Xenetic Biosciences Announces Q1 2024 Financial Results and Business Update

Xenetic Biosciences, Inc., a biopharmaceutical firm focused on pioneering immune-oncology innovations aimed at combating challenging cancers, has disclosed its financial outcomes for the first quarter of 2024 and delivered a business update. The company, listed on NASDAQ under the symbol XBIO, shared insights into its ongoing projects and future aspirations.

Jeffrey Eisenberg, Chief Executive Officer of Xenetic, expressed optimism regarding their recent initiatives. "We have embarked on multiple preclinical studies examining the role of DNase in conjunction with conventional treatment methods such as chemotherapy and immune checkpoint inhibitors. We intend to present our findings in the latter half of this year," Eisenberg stated. He emphasized that the forthcoming data could significantly influence the integration of DNase into clinical protocols for specific solid tumors, thereby shaping their clinical development direction. "2024 is set to be a pivotal year for preclinical data, and we are committed to progressing towards our inaugural human trial," he added.

Financially, Xenetic reported a net loss of roughly $1.2 million for the quarter ending March 31, 2024. Research and development expenditures rose by about $0.3 million, a 58.6% increase from the same period in 2023, totaling approximately $0.9 million. This surge in spending is primarily attributed to the company's intensified pre-clinical development efforts related to their DNase platform. Conversely, general and administrative expenses fell by about $0.1 million, or 9.8%, to approximately $0.8 million, mainly due to reduced accounting and legal fees.

As of the end of the quarter, Xenetic maintained a cash reserve of about $7.8 million.

Xenetic Biosciences is dedicated to advancing immune-oncology technologies targeting difficult-to-treat cancers. Their DNase platform is engineered to enhance the efficacy of current treatments, including immunotherapies, by targeting neutrophil extracellular traps (NETs) that play a role in cancer progression. The company is currently concentrating on advancing its systemic DNase program into clinical trials as an adjunct therapy for pancreatic carcinoma and other locally advanced or metastatic solid tumors.

The company remains focused on progressing its DNase-based oncology program towards a Phase 1 clinical study. With ongoing preclinical studies and multiple data readouts anticipated throughout the remainder of 2024, Xenetic aims to solidify the potential of DNase in clinical treatment regimens for solid tumors. The CEO highlighted the strategic positioning of 2024 as a year rich in preclinical data, emphasizing the company’s commitment to transitioning into human trials.

In summary, Xenetic Biosciences is making significant strides in the field of immune-oncology, with a particular focus on leveraging its DNase platform to improve treatment outcomes for challenging cancers. The company's financial health, marked by a substantial cash reserve, supports its continued research and development efforts. As they move towards clinical trials, the anticipated data from ongoing studies could pave the way for new, effective cancer treatments.