Revenue: As of FY2025, the actual value is USD 2.976 M.EPS: As of FY2025, the actual value is USD -1.58, beating the estimate of USD -2.04.EBIT: As of FY2025, the actual value is USD -2.983 M.<h4>Segment Revenue</h4><ul><li>Xenetic Biosciences, Inc. operates as a single segment.</li><li>Royalty revenue was $2,976,411 for the year ended December 31, 2025, an increase of 19.0% from $2,500,284 in 2024.</li></ul><h4>Operational Metrics</h4><ul><li>Research and Development (R&amp;D) Expenses: R&amp;D expenses decreased by 6.8% to - $3,065,484 in 2025 from - $3,288,332 in 2024. Excluding a $0.7 million impairment charge in 2024, adjusted R&amp;D expenses increased by 18.6% to $3.1 million in 2025 from $2.6 million in 2024, driven by increased consulting, pre-clinical, manufacturing development, and DNase exploratory studies.</li><li>General and Administrative Expenses: These expenses decreased by 19.6% to - $2,745,509 in 2025 from - $3,416,380 in 2024, primarily due to reduced severance and benefits expenses, partially offset by higher legal and accounting costs.</li><li>Total Operating Costs and Expenses: Total operating costs and expenses decreased by 13.3% to - $5,810,993 in 2025 from - $6,704,712 in 2024.</li><li>Loss from Operations: Loss from operations decreased by 32.6% to - $2,834,582 in 2025 from - $4,204,428 in 2024.</li><li>Net Loss: The net loss for 2025 was - $2,680,860, a 32.3% decrease from - $3,960,275 in 2024.</li><li>Accumulated Deficit: The accumulated deficit was - $199.9 million as of December 31, 2025, compared to - $197.2 million at December 31, 2024.</li></ul><h4>Other Income (Expense)</h4><ul><li>Other income (expense) was $5,725 in 2025, compared to - $5,708 in 2024, mainly due to favorable changes in foreign currency exchange rates.</li><li>Net interest income decreased to $147,997 in 2025 from $249,861 in 2024, attributed to lower average invested funds.</li></ul><h4>Cash Flow and Liquidity</h4><ul><li>Cash Flows Used in Operating Activities: Cash flows used in operating activities totaled - $2,286,651 in 2025, compared to - $2,817,478 in 2024.</li><li>Cash Flows from Financing Activities: Cash flows from financing activities were $4,004,715 in 2025, representing net proceeds from an underwritten public common stock offering, with no financing activities in 2024.</li><li>Cash Balance: The company’s cash balance was $7.9 million at December 31, 2025, up from $6.2 million at December 31, 2024.</li><li>Working Capital: Working capital increased by approximately $1.4 million to $7.1 million at December 31, 2025, from $5.7 million at December 31, 2024.</li></ul><h4>Outlook / Guidance</h4>Xenetic Biosciences, Inc. has initiated a formal strategic review process to maximize shareholder value, considering options such as asset sales or business combinations, including a reverse merger. While an independent committee is in preliminary discussions with third parties, there is no definitive timetable or guarantee of a transaction. The company expects continued operating losses and will require additional capital in the long-term to fund its business initiatives, despite current resources being adequate for at least twelve months from the financial statements’ issuance date.

Xenetic Biosciences | 10-K: FY2025 Revenue: USD 2.976 M