XBIOMEDIUM SIGNALMANAGEMENT10-K

XBIO has initiated a formal strategic review process with outside advisors while showing modest financial improvements and a 48% increase in outstanding shares.

The strategic review suggests management is exploring potential transactions or partnerships, which could lead to significant changes in the company's direction. The substantial dilution from 1.5M to 2.3M shares indicates recent fundraising activity, though this was offset by improved financial performance and stronger balance sheet position.

Comparing 2026-03-12 vs 2025-03-18View on EDGAR →
FINANCIAL ANALYSIS

XBIO demonstrated across-the-board financial improvements with revenue growing 19% to $3.0M, operating losses narrowing by 33% to -$2.8M, and cash burn improving 19% to -$2.3M. The balance sheet strengthened significantly with stockholders' equity up 23% to $7.4M and current assets increasing 22% to $8.0M, while interest expense virtually disappeared, suggesting debt reduction. Despite the 48% share dilution, the overall financial trajectory shows a company in better operational and liquidity position than the prior year.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
-99.8%
$730K→$2K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Operating Income
P&L
+32.6%
-$4.2M→-$2.8M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Net Income
P&L
+32.3%
-$4.0M→-$2.7M

Net income grew 32.3% — bottom-line growth signals improving overall business health.

Stockholders Equity
Balance Sheet
+23.1%
$6.0M→$7.4M

Equity base grew 23.1% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Current Assets
Balance Sheet
+22.2%
$6.6M→$8.0M

Current assets grew 22.2% — improving short-term liquidity or inventory/receivables build.

Total Assets
Balance Sheet
+21.2%
$6.9M→$8.4M

Asset base grew 21.2% — expansion through organic growth, acquisitions, or capital deployment.

Revenue
P&L
+19%
$2.5M→$3.0M

Revenue growing 19% — solid top-line momentum, watch margins for quality of growth.

Operating Cash Flow
Cash Flow
+18.8%
-$2.8M→-$2.3M

Operating cash flow grew 18.8% — strong conversion of earnings to cash, healthy business fundamentals.

LANGUAGE CHANGES
NEW — 2026-03-12
PRIOR — 2025-03-18
ADDED
As of March 6, 2026, the number of outstanding shares of the registrant s common stock was 2,291,056 .
We have never been profitable and may never achieve or sustain profitability.
We may not continue to meet the continued listing requirements of the Nasdaq, which could result in a delisting of our common shares.
Our proprietary DNase technology is designed to improve outcomes of existing treatments, including immunotherapies, by targeting neutrophil extracellular traps ( NETs ), which are involved in cancer growth, metastasis and progression, and contribute to immunotherapy, chemotherapy and radiotherapy resistance.
Globally, there are over 500,000 new pancreatic cancers annually and according to the American Cancer Society, in 2025, an estimated 67,000 people in the U.S.
Business Developments Strategic Review Process While we believe our DNase platform technology holds promise, given we are in early stage development, we have initiated a formal strategic review process with the assistance of outside financial and legal advisors.
We are considering a wide range of alternatives to maximize shareholder value, including, but not limited to, the sale of all or part of the Company or its assets or a business combination, including a reverse merger , share exchange or similarly structured transaction.
An independent committee of the Board has engaged in preliminary discussions with third parties regarding potential transactions.
Any such completed transaction could have a significant impact on the Company s stockholders, including if the transaction would result in the current investors of the counterparty holding a substantial majority of the Company s outstanding common stock following consummation of the potential transaction.
Given the preliminary stage of such discussions, at this time there is no way to quantify the potential impact of a transaction, if any.
REMOVED
As of March 7, 2025, the number of outstanding shares of the registrant s common stock was 1,542,139 .
Some of the principal risks relating to our business include: We have never been profitable and may never achieve or sustain profitability.
We may not continue to meet the continued listing requirements of the Nasdaq Stock Market ( Nasdaq ), which could result in a delisting of our common shares.
We may seek to establish additional collaborations and, if we are not able to establish them on commercially reasonable terms, we may have to alter our development and commercialization plans.
If we enter into one or more collaborations, we may be required to relinquish important rights to and control over the development of our drug candidates or otherwise be subject to unfavorable terms.
We may not be able to protect our intellectual property rights throughout the world.
We are a party to collaboration agreements and other significant agreements which contain complex commercial terms that could result in disputes, litigation or indemnification liability that could adversely affect our business, results of operations and financial condition.
Our proprietary DNase technology is designed to improve outcomes of existing treatments, including immunotherapies, by targeting NETs, which are involved in cancer growth, metastasis and progression, and contribute to immunotherapy, chemotherapy and radiotherapy resistance.
There were about approximately 511,000 new cases of pancreatic cancer globally in 2022 and according to the American Cancer Society, in 2025, an estimated 67,000 people in the U.S.
In the U.S., CRC is the second most common cause of cancer death after lung cancer.
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