XBiotech(US:XBIT)2024-05-10 15:27Financial Performance - As of March 31, 2024, XBiotech reported an accumulated deficit of $62.3 million and net losses of $10.0 million for the three months ended March 31, 2024, compared to $3.8 million for the same period in 2023[76]. - The company does not expect to generate any revenues in the next year and anticipates significant operating losses as it advances its drug candidates[76]. Research and Development Expenses - Total research and development expenses increased by 58% to $9.8 million for the three months ended March 31, 2024, up from $6.2 million in the same period in 2023[92]. - Clinical trials and sponsored research costs surged by 358% to $2.2 million for the three months ended March 31, 2024, compared to $479 thousand in 2023[90]. - Research and development expenses accounted for 91% of total operating expenses for the three months ended March 31, 2024, compared to 87% in 2023[80]. - Total research and development expenses from inception through March 31, 2024, amounted to $321.7 million[79]. Cash Flow and Financial Position - Cash and cash equivalents totaled approximately $201.0 million as of March 31, 2024, compared to $152.5 million at the same date in 2023[96]. - Operating activities used net cash of $7.2 million for the three months ended March 31, 2024, compared to $4.8 million in the same period in 2023[98]. - Financing activities provided net cash of $10.0 million during the three months ended March 31, 2024, primarily from a Convertible Loan Agreement[100]. General and Administrative Expenses - General and administrative expenses rose to $1.0 million for the three months ended March 31, 2024, an increase of 12% from $0.9 million in 2023[93].