Business
Xenetic Biosciences, Inc. Reports Second Quarter 2024 Financial Results and Provides Business Update
Ongoing preclinical studies with data expected before year endFocus on demonstration of DNase-based oncology program in clinical proof-of-concept studies in
About this update from Xenetic Biosciences, Inc.
[{"type":"text","content":"Ongoing preclinical studies with data expected before year endFocus on demonstration of DNase-based oncology program in clinical proof-of-concept studies in multiple indicationsEnded the quarter with $7.3 million of cash to fund operations FRAMINGHAM, MA / ACCESSWIRE / August 14, 2024 / Xenetic Biosciences, Inc. (NASDAQ:XBIO) (\"Xenetic\" or the \"Company\"), a biopharmaceutical company focused on advancing innovative immune-oncology technologies addressing hard to treat cancers, today reported its financial results for the second quarter of 2024. \"We remain confident in the potential of our DNase-based oncology platform and continue to advance our preclinical studies with data expected before year end. Looking ahead, we are focusing our resources on driving our pipeline towards first-in-human clinical studies and establishing proof-of-concept in multiple indications. Our goal remains unwavering and we are committed to bringing a much-needed, innovative immune-oncology treatment to patients and generating shareholder value in the near and long term,\" commented, James Parslow, Interim Chief Executive Officer and Chief Financial Officer of Xenetic.Xenetic is executing on its plans to advance its DNase-based oncology program towards Phase 1 clinical development for the treatment of pancreatic carcinoma and other locally advanced or metastatic solid tumors.Summary of Financial Results for Second Quarter 2024Net loss for the quarter ended June 30, 2024 was approximately $1.3 million. Research & development expenses for the three months ended June 30, 2024 of approximately $0.9 million were relatively flat with the comparable quarter in 2023 as increases in personnel costs due to severance and benefits incurred in connection with a separation agreement entered into during the second quarter of 2024 were substantially offset by decreases in spending in connection with our pre-clinical and process development efforts related to our DNase platform. General and administrative expenses for the three months ended June 30, 2024 increased by approximately $0.2 million, or 19.5%, to approximately $1.1 million from approximately $0.9 million in the comparable quarter in 2023. The increase was primarily due to certain severance and benefits expensed in connection with a separation agreement entered into during the second quarter of 2024 partia...