XBiotech(US:XBIT)2023-05-10 19:41Financial Performance - As of March 31, 2023, XBiotech reported retained earnings of ($31.6) million and net losses of $3.8 million for the three months ended March 31, 2023, compared to a loss of $5.4 million for the same period in 2022[82]. - XBiotech does not expect to generate any revenues in the next year and anticipates significant operating losses as it advances its drug candidates[82]. - The company recorded no manufacturing revenue for the three months ended March 31, 2023, compared to $0.5 million in the same period of 2022[97]. Research and Development Expenses - Total research and development expenses for the three months ended March 31, 2023, were $6.2 million, a decrease of 9% from $6.8 million in the same period of 2022[100]. - Research and development expenses accounted for 87% of total operating expenses for the three months ended March 31, 2023, compared to 84% for the same period in 2022[87]. - XBiotech has incurred total research and development expenses of $285.3 million from inception through March 31, 2023[86]. General and Administrative Expenses - General and administrative expenses decreased to $0.9 million for the three months ended March 31, 2023, down from $1.3 million in the same period of 2022, representing a 30% decrease[101]. Cash and Cash Equivalents - Cash and cash equivalents totaled approximately $152.5 million as of March 31, 2023, down from $231.8 million at the same date in 2022[104]. - Total cash used in operating activities was $4.8 million for the three months ended March 31, 2023, compared to $5.1 million in the same period of 2022[106]. Interest Income - Interest income increased significantly to $2.8 million for the three months ended March 31, 2023, compared to $0.1 million in the same period of 2022[102].