XBiotech(XBIT) - 2025 Q1 - Quarterly Report

Financial Performance - As of March 31, 2025, XBiotech reported an accumulated deficit of $101.7 million and net losses of $10.9 million for the three months ended March 31, 2025, compared to $10.0 million for the same period in 2024[74]. - The company does not expect to generate any revenue in 2025 and anticipates significant operating losses as it advances its drug candidates[74]. - The company expects to continue incurring operating losses in the future[99]. - The company may not receive any product revenue until a drug candidate is approved by regulatory agencies[99]. Research and Development Expenses - Total research and development expenses for the three months ended March 31, 2025, were $11.6 million, an increase of 18% from $9.8 million in the same period of 2024[90]. - Salaries and related expenses within research and development increased by 56% to $6.4 million for the three months ended March 31, 2025, primarily due to a $4.0 million bonus to the CEO[89]. - Research and development expenses accounted for 86% of total operating expenses for the three months ended March 31, 2025, down from 91% in the same period of 2024[78]. - Stock-based compensation in research and development increased to $2.7 million for the three months ended March 31, 2025, compared to $255 thousand in the same period of 2024[90]. - The company has recorded total research and development expenses of $361.3 million from inception through March 31, 2025[77]. General and Administrative Expenses - General and administrative expenses rose to $1.9 million for the three months ended March 31, 2025, an increase of 88% from $1.0 million in the same period of 2024[92]. Cash and Cash Equivalents - The company had cash and cash equivalents of $155.9 million as of March 31, 2025, down from $201.0 million at March 31, 2024[95]. - As of March 31, 2025, the company's cash and cash equivalents totaled approximately $155.9 million[99]. Operating Activities - Operating activities used net cash of $6.7 million for the three months ended March 31, 2025, compared to $7.2 million in the same period of 2024[96]. Off-Balance Sheet Activities - The company has not engaged in any off-balance sheet activities since inception[100].