XBiotech Inc.
XBIT · Pharmaceutical Preparations · 30.5M shares · -10%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: -$2M (gross $14K, SBC $2M)
Grade
C60Cash-rich pre-market antibody developer, but with clinical setbacks and no pivotal efficacy data to support a higher grade.
Strengths
- Strong liquidity: current ratio 16 (92nd pct), 12.5-quarter runway, $125M cash from prior Janssen deal
- Differentiated True Human platform with manufacturing infrastructure
Risks
- Rheumatology Natrunix program rendered uninterpretable by clinical-site data irregularities
- No approved products, net loss $45.5M, negative ROE/ROA; only safety (no efficacy) data from registry trials
- Pancreatic cancer 'positive' claims rest on a small uncontrolled n=60 study
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, FMR LLC, CITADEL ADVISORS LLC
- Cash burnNegative free cash flow (-40.2M)
- Buying back stockNet buyback — share count -10%/yr over 4y
- Strong balance sheetStrong balance sheet — $126M cash & investments, ~12 quarters of runway
- New fund positionNotable fund(s) opened this quarter: RENAISSANCE TECHNOLOGIES LLC
- Notable holderHeld by 2 notable fund(s): STATE STREET CORP, RENAISSANCE TECHNOLOGIES LLC (as of 2026-03-31)
- Trial readout soonUpcoming trial readout ~2027-01-15 — PHASE2 · Rheumatoid Arthritis
Key metrics
Return on equity
-32.4%
Return on assets
-30.3%
Current ratio
16.0×
Free cash flow
-$40M
Tangible book value
$140M
Cash & investments
$126M
Cash runway
12q
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT04825288 ↗ | XB2001 in Combination With ONIVYDE + 5-FU/LV (+Folinic Acid) in Advanced Pancreatic Cancer Pancreatic Cancer | PHASE1/PHASE2 | Active Not Recruiting | 2023-10-26 |
| NCT06526377 ↗ | Vilamakitug in Spondyloarthritis Placebo-controlled Investigation for Efficacy Axial Spondyloarthritis, Ankylosing Spondylitis | PHASE2 | Not Yet Recruiting | 2028-09-01 |
| NCT06590090 ↗ | Natrunix in Combination With Methotrexate for Rheumatoid Arthritis Treatment Rheumatoid Arthritis | PHASE2 | Not Yet Recruiting | 2027-01-15 |
| NCT05363891 ↗ | Natrunix or Placebo in Combination With Methotrexate in Rheumatoid Arthritis Rheumatoid Arthritis | PHASE2 | Completed | 2024-10-31 |
| NCT05098080 ↗ | Hutrukin to Analyze Safety and PK in Healthy Volunteers Pharmacokinetics | PHASE1 | Completed | 2023-10-24 |
| NCT05363917 ↗ | Natrunix Versus Methotrexate in Rheumatoid Arthritis Rheumatoid Arthritis | PHASE2 | Unknown | 2022-12-15 |
| NCT05099510 ↗ | Natrunix Safety PK Study in Healthy Volunteers Pharmacokinetics | PHASE1 | Unknown | 2022-05-01 |
| NCT02357966 ↗ | Safety & Efficacy of True Human Antibody, 514G3, in Staphylococcus Aureus Bacteremia Hospitalized Subjects. Staphylococcus Aureus Bacteremia | PHASE1/PHASE2 | Completed | 2016-12-01 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2025-12-09 | Exec/director change | filing ↗ |
| 2025-10-15 | Exec/director change | filing ↗ |
| 2025-10-03 | Material agreementExec/director changeExhibits | filing ↗ |
| 2025-09-02 | Shareholder vote | filing ↗ |
| 2025-06-24 | Exec/director change | filing ↗ |
| 2025-04-07 | Delisting notice | filing ↗ |
| 2025-04-01 | Exec/director change | filing ↗ |
| 2024-12-31 | Exec/director change | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 10-Q | 2026-05-14 | 2026-03-31 | 0001171843-26-003419 ↗ |
| 10-K/A | 2026-04-29 | 2025-12-31 | 0001171843-26-002814 ↗ |
| 10-K | 2026-03-13 | 2025-12-31 | 0001171843-26-001561 ↗ |
| 8-K | 2025-12-09 | 2025-12-05 | 0001171843-25-007836 ↗ |
| 10-Q | 2025-11-12 | 2025-09-30 | 0001171843-25-007233 ↗ |
| 8-K/A | 2025-10-15 | 2025-06-24 | 0001171843-25-006441 ↗ |
| 8-K | 2025-10-03 | 2025-10-01 | 0001171843-25-006266 ↗ |
| 8-K | 2025-09-02 | 2025-08-29 | 0001171843-25-005673 ↗ |
| 10-Q | 2025-08-13 | 2025-06-30 | 0001171843-25-005368 ↗ |
| 8-K | 2025-06-24 | 2025-06-24 | 0001171843-25-004066 ↗ |
| 10-Q | 2025-05-14 | 2025-03-31 | 0001171843-25-003178 ↗ |
| 10-K/A | 2025-04-29 | 2024-12-31 | 0001171843-25-002595 ↗ |