity
21
19.2
14.4
21.5
13.2
19.8
14.7
10.6
6.9
8.36
Shares outstanding
0.04
0.07
0.08
0.61
0.87
1.34
1.52
1.54
1.54
2.29
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-54.2
-3.6
-7.3
-12.8
-13.8
-5.65
-6.55
-4.13
-3.96
-2.68
Depreciation and amortization
0.04
0.02
0.02
0
0
0
0
Stock-based compensation
1.92
1.78
1.36
0.81
0.47
0.41
0.51
0.28
0.17
0.06
Change in receivables
-3
3
0
Change in payables
-1.02
-0.01
-0.34
-0.23
-0.38
0.46
-0.35
-0.26
0.08
0.07
Cash from operations
-8.79
1.49
-6.46
-6.4
-4.27
-4.74
-4.65
-4.11
-2.82
-2.29
Capital expenditures
-0.02
-0.01
0
Cash from investing
-0.02
-0.01
0.02
0
0
0
-0.5
0
Debt issued
4.5
0
0.1
Debt repaid
-0.37
0
Stock issued
0
5.43
11.5
0
0
4
Cash from financing
12.7
0
1.48
16.1
5.43
11.5
0
0
4
Exchange rate effect
0
Net change in cash
1.48
-4.96
9.73
1.16
6.72
-5.15
-4.11
-2.82
1.72
Free cash flow
-8.8
1.48
-6.46
Interest paid
0.02
0
0
0
0
0
0
0
0
0
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $2.39 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-81.0%
Operating income / revenue.
Net margin
-75.9%
Net income / revenue.
Operating cash flow margin
-70.9%
Cash from operations / revenue.
Return on equity (ROE)
-40.8%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-35.5%
Net income / average total assets.
R&D / revenue
84.1%
Research and development expense / revenue.
Stock-based pay / revenue
2.9%
Stock-based compensation (from the cash flow statement) / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
19.0%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
20.4%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
46.8%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
23.1%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-18.5%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
-9.5%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
21.2%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-17.2%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-8.7%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
10.4%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
6.2%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
21.7%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
7.43x
Current assets / current liabilities.
Quick ratio
7.23x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
7.23x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$1.42
Revenue / diluted weighted shares.
Operating cash flow per share
-$1.01
Cash from operations / diluted weighted shares.
Book value per share
$2.59
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
1.72x
Market cap / revenue.
P/B
0.92x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.92x
Market cap / tangible book value, when positive.
Earnings yield
-44.2%
Net income / market cap (the inverse of P/E).
What was Xenetic Biosciences, Inc.'s revenue in fiscal 2025?
Xenetic Biosciences, Inc. reported revenue of $3.0M for fiscal 2025, 19% higher than the year before.
Was Xenetic Biosciences, Inc. profitable in fiscal 2025?
No. It reported a net loss of $2.7M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.