<span item_type="fundamental" item_id="0ce54cd8e826e48b619c6ac30ea53278" counter_id="ST/US/XBIO" env="prod"></span><span item_type="announcement" item_id="625783682798454657" env="prod"></span><p>Revenue: As of FY2025, the actual value is USD 3 M.</p><p></p><h4>Financial Overview</h4><p>The provided text does not detail specific financial and operational metrics such as segment revenue (beyond royalty revenue), gross margin, operating profit, operating margin, operating cash flow, or free cash flow <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1534525/000168316826001744/xenetic_8k.htm"></span>.</p><h4>Net Loss</h4><p>Net loss for the year ended December 31, 2025, was approximately - $2.7 million, reflecting investment in Xenetic Biosciences, Inc.’s scientific programs <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1534525/000168316826001744/xenetic_ex9901.htm"></span>.</p><h4>Royalty Revenue</h4><p>Royalty revenue from the sublicense with Takeda Pharmaceuticals Co. Ltd increased approximately 19% to $3.0 million for the year ended December 31, 2025, up from $2.5 million for the year ended December 31, 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1534525/000168316826001744/xenetic_ex9901.htm"></span>. This increase was primarily due to royalty payments received from certain countries <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1534525/000168316826001744/xenetic_ex9901.htm"></span>.</p><h4>Operating Costs</h4><h5>Research and Development Expenses</h5><p>Research and development expenses for the year ended December 31, 2025, decreased by approximately - $0.2 million, or 7%, to $3.1 million, from $3.3 million in the prior year period <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1534525/000168316826001744/xenetic_ex9901.htm"></span>. This decrease was largely due to a $0.7 million impairment charge in 2024 that did not reoccur in 2025, substantially offset by increased spending on DNase process development efforts <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1534525/000168316826001744/xenetic_ex9901.htm"></span>.</p><h5>General and Administrative Expenses</h5><p>General and administrative expenses for the year ended December 31, 2025, were $2.7 million, decreasing by approximately - $0.7 million, or 20%, compared to the prior year <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1534525/000168316826001744/xenetic_ex9901.htm"></span>. This reduction was primarily attributed to certain severance and benefits expensed during the second quarter of 2024 in connection with a separation agreement with the former Chief Executive Officer <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1534525/000168316826001744/xenetic_ex9901.htm"></span>.</p><h4>Cash Position</h4><p>Xenetic Biosciences, Inc. ended the year with approximately $7.9 million of cash, representing an increase of approximately $1.7 million compared to the prior year-end <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1534525/000168316826001744/xenetic_ex9901.htm"></span>. This increase was primarily due to net proceeds of approximately $4.0 million from an underwritten public offering completed in October 2025 <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1534525/000168316826001744/xenetic_ex9901.htm"></span>.</p><h4>Operational Highlights</h4><p>Xenetic Biosciences, Inc. expanded and presented preclinical and translational evidence supporting neutrophil extracellular traps (NETs) as drivers of cancer progression and the therapeutic potential of DNase-based interventions <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1534525/000168316826001744/xenetic_ex9901.htm"></span>. The company progressed investigator-initiated exploratory studies in Israel, including an ongoing pancreatic ductal adenocarcinoma (PDAC) study and a proposed large B-cell lymphoma (LBCL) study <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1534525/000168316826001744/xenetic_ex9901.htm"></span>. Additionally, Xenetic Biosciences, Inc. advanced clinical manufacturing activities for DNase I toward an Investigational New Drug (IND) application and is pursuing strategic alternatives to maximize shareholder value <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1534525/000168316826001744/xenetic_ex9901.htm"></span>.</p><h4>Outlook</h4><p>Xenetic Biosciences, Inc. anticipates continued advancement of its DNase-based technology toward Phase 1 clinical development for pancreatic carcinoma and other solid tumors in 2026 <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1534525/000168316826001744/xenetic_ex9901.htm"></span>. The company expects data from ongoing studies to inform translational work and manufacturing activities as it progresses toward U.S. IND submission <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1534525/000168316826001744/xenetic_ex9901.htm"></span>. Xenetic Biosciences, Inc. remains disciplined in its use of capital and focused on creating long-term shareholder value <span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1534525/000168316826001744/xenetic_ex9901.htm"></span>.</p>

Xenetic Biosciences | 8-K: FY2025 Revenue: USD 3 M