Wed, Nov 13, 8:14 PM (60 days ago)
XBiotech Inc. (XBIT) reported a net loss of $5.0 million for Q3 2024, a decrease from a loss of $7.4 million in Q3 2023, reflecting improved operational efficiency. Total operating expenses for the quarter were $7.9 million, slightly down from $8.5 million year-over-year. For the nine months ending September 30, 2024, losses increased to $28.0 million compared to $19.9 million in 2023, primarily due to rising R&D expenses associated with new clinical trials. Cash and cash equivalents stood at $183.1 million, down from $202.2 million a year prior. The company utilized $24.4 million in operating activities, up from $15.3 million in 2023, driven by increased salaries and clinical trial costs. A significant development included a $10 million convertible loan from the CEO to fund a new R&D facility. The firm continues to face uncertainties in achieving profitability, emphasizing the need for substantial revenue generation from future product approvals. Overall, while XBiotech is advancing its drug pipeline, it remains in a pre-commercial stage with no expected revenues in the near term.