Xenetic Biosciences, Inc. Reports Second Quarter 2024 Financial Results and Provides Business Update

Xenetic Biosciences, Inc. (NASDAQ: XBIO), a biopharmaceutical company, has released its financial results for the second quarter of 2024. The company remains focused on its DNase-based oncology program, with data from ongoing preclinical studies expected by year-end. Xenetic continues to work towards first-in-human clinical studies, with a specific focus on pancreatic carcinoma and other solid tumors.

The company reported a net loss of $1.3 million for the quarter ending June 30, 2024. Research and development expenses were $0.9 million, with severance and benefits costs offset by reduced spending on preclinical and process development efforts. General and administrative expenses increased by 19.5% to $1.1 million, primarily due to severance costs. Royalty payments related to the PolyXen® platform technology reached $0.7 million, an 11.6% increase from the same period in 2023.

As of the end of the quarter, Xenetic held $7.3 million in cash to fund its operations. The company is focused on advancing its immune-oncology treatments to benefit patients and generate long-term shareholder value.