Free cash flow remains chronically negative, with margins reaching as low as -168.9% in 2025Q1, reflecting a structural inability to cover R&D expenditures through royalty inflows.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | -1.82M | -2.29M | -2.82M | -4.11M | -4.65M | -4.74M | -4.27M | -6.4M | -6.46M | 1.49M | -8.79M | -5.3M | -12.33M | -6.05M | -6.26M |
| Operating CF Margin % | - | -76.83% | -112.69% | -161.98% | -272.23% | -408.21% | -976.6% | -37497.97% | - | 19.7% | -292.91% | - | - | -605.2% | -2132.83% |
| Operating CF Growth % | 93.96% | 18.84% | 31.52% | 11.46% | 1.93% | -11.03% | 33.32% | 1% | -532.6% | 117% | -65.77% | 57.01% | -103.72% | 3.35% | - |
| Net Income | -2.23M | -2.68M | -3.96M | -4.13M | -6.55M | -5.65M | -10.89M | -12.78M | -7.3M | -3.6M | -54.21M | -12.51M | -14.31M | -8.58M | -6.33M |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 27.04K | 35.48K | 28.84K | 27.49K | 15.83K | 23.78K | 36.45K | 56.12K | 88.69K | 52.03K | 104.62K |
| Stock-Based Compensation | 29.68K | 64.79K | 171.81K | 283.08K | 511.48K | 410.44K | 468.91K | 853.52K | 1.42M | 1.92M | 2.1M | 2.75M | 1.51M | 431.5K | 339.78K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -24.27K | -2.92M | 0 | 0 | 0 | -1.58M | 2.6M | 639.67K | -446.47K | 1.05M |
| Other Non-Cash Items | 27.17K | 0 | 0 | 0 | 1.79M | 24.27K | 9.1M | 6.38M | -5.23K | -126.32K | 49.11M | 834K | 239.89K | 431.5K | 51.16K |
| Working Capital Changes | 356.12K | 329.42K | 970.98K | -262.73K | -426.69K | 461.19K | -52.45K | -881.52K | -595.68K | 3.27M | -4.25M | 965.14K | -503.48K | 2.06M | -1.47M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3M | -3M | 0 | -24.47K | -7.52K | -31.7K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.18K | -243.67K | 0 | 0 | -239.03K | 0 |
| Change in Payables | 290.31K | 73.76K | 84.68K | -263.57K | -347.95K | 457.13K | -378.11K | -227.96K | -343.88K | -8.18K | 243.67K | 943.91K | -479.01K | 239.03K | 0 |
| Cash from Investing | 0 | 0 | 0 | 0 | -500K | 0 | 0 | 2K | 22.5K | -9.26K | -16.79K | 6.22K | -52.18K | -144.63K | -92.59K |
| Capital Expenditures | 0 | 0 | 0 | 0 | -500K | 0 | 0 | 0 | 0 | -9.26K | -16.79K | -1.66K | -57.67K | -78.63K | -130.08K |
| CapEx % of Revenue | 0% | - | - | 0% | 29.29% | - | - | - | - | 0.12% | 0.56% | - | - | 7.86% | 44.31% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22.5K | 0 | 0 | 7.88K | 43.5K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2K | 22.5K | 0 | 0 | 7.88K | -38.02K | -66K | 37.5K |
| Cash from Financing | 4M | 4M | 0 | 0 | 0 | 11.45M | 5.43M | 16.13M | 1.48M | 125 | 12.72M | 3M | 9.82M | 2.09K | -303.35K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.75M | 3M | 0 | 0 | -706.2K |
| Equity Issued (Net) | 4M | 4M | 0 | 0 | 0 | 11.45M | 5.43M | 16.12M | 0 | 0 | 0 | 0 | 0 | 0 | 421.16K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 0 | 0 | 3.68K | 0 | 6.21K | 1.48M | -125 | 8.97M | 0 | 9.82M | 2.09K | -18.31K |
| Net Change in Cash | 2.18M | 1.72M | -2.82M | -4.11M | -5.15M | 6.72M | 1.16M | 9.73M | -4.96M | 1.48M | 3.92M | -2.38M | -2.33M | -6.3M | -5.98M |
| Free Cash Flow | -1.82M | -2.29M | -2.82M | -4.11M | -5.15M | -4.74M | -4.27M | -6.4M | -6.46M | 1.48M | -8.8M | -5.3M | -12.39M | -6.13M | -6.39M |
| FCF Margin % | -57.09% | -76.83% | -112.69% | -161.98% | -301.52% | -408.21% | -976.6% | -37497.97% | - | 19.58% | -293.47% | - | - | -613.07% | -2177.14% |
| FCF Growth % | 31.54% | 18.84% | 31.52% | 20.06% | -8.63% | -11.03% | 33.32% | 1% | -535.3% | 116.87% | -66.04% | 57.19% | -102.05% | 4.09% | - |
| FCF per Share | -0.79 | -1.34 | -1.83 | -2.69 | -3.62 | -4.61 | -6.68 | -22.43 | -85.50 | 20.56 | -142.18 | -150.64 | -360.95 | -2025.99 | -2113.10 |
| FCF Conversion (FCF/Net Income) | 0.82x | 0.85x | 0.71x | 1.00x | 0.71x | 0.84x | 0.39x | 0.50x | 0.89x | -0.42x | 0.16x | 0.42x | 0.86x | 0.71x | 0.99x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Finite Cash Runway
As reported in recent financial filings, XBIO's operating cash flow consistently trails net income, with OCF/NI ratios fluctuating between 0.41 and 1.29, suggesting that the company's cash burn is driven more by structural R&D requirements than by standard accrual-based accounting adjustments or working capital volatility.
The persistent gap between net income and operating cash flow highlights the company's reliance on external capital to fund its clinical-stage pipeline. Investors should monitor this relationship, as the lack of a stable conversion ratio indicates that the business model is currently incapable of self-funding its operational overhead.
Based on XBIO's reported figures, the company remains in a state of chronic cash depletion, with free cash flow margins frequently exceeding -60% and reaching as low as -168.9% in 2025Q1, reflecting the heavy burden of clinical development costs relative to its modest royalty-based revenue stream.
The trajectory of free cash flow suggests that the company is not yet approaching an inflection point toward self-sustainability. Without a significant increase in royalty volume or a reduction in R&D intensity, the current cash burn trajectory appears likely to continue, necessitating further capital market intervention.
According to quarterly cash flow statements, XBIO experiences significant swings in working capital, with changes ranging from a $706.8K inflow in 2024Q2 to a $164.2K outflow in 2025Q3, which complicates the predictability of the company's short-term liquidity position and overall cash management strategy.
These fluctuations appear to be driven by the timing of milestone payments and the settlement of accounts payable related to clinical trial activities. The inconsistency in these movements warrants further investigation, as they may obscure the underlying operational burn rate during periods of high clinical activity.
As indicated in recent SEC filings, stock-based compensation (SBC) has historically accounted for a meaningful portion of the company's non-cash expenses, peaking at $77.1K in 2024Q1, which effectively masks the true economic cost of talent acquisition and retention in the competitive biotech labor market.
While SBC is a non-cash expense, it represents a real dilution risk to shareholders that is not fully captured by the headline cash burn figures. Analysts should adjust for these equity-based settlements to better understand the true cost of operations and the potential for future share count expansion.
Quick answers to the most common questions about buying XBIO stock.
Xenetic Biosciences, Inc. (XBIO) generated $-2.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Xenetic Biosciences, Inc. (XBIO) reported negative free cash flow of $2.3M in 2025, indicating capital requirements exceeded cash from operations.
Xenetic Biosciences, Inc. (XBIO) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.