Xenetic Biosciences, Inc. Presents Full Year 2023 Financial Performance and Development Progress

Xenetic Biosciences, Inc., a biopharmaceutical entity focused on pioneering treatments for challenging cancers, disclosed its financial outcomes for the year concluding on December 31, 2023. The company pointed to the continuous progress in its DNase-based oncology agenda, targeting Phase 1 clinical studies for pancreatic carcinoma and various solid tumors. Ending the fiscal year, Xenetic reported a cash reserve of $9.0 million dedicated to operational funding.

Significant undertakings highlighted include collaborations with the University of Virginia to propel the DNase program and the production of promising preclinical data paving the way for human trials. CEO, Jeffrey Eisenberg, emphasized the encouraging developments within the DNase program, underlining its potential in addressing pancreatic carcinoma among other conditions.

Financially, the year concluded with a net loss of $4.1 million. Expenditures on research and development decreased by 26.7% to $3.5 million, a reduction largely due to the one-off licensing expense for the DNase platform incurred in the previous year. In contrast, royalty receipts from Takeda Pharmaceuticals surged by 48.8% to $2.5 million. General and administrative expenses saw a minor decrease, attributed mainly to reduced employee costs counterbalanced by heightened consulting and legal expenditures.

The promising preclinical outcomes and strategic partnerships underscore Xenetic's steady advancement towards introducing novel cancer therapies. With sufficient cash on hand, the company appears well-equipped to pursue its strategic objectives in the upcoming year.