Xenetic Biosciences, Inc. (XBIO): Business Model Canvas [Dec-2025 Updated]

You're looking at Xenetic Biosciences, Inc. (XBIO) right now, and honestly, their business model is a classic biotech tightrope walk: high-potential science funded by strategic necessity. As of late 2025, the entire structure hinges on pushing their proprietary DNase platform, especially XBIO-015, forward through collaborations like the one with The Scripps Research Institute, all while managing a lean cash position of about $4.1 million as of Q3 2025. The key to survival is their partnership engine-generating essential royalty revenue, like the $1.0 million seen from Takeda in Q3, and supplementing that with recent capital raises, such as the $3.9 million net from their October 2025 offering, to cover R&D and G&A costs hovering near $0.8 million each last quarter. This canvas shows exactly how Xenetic Biosciences, Inc. is structuring its value capture around licensing and clinical milestones to get this novel immuno-oncology therapy across the finish line; dive in below to see the full nine blocks of this capital-efficient strategy.

Xenetic Biosciences, Inc. (XBIO) - Canvas Business Model: Key Partnerships

You're looking at the external relationships Xenetic Biosciences, Inc. (XBIO) relies on to advance its DNase platform, which is a critical part of its value creation engine. These aren't just handshake agreements; they involve clinical execution, manufacturing scale-up, and direct revenue generation. Here's the breakdown of the key players as of late 2025.

The company's strategy heavily leans on these collaborations to drive development toward an Investigational New Drug (IND) application and Phase 1 clinical trials, minimizing internal investment while maximizing data generation across various oncology indications.

This table summarizes the core partnerships and their financial or operational significance:

The Takeda royalties are a direct, recurring revenue stream supporting operations. For the third quarter ended September 30, 2025, Xenetic Biosciences, Inc. reported total revenue of approximately $1.0 million, largely driven by these Takeda royalties.

The focus on external clinical execution is clear, as evidenced by the agreements driving the DNase I program forward:

• PeriNess Ltd. is managing studies evaluating systemic DNase I with FOLFIRINOX for unresectable, locally advanced or metastatic pancreatic cancer at Bnei Zion Medical Center.
• The PeriNess agreement also covers an exploratory study for relapsed/refractory osteosarcoma and Ewing sarcoma at Tel-Aviv Sourasky Medical Center.
• The Scripps Research Institute collaboration is focused on advancing XBIO-015 in combination with CAR-T cell therapies for hematologic and solid tumors.

Financially, the company ended the third quarter of 2025 with approximately $4.1 million in cash. This cash position was bolstered by net proceeds of approximately $3.9 million from an underwritten public offering completed in October 2025. Research & development expenses for Q3 2025 were approximately $0.8 million, a significant increase of 105.6% over the same period in 2024, reflecting increased investment in pre-clinical work and manufacturing development with partners like Catalent.

The Volition partnership is structured to share future upside, where Volition funds the research to evaluate combining its Nu.Q® NETs Test with Xenetic Biosciences, Inc.'s DNase-Armored CAR T platform. This early exploratory program aims to develop proprietary adoptive cell therapies targeting multiple solid cancers.

For manufacturing certainty, the agreement with Catalent Pharma Solutions LLC, established in June 2022, secures cGMP manufacturing services for the Human DNase I recombinant protein. This is a foundational step to ensure material readiness for future clinical trials.

Xenetic Biosciences, Inc. (XBIO) - Canvas Business Model: Key Activities

The Key Activities for Xenetic Biosciences, Inc. center on advancing its proprietary DNase platform, XBIO-015, through preclinical validation into human trials, primarily through strategic partnerships.

Advancing systemic DNase I (XBIO-015) toward Phase 1 IND submission

The lead DNase program, XBIO-015, is initially being developed for pancreatic carcinoma and other solid tumors. The program has progressed from proof-of-concept studies to mechanism-of-action and translational studies in preparation for a Phase 1 clinical trial. The Company is executing on initiatives to progress toward an IND and Phase 1 clinical trial in 2025. The underwritten public offering completed in October 2025 secured net proceeds of approximately $3.9 million, which is intended to help advance the technology toward an IND submission and Phase 1 initiation. A 4-month extension of the research collaboration with Scripps Research, effective November 1, 2025, supports preclinical work on XBIO-015 combined with CAR-T therapy and advances a Phase 1 path.

Executing collaborative, investigator-initiated clinical studies

Xenetic Biosciences, Inc. focuses on leveraging institutional partners to execute exploratory, investigator-initiated studies. The Company entered into a Clinical Trial Services Agreement with PeriNess Ltd. to manage these studies in Israeli medical centers for indications including pancreatic carcinoma and other solid tumors receiving chemotherapy and immunotherapy. The following studies are active or initiated as of late 2025:

Collaborations with the University of Virginia and Scripps Research were extended through 2025.

Conducting preclinical and translational research on DNase platform

The DNase platform research is heavily focused on combination therapies. Preclinical proof-of-concept studies combining DNase I with chemotherapy, immunotherapies, and CAR-T therapy in hematological and solid tumor and metastatic cancer models have been completed. The program has advanced to mechanism-of-action and translational studies. Research & development expenses for the three months ended September 30, 2025, were approximately $0.8 million, representing an increase of approximately 105.6% over the comparable quarter in 2024, primarily due to increased manufacturing development efforts and pre-clinical research. Studies at Scripps Research using lymphoma and metastatic melanoma models showed that co-administration of DNase I with CAR-T cells reduced tumor burden and extended survival versus CAR-T monotherapy. The research program expanded to include additional models of lymphoma and leukaemia to further validate these findings.

• Systemic DNase I (XBIO-015) + CAR-T therapy showed reduced tumor burden in preclinical models.
• NETs degradation by DNase I enhances CAR-T cell efficacy by increasing T cell infiltration.
• The R&D collaboration with The Scripps Research Institute was expanded on November 19, 2025.

Managing and maintaining existing PolyXen sublicense agreement

Xenetic Biosciences, Inc. manages and maintains a sublicense agreement with Takeda Pharmaceuticals Co. Ltd., which grants Takeda rights related to PolyXen technology for products treating blood and bleeding disorders, originally granted in October 2017. The Company receives royalty payments from this arrangement. Royalty revenue has shown an upward trend in 2025.

The increase in Q3 2025 revenue was directly attributed to increased royalty revenue recognized from certain countries during the quarter compared to the same period in 2024. The Company ended Q3 2025 with approximately $4.1 million in cash.

Xenetic Biosciences, Inc. (XBIO) - Canvas Business Model: Key Resources

You're looking at the core assets Xenetic Biosciences, Inc. uses to create and deliver value in the immuno-oncology space as of late 2025. These aren't just line items; they are the foundation for their entire development strategy.

Proprietary DNase-based immuno-oncology technology platform.

The central asset is the systemic DNase I program, designed to improve outcomes of established cancer treatments by targeting neutrophil extracellular traps (NETs). This technology is being advanced for use as an adjunctive therapy in difficult-to-treat cancers. The current focus is on preparation for an Investigational New Drug (IND) submission and subsequent Phase 1 clinical trial initiation. Preclinical proof-of-concept studies have been completed combining DNase I with chemotherapy, immunotherapies, and CAR-T therapy in various cancer models.

Intellectual property portfolio (patents and know-how).

The technology platform is protected by an intellectual property portfolio. While the most recent comprehensive count dates back, Xenetic Biosciences reported having over 140 issued patents that serve as the foundation for drug developments as of 2014. This IP covers technology platforms like PolyXen®.

Cash reserves of approximately $4.1 million as of Q3 2025.

The company's liquidity position is a critical resource for funding ongoing pre-clinical efforts and translational studies. The cash on hand at the end of the third quarter of 2025 was approximately $4.1 million. This followed a recent financing event, as Xenetic Biosciences closed an underwritten offering in October 2025 for net proceeds of approximately $3.9 million. This compares to $6.17 million in cash reserves at the close of 2024.

The following table summarizes key financial metrics from the Q3 2025 report, which directly impacts the operational capacity of these key resources:

Strategic R&D and clinical collaboration agreements.

Xenetic Biosciences uses strategic partnerships to advance its technology efficiently, minimizing internal investment while generating critical data. These collaborations are essential for moving toward clinical development for pancreatic carcinoma and other solid tumors.

Key agreements include:

• Clinical Trial Services Agreement with PeriNess Ltd. to manage exploratory, investigator-initiated studies in Israeli medical centers.
• Expanded collaboration with The Scripps Research Institute to advance proof-of-concept studies combining systemic DNase I with CAR T-cell therapies.
• Sublicense agreement with Takeda Pharmaceuticals Co. Ltd., which is a source of royalty revenue.

Licensed DNase enzyme rights from CLS Therapeutics Ltd.

The rights to the core DNase platform are secured through licensing arrangements, which is a key component of the company's asset base. The search results confirm that licensing the DNase platform is a factor in Xenetic Biosciences's cost structure.

Xenetic Biosciences, Inc. (XBIO) - Canvas Business Model: Value Propositions

You're looking at the core promises Xenetic Biosciences, Inc. (XBIO) is making to the market, grounded in their late 2025 pipeline status. Here are the hard numbers supporting those promises.

Improving outcomes for difficult-to-treat cancers like pancreatic carcinoma.

The focus remains on pancreatic carcinoma and other locally advanced or metastatic solid tumors, aiming for an IND submission and Phase 1 initiation for the systemic DNase program.

• Patient dosing commenced in an exploratory clinical study of systemic DNase I (XBIO-015) in combination with FOLFIRINOX for the first line treatment of unresectable, locally advanced or metastatic pancreatic cancer at Bnei Zion Medical Center as of August 2025.
• Exploratory studies are also planned for XBIO-015 in combination with chemotherapy and immunotherapy for pancreatic carcinoma and other locally advanced or metastatic solid tumors via a Clinical Trial Services Agreement with PeriNess Ltd., initiated in December 2024.
• For other difficult cancers like relapsed/refractory osteosarcoma and Ewing sarcoma, the five-year survival rate is only 20 to 30 percent.

Enhancing efficacy of existing treatments (CAR-T, chemo) via NETs targeting.

The DNase technology targets neutrophil extracellular traps (NETs) to improve outcomes of existing treatments. Preclinical proof-of-concept studies combining DNase I with chemotherapy, immunotherapies, and CAR-T therapy in hematological and solid tumor and metastatic cancer models have been completed.

The program has advanced to mechanism-of-action and translational studies in preparation for a Phase 1 clinical trial.

Capital-efficient development strategy through external partnerships.

Xenetic Biosciences, Inc. is executing a capital-efficient development strategy focused on collaborative partnerships to minimize internal investment.

• Net proceeds from an underwritten public offering closed in October 2025 were approximately $3.9 million.
• The Company ended the third quarter of 2025 with approximately $4.1 million in cash.
• Research & development expenses for the three months ended September 30, 2025 increased by approximately 105.6% to approximately $0.8 million.
• Royalty revenue for the three months ended September 30, 2025 increased by approximately 67.2% to approximately $1.0 million, with royalty revenue specifically noted at approximately $1.03 million for Q3 2025, up from $614,243 in Q3 2024.
• Royalty payments from the Takeda Pharmaceuticals Co. Ltd. sublicense were approximately $2.5 million for the full year 2024.

Advancing a novel, adjunctive systemic DNase I therapy (XBIO-015).

XBIO-015, the systemic DNase I candidate, is the focus of advancement toward clinical development.

• The research collaboration with Scripps Research and Dr. Alexey Stepanov was extended for 4 months effective November 1, 2025, to continue studies of systemic DNase I (XBIO-015) combined with CAR-T therapy.
• An exploratory clinical study of XBIO-015 in combination with relapsed chemotherapy regimens for relapsed/refractory osteosarcoma and Ewing sarcoma is being supported via a Clinical Study Agreement with PeriNess Ltd..
• The primary objective for the osteosarcoma/Ewing sarcoma study is to explore safety and tolerability.
• Secondary objectives for that study include efficacy evaluated by objective response rate and progression-free survival.

As of December 03, 2025, the market cap for XBIO stock is $5.82M.

Xenetic Biosciences, Inc. (XBIO) - Canvas Business Model: Customer Relationships

You're looking at how Xenetic Biosciences, Inc. manages its key relationships with the entities that fund its research and validate its technology. For a clinical-stage biopharma, these relationships are the lifeblood, spanning from academic labs to public market investors.

Close, high-touch R&D collaboration with institutional partners

Xenetic Biosciences, Inc. relies heavily on deep, ongoing scientific partnerships to advance its DNase technology, especially as it prepares for clinical trials. These collaborations are structured to share development costs and leverage specialized expertise.

• Extended R&D collaboration with Scripps Research effective November 1, 2025, for 4 months.
• This extension focuses on advancing the systemic DNase I program (XBIO-015) combined with CAR-T therapies.
• Preclinical studies combining DNase I with CAR-T cells showed reduced tumor burden and extended survival versus CAR-T monotherapy in models.
• The company also has a Clinical Trial Services Agreement with PeriNess Ltd., active since December 2024, for exploratory studies in Israeli medical centers.
• PeriNess initiated a study in March 2025 for XBIO-015 in relapsed/refractory osteosarcoma and Ewing sarcoma at the Tel-Aviv Sourasky Medical Center.
• Collaborations with the University of Virginia and Scripps Research were extended through 2025 (as of March 2025).

Strategic, long-term management of licensing agreements

Revenue generation from existing licensing deals provides crucial, non-dilutive funding. Managing these agreements, especially royalty streams, is a key relationship focus.

Here's a look at the royalty revenue tied to the sublicense agreement with Takeda Pharmaceuticals Co. Ltd. for Q3 2025:

For context on the prior year, royalty payments from the Takeda sublicense for the full year 2024 totaled approximately $2.5 million.

Investor relations and capital raising (e.g., October 2025 offering)

Maintaining strong relationships with the investment community is essential for funding the path to an IND submission and Phase 1 initiation. The October 2025 offering was a direct result of this relationship management.

The October 2025 underwritten offering details are concrete:

• Pricing date was October 10, 2025.
• 735,000 shares of common stock were offered.
• The public offering price was $6.12 per share.
• Gross proceeds reached approximately $4.5 million.
• Net proceeds secured by Xenetic Biosciences, Inc. were approximately $3.9 million.
• The company ended Q3 2025 with $4.1 million in cash, down from $6.17 million at the end of 2024.
• As of November 7, 2025, outstanding shares totaled 2,291,056.

The Interim CEO stated the offering extends the cash runway to continue investing in pre-clinical efforts and exploratory studies. Finance: draft 13-week cash view by Friday.

Xenetic Biosciences, Inc. (XBIO) - Canvas Business Model: Channels

Direct licensing and sublicense agreements with pharmaceutical companies serve as a key channel for Xenetic Biosciences, Inc. to monetize its intellectual property.

The royalty revenue stream from the sublicense agreement with Takeda Pharmaceuticals Co. Ltd. is a measurable component of this channel.

Clinical Trial Services Agreements with partners like PeriNess Ltd. represent a channel for advancing the DNase platform through clinical execution.

• Clinical Study Agreement entered into with PeriNess Ltd. in December 2024.
• Agreement supports exploratory study of DNase I in combination with anti-CD19 CAR T cells for large B cell lymphoma.
• Agreement supports exploratory study of XBIO-015 in relapsed/refractory osteosarcoma and Ewing sarcoma, announced March 26, 2025.
• PeriNess Ltd. leads regulatory approval, operational execution, and management of studies in Israeli medical centers.

Scientific publications and conferences are utilized for data dissemination, evidenced by ongoing research collaborations.

• Research and Development Collaboration extended with The Scripps Research Institute, announced November 19, 2025.
• Preclinical proof-of-concept studies combining DNase I with chemotherapy, immunotherapies, and CAR-T therapy have been completed.

Underwritten public offerings are a direct channel for capital acquisition.

The October 2025 offering was intended for working capital and other general corporate purposes.

Xenetic Biosciences, Inc. (XBIO) - Canvas Business Model: Customer Segments

Large pharmaceutical and biotech companies seeking novel oncology assets are a customer segment, evidenced by the sublicense agreement with Takeda Pharmaceuticals Co., which generated approximately $1.03 million in royalty revenue for the third quarter of 2025.

Academic and institutional clinical research centers are key partners for advancing the DNase platform. Xenetic Biosciences, Inc. continues its R&D collaboration with The Scripps Research Institute (TSRI). Furthermore, an investigator-initiated study is being conducted with collaboration partner PeriNess Ltd. at the Tel-Aviv Sourasky Medical Center.

Oncology patients with solid tumors and hematological malignancies represent the ultimate beneficiaries of the technology, which is designed to improve outcomes of existing treatments like CAR T-cell therapy. The company is advancing its systemic DNase I program towards Phase 1 clinical development for pancreatic carcinoma and other locally advanced or metastatic solid tumors.

Investors seeking exposure to early-stage immuno-oncology monitor financial metrics such as the market capitalization, which stood at $5.88 million as of November 7, 2025. The stock price was $2.58 on the same date. The company reported a net loss of approximately $509,940 for the third quarter of 2025, with cash reserves decreasing to $4.12 million by the end of that quarter. Xenetic Biosciences, Inc. has 2 total employees.

The preclinical and early-stage development focus areas, which define the immediate patient/indication segments Xenetic Biosciences, Inc. is targeting through its research partners, include:

• Large B Cell Lymphoma
• Metastatic Melanoma
• Leukemia
• Relapsed/Refractory Osteosarcoma and Ewing Sarcoma

The key institutional and indication segments Xenetic Biosciences, Inc. is actively engaging with as of late 2025 are summarized below:

Xenetic Biosciences, Inc. (XBIO) - Canvas Business Model: Cost Structure

You're looking at the core expenses Xenetic Biosciences, Inc. is incurring to keep its immuno-oncology pipeline moving forward as of late 2025. The cost structure is heavily weighted toward advancing the DNase technology.

Research and Development expenses, approximately $0.8 million in Q3 2025, reflect the company's primary investment area. This figure represents a significant year-over-year increase, driven by the need to fund enhanced manufacturing development efforts and ongoing pre-clinical research for the systemic DNase I program. Honestly, for a company at this stage, R&D will always be the biggest line item.

General and Administrative costs were also approximately $0.8 million for the third quarter of 2025. This increase, up from approximately $0.7 million in the comparable quarter in 2024, is primarily attributable to increased legal costs connected to the Company's ongoing strategic review process. That strategic review is definitely a key driver of non-R&D spending right now.

Here's a quick look at the key reported expenses for the three months ended September 30, 2025:

The operational spending is clearly focused on moving the science forward, but you can see the administrative overhead is also elevated due to corporate activities.

The major cost drivers within the structure include:

• Research and Development expenses, approximately $0.8 million in Q3 2025.
• General and Administrative costs, approximately $0.8 million in Q3 2025.
• Manufacturing and pre-clinical development efforts, which directly influenced the R&D expense increase.
• Personnel costs and legal fees related to strategic review, which were the primary drivers for the G&A increase.

Also, note that the R&D increase specifically included increased consulting costs alongside the manufacturing and pre-clinical research. Finance: draft 13-week cash view by Friday.

Xenetic Biosciences, Inc. (XBIO) - Canvas Business Model: Revenue Streams

You're looking at the income side of Xenetic Biosciences, Inc. (XBIO) as of late 2025. It's important to see where the cash is actually coming from right now, not just where it might come from later. For a company like Xenetic Biosciences, Inc., the revenue streams are currently weighted toward existing agreements and capital raises, which is typical for a clinical-stage biopharma.

The most concrete, recent revenue number you have is from the Takeda sublicense. Royalty revenue from Takeda sublicense was approximately $1.0 million in Q3 2025. That's a solid tick up, representing a 67.2% increase compared to the same period in 2024, showing the underlying agreement is generating value. Honestly, seeing that royalty stream is key to bridging the gap until a major product launch.

Here's a quick look at the key financial figures related to cash generation around that time:

Beyond the immediate royalty check, Xenetic Biosciences, Inc. bolstered its balance sheet through an equity raise. Proceeds from equity financing, such as the $3.9 million net from the October 2025 offering, provides the necessary runway to keep advancing the DNase platform. They intend to use these net proceeds for working capital and general corporate purposes, which definitely includes funding those rising R&D expenses.

The rest of the revenue picture is all about future potential, which you need to model with a high degree of uncertainty. These are the contingent, non-guaranteed streams:

• Potential future milestone payments from R&D collaborations.
• Potential future licensing fees for DNase platform.

Keep in mind that the licensing of the DNase platform is listed as a factor that could cause actual results to differ materially, so it's a major upside driver, but not a guaranteed revenue line item yet. If onboarding takes 14+ days, churn risk rises-and for a pre-revenue biotech, a delay in hitting a milestone is a bigger hit than a delay in onboarding a customer.