XBiotech Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data XBiotech 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			0	0	44	18.4	4.01	0
Cost of revenue			0	0	34.5	5.82	0.65	0
Gross profit			0	0	9.45	12.6	3.36	0
Research and development	42.5	26.4	15.7	24.1	9.53	28.3	31.5	32.8	37.8	47.4
General and administrative	10.3	7.64	5.27	7.14	18.2	9.39	6.31	4.66	4.71	8.3
Operating expenses	52.8	34.1	21	31.2	27.7	37.7	37.8	37.5	42.5
Operating income	-52.8	-34.1	-21	-31.2	-18.3	-25.1	-34.5	-37.5	-42.5	-55.7
Other non-operating income	0	0.91	-0.14	750	5.45	-0.38	0.9	13.2	3.91	10.4
Pre-tax income	-52.8	-33.2	-21.1	718	-12.8	-25.5	-33.6	-24.3	-38.6	-45.3
Income tax	0	0	0	49.8	-1.61	-8.04	-0.69	0.24	-0.03	0.24
Net income	-52.8	-33.2	-21.1	669	-11.2	-17.4	-32.9	-24.6	-38.5	-45.5
EBITDA	-52.1	-32.6	-18.6	-28.9	-16	-22.4	-31.9	-35.8	-40.7	-54
EPS, basic	-1.63	-0.95	-0.59	17.17	-0.36	-0.58	-1.08	-0.81	-1.26	-1.49
EPS, diluted	-1.63	-0.95	-0.59	14.44	-0.36	-0.58	-1.08	-0.81	-1.26	-1.49
Shares, basic (weighted)	32.4	34.9	35.8	38.9	30.8	30	30.4	30.4	30.5	30.5
Shares, diluted (weighted)	32.4	34.9	35.8	46.3	30.8	30	30.4	30.4	30.5	30.5

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	34.3	31.8	15.8	715	237	237	157	200	173	126
Short-term investments						0	60.2	0
Receivables				0	4.11	0	1.22	0.86	0.7
Other current assets	2.61	1.56	1.19	1.67	0.58	0.93	0.6	0.76	1.03	1.04
Total current assets	36.9	33.3	17	716	326	247	220	202	175	127
Property, plant and equipment	10.1	29.6	27.3	25.2	27.3	28.3	26.3	24.9	24.5	23.1
Total assets	67.1	63	44.3	817	354	275	246	227	199	150
Accounts payable	4.43	1.73	1.65	2.15	2.49	2.07	2.41	2.52	2.22	1.54
Accrued liabilities	3.53	1.06	1.29	4.18	1.35	1.37	1.6	3.5	2.63	6.32
Deferred revenue				4.5	0
Total current liabilities	7.96	2.79	2.94	60.2	3.98	3.45	4.07	6.1	15.1	7.93
Total liabilities	7.99	2.81	2.95	61.2	5.11	5.79	5.7	7.77	16.8	9.73
Retained earnings	-183	-217	-238	431	97.6	5.15	-27.7	-52.3	-90.8	-136
Other comprehensive income	0.06	-0.77	-0.26	-0.11	1.27	1.97	0.83	0
Shareholders' equity	59.1	60.2	41.4	756	349	269	240	219	182	140
Total equity	59.1	60.2	41.4	756	349	269	240	219	182	140
Total liabilities and equity	67.1	63	44.3	817	354	275	246	227	199	150
Shares outstanding	32.6	35.4	35.9	41.5	29.3	30.4	30.4	30.4	30.5	30.5

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-52.8	-33.2	-21.1	669	-11.2	-17.4	-32.9	-24.6	-38.5	-45.5
Depreciation and amortization	0.7	1.48	2.43	2.36	2.24	2.65	2.61	1.7	1.75	1.69
Stock-based compensation	5.57	1.75	1.66	3.36	12.6	4.46	5.06	3.26	1.75	3.62
Deferred income tax			0	-0.01	-0.05	1.41	-0.82	-0.06	0	0.01
Change in receivables			0	0	-4.11	4.11	0
Change in payables	-0.98	-2.7	-0.08	0.5	-0.33	-0.51	0.36	0.09	-0.36	-0.69
Cash from operations	-46	-33.6	-16.5	-18.3	-65.1	69.4	-14.8	-18.7	-31	-39.9
Capital expenditures	-4.75	-1.41	-0.12	-0.2	-3.73	-3.53	-0.59	-0.36	-1.3	-0.29
Cash from investing	-13.9	-1.41	-0.12	675	-3.73	-3.53	-63.9	61.5	-1.3	-0.29
Stock issued	1.1	0.7	0.4	3.8	10.3	8		0	0.2
Share buybacks							0	-0.01	0
Dividends paid				0	0	-75	0
Cash from financing	2.94	33.3	0.2	42.1	-410	-67	0	-0.01	10.5	-10.3
Exchange rate effect	0.26	-0.83	0.51	0.15	1.37	0.71	-0.96	-0.05	-5.53	3.33
Net change in cash	-56.7	-2.56	-15.9	699	-477	-0.38	-79.7	42.7	-27.3	-47.1
Free cash flow	-50.8	-35.1	-16.7	-18.5	-68.9	65.9	-15.4	-19.1	-32.3	-40.2
Interest paid								0	0.4	0.49
Income taxes paid			0	0	54.1	0		0.14	0.09	-0.08

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 $2.17 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Return on equity (ROE)	-35.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-33.8%	Net income / average total assets.
Return on invested capital (ROIC)	-201.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.

Growth

Metric	Value	How it is calculated
Book value growth, 1y	-23.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-16.4%	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	-16.6%	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	-24.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-15.2%	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	-15.8%	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	0.1%	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	0.1%	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	-0.2%	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	33.2x	Current assets / current liabilities.
Quick ratio	32.7x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	32.7x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	3.9%	Total liabilities / total assets.
Working capital	$107.8M	Current assets - current liabilities.
Tangible book value	$128.5M	Shareholders' equity - goodwill - intangible assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.48	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.
FCF per share	-$1.34	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$1.33	Cash from operations / diluted weighted shares.
Book value per share	$4.21	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.21	Tangible book value / shares outstanding.
Cash per share	$3.59	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$66.2M	Share price x shares outstanding.
Enterprise value	-$43.4M	Market cap + total debt - cash - short-term investments.
P/B	0.52x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.52x	Market cap / tangible book value, when positive.
FCF yield	-61.7%	Free cash flow / market cap.
Earnings yield	-68.2%	Net income / market cap (the inverse of P/E).

Was XBiotech Inc. profitable in fiscal 2025?

No. It reported a net loss of $45.5M.

How much free cash flow did XBiotech Inc. generate in fiscal 2025?

Cash from operations of $39.9M minus capital expenditures of $289.0K left free cash flow of -$40.2M.

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.

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