XTL Biopharmaceuticals Ltd. (XTLB): Business Model Canvas [Dec-2025 Updated]

You're trying to figure out if XTL Biopharmaceuticals Ltd. (XTLB) is a biotech play or a tech stock, and that's the core challenge: it's both, running a dual model that pairs clinical assets like hCDR1 with an AI data subsidiary. Honestly, navigating this structure means watching the cash burn closely-especially when you see fixed SG&A costs near $\mathbf{\$2.08}$ million against the $\mathbf{\$451K}$ in TTM/FY 2024 revenue from data services. I've broken down their entire Business Model Canvas, showing you the key partnerships, the $\mathbf{\$1.5}$ million private placement cash cushion, and the exact channels they use to push their drug IP and web data services to pharma giants and B2B clients alike, so you can see the real risk/reward profile below.

XTL Biopharmaceuticals Ltd. (XTLB) - Canvas Business Model: Key Partnerships

You're looking at the external relationships XTL Biopharmaceuticals Ltd. relies on to develop and commercialize its intellectual property assets. These partnerships are crucial, especially given the company's current financial structure, which shows a trailing 12-month revenue of $451K as of December 31, 2024, and a market capitalization of $10.1M as of June 12, 2025.

The Social Proxy Ltd. as a wholly-owned subsidiary

XTL Biopharmaceuticals Ltd. operates as an intellectual property portfolio company that owns 100% of the share capital of The Social Proxy Ltd., which is a web data company. This acquisition, completed in 2024, signaled a strategic pivot, integrating Big Data and Artificial Intelligence capabilities into the firm's profile. Shareholders of The Social Proxy now own 44.6% of the issued and outstanding share capital of XTL Biopharmaceuticals Ltd. To fund the growth of this subsidiary and general corporate needs, XTL Biopharmaceuticals Ltd. consummated a private placement of $1.5 million.

Yeda Research and Development Company Ltd. for hCDR1 IP licensing

The core pharmaceutical asset, hCDR1 for Systemic Lupus Erythematosus (SLE) and Sjögren's syndrome, is licensed from Yeda Research and Development Company Ltd., which is affiliated with The Weizmann Institute of Science. The original January 2014 license agreement was amended in October 2015 to extend development milestones. This amendment required XTL Biopharmaceuticals Ltd. to raise an aggregate of US$5 million, of which US$4 million had been raised by April 2015, and to commence a clinical trial by January 2017.

Potential large pharmaceutical companies for licensing and commercialization

The path to maximizing the value of hCDR1 involves securing partnerships with larger pharmaceutical firms, especially following positive clinical data. A concrete example of this strategy in action occurred in March 2025 when XTL Biopharmaceuticals Ltd. entered into a definitive Exclusive Sublicense Agreement with Biossil Inc. This deal grants Biossil a royalty-free, exclusive, worldwide perpetual sublicense to hCDR1 (called Edratide) for development and commercialization. The financial structure of this sublicense is milestone-based.

The potential financial returns from the Biossil sublicense are significant:

• Cumulative payments up to approximately US$11,500,000 in total.
• An initial license issuing fee paid at closing of $137,500.
• Up to cumulative US$3,362,000 due upon the occurrence of certain regulatory milestones.
• Up to cumulative US$8,000,000 due upon the occurrence of certain commercial milestones.

Clinical Research Organizations (CROs) for hCDR1 and rHuEPO trials

Execution of clinical trials for both hCDR1 and Recombinant Human Erythropoietin (rHuEPO), which is being developed for multiple myeloma survival prolongation, necessitates partnerships with CROs. While hCDR1 has previously completed three clinical trials involving over 400 patients, specific financial arrangements or names of CRO partners engaged in 2025 for ongoing or planned trials are not publicly detailed in recent filings. These external service providers are critical for managing trial logistics, patient recruitment, and data management.

Academic and research institutions for drug development IP

The foundation of XTL Biopharmaceuticals Ltd.'s IP rests on academic discovery, specifically hCDR1, which was developed by Prof. Edna Mozes of The Weizmann Institute of Science. The company continues to explore collaborations with strategic partners to execute further clinical trials, building on its existing IP portfolio. While specific 2025 agreements with other academic bodies are not detailed, the relationship with Yeda Research and Development Company Ltd. serves as the primary model for securing foundational IP.

Here's a quick look at the quantifiable terms associated with the major IP and commercialization partnerships:

XTL Biopharmaceuticals Ltd. (XTLB) - Canvas Business Model: Key Activities

You're looking at the core actions XTL Biopharmaceuticals Ltd. takes to keep its dual-focus business moving, which is a mix of biotech development and web data operations. Honestly, for a company with only 10 employees, the scope of these activities is quite broad.

Managing late-stage clinical development for hCDR1 (SLE/Sjögren's)

The primary biopharma activity centers on advancing the hCDR1 peptide. This asset is currently positioned as a Phase II-ready candidate for treating Systemic Lupus Erythematosus (SLE) and Sjögren's syndrome. The development work builds on substantial prior data collection. Specifically, hCDR1 has completed three clinical trials involving more than 400 patients to establish its safety profile and efficacy signals. This activity is governed by a licensing agreement with Yeda Research and Development Company Limited for research, development, and commercialization.

Developing and maintaining the ethical proxy data extraction platform

A major operational activity involves supporting and advancing The Social Proxy Ltd., the wholly-owned subsidiary. This subsidiary develops and powers a unique, ethical, IP-based platform for data extraction tailored for Artificial Intelligence and Business Intelligence (AI & BI) applications at scale. The platform's technology claims to be 100x faster than other market solutions and avoids sourcing other users' IP addresses, which is key to its ethical positioning. The importance of this asset is underlined by its significant contribution to the company's structure post-acquisition.

Strategic acquisition and in-licensing of new pharmaceutical assets

XTL Biopharmaceuticals Ltd. actively pursues expanding its asset portfolio beyond hCDR1. The most significant recent activity was the acquisition of The Social Proxy. This transaction involved issuing American Depositary Shares (ADSs) representing 44.6% of XTL Biopharmaceuticals Ltd.'s issued share capital, alongside a cash payment of US$430,000 to the Social Proxy shareholders. To fund this and support growth, the company consummated a private placement investment of US$1,500,000. The company continues to explore identifying and in-licensing additional IP-based assets, though specific recent in-licensing deals weren't detailed in the latest filings.

General and administrative oversight, including new CFO transition

General and administrative oversight is critical, especially given the recent leadership change. The Board of Directors appointed Mr. Niv Segal as the new Chief Financial Officer on November 30, 2025. This followed the resignation of Mr. Itay Weinstein, effective December 11, 2025. Mr. Segal brings over 12 years of financial management experience, particularly in the high-tech sector, including leading major acquisitions. This oversight manages the day-to-day operations that generated recent reported revenue of $451,000.

Here's a quick look at the financial scale underpinning these activities as of late 2025:

The company's operational focus requires managing the balance between the long-term, high-risk/high-reward path of hCDR1 development and the immediate revenue generation and operational complexity of The Social Proxy. The recent ROA of -14.29% juxtaposed with a high Return on Equity (ROE) of 52.62% shows the leverage inherent in their current asset structure. The enterprise valuation sits at $11.53 million, while the average trading volume recently hit 812,647.

The key activities require constant resource allocation decisions. You need to watch how much of that $1.14M in cash is being deployed to keep the data platform running versus funding the next steps for hCDR1. The Social Proxy shareholders, who now hold a large stake, also appoint two directors to the Board, meaning governance oversight is a continuous activity.

• Manage IP licensing agreement compliance for hCDR1.
• Ensure data platform scalability for AI & BI applications.
• Integrate new CFO Niv Segal by December 31, 2025.
• Monitor Social Proxy warrants tied to financial milestones.
• Manage compliance related to Nasdaq listing requirements.

XTL Biopharmaceuticals Ltd. (XTLB) - Canvas Business Model: Key Resources

You're looking at the core assets XTL Biopharmaceuticals Ltd. (XTLB) relies on to drive value right now, as of late 2025. These aren't just line items; they are the engines for potential future revenue.

The primary tangible assets are the two late-stage product candidates. The Intellectual Property (IP) portfolio surrounding these is central to the company's valuation, even with the recent stock price volatility.

Here's a quick look at the clinical status underpinning that IP:

XTL Biopharmaceuticals Ltd. also owns The Social Proxy Ltd., which operates as a web data company. This platform is described as an advanced IP-based platform designed for AI/BI applications (Artificial Intelligence/Business Intelligence). This represents a distinct, non-biotech asset stream for the company.

Financially, the company has been active in shoring up its balance sheet. You noted the $1.5 million raise from 2024, which was specifically a Post IPO funding round on August 14, 2024. More recently, a proposal for up to $1 million from interested parties was approved in July 2025. As of the latest reported figures, the financial position shows:

• Cash and cash equivalents: $1.14 million
• Total Debt: $138,000
• Net Cash Position: $1.01 million
• Operating Cash Flow (Last 12 Months): -$1.62 million

That net cash position of $1.01 million is what you have to work with, though the negative operating cash flow is definitely something to watch.

The human capital, especially at the top, is a key resource, particularly given the recent management changes. The newly appointed Chief Financial Officer, Niv Segal, who started November 30, 2025, brings specific, relevant expertise. He has over 12 years of financial management experience, with notable achievements in leading major acquisitions, especially within the high-tech sector.

The management team's combined experience across both biotech development and high-tech operations is a critical, albeit less quantifiable, resource.

Finance: draft 13-week cash view by Friday.

XTL Biopharmaceuticals Ltd. (XTLB) - Canvas Business Model: Value Propositions

You're looking at the core offerings that XTL Biopharmaceuticals Ltd. brings to its various customer segments right now, late in 2025. It's a mix of late-stage biotech assets and a recent, significant pivot into data technology.

Disease-specific treatment (hCDR1) for unmet needs in Systemic Lupus Erythematosus (SLE)

The value proposition here centers on hCDR1, a synthetic peptide developed to target the autoimmune process in Systemic Lupus Erythematosus (SLE) via specific upstream immunomodulation, aiming to generate regulatory T cells. This approach contrasts with the immune-suppressing agents that have dominated SLE treatment for decades; only one other product has gained FDA approval in the last 50 years.

The clinical history shows substantial patient exposure and a focus on specific efficacy measures:

• Completed three clinical trials involving over 400 patients.
• Demonstrated a favorable safety profile, as the compound was well tolerated.
• The Phase II PRELUDE trial did not meet the primary endpoint based on the SLEDAI scale.
• The 0.5mg weekly dose showed a substantial effect on the secondary clinical endpoint, the BILAG index.
• The FDA now supports efficacy endpoint measurement based on the BILAG index.

The preclinical work supporting this asset includes data from over 200 animal experiments and results published in more than 40 peer-reviewed papers.

Prolonging survival for Multiple Myeloma (MM) patients with rHuEPO

For Multiple Myeloma (MM) patients, XTL Biopharmaceuticals Ltd. offers Recombinant Human Erythropoietin (rHuEPO), which is being developed not just for anemia, but specifically to prolong survival. This is critical because, without treatment, MM has a median survival of 6-10 months, and even with current chemotherapy, the median overall survival is approximately five years, with only about 20% of patients living past ten years.

The value is demonstrated by specific clinical observations:

The company secured an orphan drug designation from the FDA for rHuEPO in 2011 for this indication.

Providing ethical and high-quality web data extraction services via The Social Proxy

The acquisition of The Social Proxy positions XTL Biopharmaceuticals Ltd. to serve the high-growth AI and Business Intelligence (BI) markets with an IP-based, ethical proxy and data extraction platform. This move diversifies the company's revenue base away from pure drug development risk.

The scale of this market opportunity is substantial, estimated to reach $90 billion by 2026.

• The Social Proxy shareholders received 44.6% of XTL Biopharmaceuticals Ltd.'s issued share capital.
• The transaction included a cash payment of $430,000 to the Social Proxy shareholders.
• XTL Biopharmaceuticals Ltd. consummated a $1.5 million private placement to support the subsidiary's growth.
• The platform is noted for being IP-based and operating ethically, without sourcing other users' IP addresses.

Offering a diversified investment vehicle (biotech IP + AI tech)

For investors, XTL Biopharmaceuticals Ltd. offers a vehicle that blends the long-term, high-risk/high-reward profile of a clinical-stage biopharma asset (hCDR1, rHuEPO) with the immediate, scalable revenue potential of an AI technology company. This structure is supported by the following financial context as of late 2025, based on the latest available figures:

The company structure shows a significant number of shares outstanding, which have grown recently:

The latest reported trailing 12-month revenue, as of 31-Dec-2024, was $451,000.

The company has a next estimated earnings date set for December 29, 2025.

XTL Biopharmaceuticals Ltd. (XTLB) - Canvas Business Model: Customer Relationships

You're looking at how XTL Biopharmaceuticals Ltd. (XTLB) manages its connections with the outside world-from potential drug buyers to its shareholders. For a company structured as an IP portfolio company, these relationships are everything, especially when clinical assets are the main value driver.

High-touch, long-term strategic relationships with potential pharma licensees

The core of XTL Biopharmaceuticals Ltd.'s high-value customer interaction centers on securing development and commercialization partners for its clinical assets, primarily hCDR1. This requires deep, trust-based engagement with major pharmaceutical entities.

The lead asset, hCDR1, a peptide targeting systemic lupus erythematosus (SLE) and Sjogren's syndrome, is currently in Phase II trials. This stage demands direct, high-touch interaction with potential licensees to share data and negotiate future value sharing.

The relationship with Yeda Research and Development Company Ltd. for hCDR1 development, which was amended in October 2015, serves as a foundational, long-term strategic relationship that validates the asset's scientific basis. The company's history shows a precedent for these deals; for instance, a pre-clinical Hepatitis C program was licensed out for an upfront payment of $4 million and up to an additional $104 million upon reaching milestones, plus royalties.

Here's a snapshot of the strategic partnership focus:

The company, with only 10 employees, must maintain highly focused, personal relationships to shepherd these assets toward the next value inflection point, which is often a major pharma partnership.

Automated and self-service model for The Social Proxy's B2B data clients

XTL Biopharmaceuticals Ltd. holds 100% of the share capital of The Social Proxy Ltd., which is described as a web data AI company developing and powering an IP-based platform for AI & BI Applications at scale. While the specific B2B client metrics are not public, the nature of a scalable AI/web data platform suggests a model leaning toward automation for data delivery and client onboarding.

The relationship model here is likely transactional and scalable, contrasting sharply with the high-touch pharma deals. Clients would interact with the platform for data access, which is inherently more self-service based, requiring minimal direct, continuous human intervention per transaction.

• Acquisition of The Social Proxy completed around March 2024.
• The Social Proxy platform is IP-based.
• Focus is on AI & BI Applications at scale.

Investor relations management for NASDAQ and TASE-listed stock

Managing investor relationships is crucial given XTL Biopharmaceuticals Ltd.'s dual listing on the NASDAQ Capital Market (NASDAQ: XTLB) and the Tel Aviv Stock Exchange (TASE: XTLB.TA). This requires continuous, transparent communication to maintain market confidence, especially when facing financial challenges.

Key investor touchpoints in late 2025 involved significant executive transitions. Effective October 21, 2025, Doron Turjeman resigned from the Board of Directors, with CEO Noam Band appointed in his place. Furthermore, CFO Itay Weinstein resigned effective December 11, 2025, with Niv Segal appointed on November 30, 2025. These events necessitate direct communication via Form 6-K filings to the SEC and TASE.

The market context for these communications includes:

• Current Market Cap: Approximately $8.16 million to $8.18 million.
• Shares Outstanding: 881.39 million.
• Average Trading Volume: 812,647 shares.
• Recent Capital Raise: A Private Placement of $1.5 million was completed.

The company's Price-to-Sales Ratio for December 2024 stood at 26.6x, indicating investors are valuing revenue highly, which puts pressure on management to deliver on pipeline milestones.

Regulatory engagement with bodies like the FDA for clinical assets

Regulatory engagement is a high-stakes, high-touch relationship managed by the R&D and executive teams. For the lead asset, hCDR1, the relationship with regulatory bodies like the U.S. Food and Drug Administration (FDA) is paramount for advancing through clinical trials.

The current Phase II status for hCDR1 means XTL Biopharmaceuticals Ltd. is actively engaged in providing data, adhering to protocols, and planning for future Investigational New Drug (IND) applications or subsequent trial submissions. While specific FDA correspondence volumes aren't available, the success of the asset is entirely dependent on this relationship.

The company's historical engagement includes having former FDA Division Directors on advisory boards, which suggests a sophisticated approach to navigating regulatory pathways. The focus is on achieving the amended development milestones agreed upon with Yeda to ensure the program remains on a path toward potential regulatory submission.

Finance: draft 13-week cash view by Friday.

XTL Biopharmaceuticals Ltd. (XTLB) - Canvas Business Model: Channels

You're looking at how XTL Biopharmaceuticals Ltd. (XTLB) gets its value propositions-both the drug IP and the web data services-to the end-users or partners. It's a dual-track approach, which means the channels look quite different depending on which asset you're focused on.

Out-licensing agreements with major pharmaceutical partners for drug commercialization.

For the pharmaceutical side, the primary channel for commercialization is definitely out-licensing. XTL Biopharmaceuticals Ltd. focuses on acquiring and developing late-stage candidates, meaning they are looking for partners to handle the heavy lifting of final-stage trials and market launch. Historically, for a program like the DOS program, the plan was to engage a back-end drug's existing manufacturers or other drug manufacturers to produce supply for launch and commercialization, with the partner taking responsibility for further development and costs relating to that program. Right now, the pipeline has two key assets moving through development channels:

• The hCDR1 peptide for Systemic Lupus Erythematosus (SLE) is listed as a Phase 2 asset.
• Recombinant Erythropoietin (rHuEPO) for multiple myeloma (MM) is in Phase 1 development.

The success of this channel hinges on securing a deal where a major partner pays upfront fees, milestone payments, and royalties, effectively using their established global sales and distribution networks as the channel.

Direct sales and online platform access for The Social Proxy's data services.

The web data business, The Social Proxy Ltd., which XTL Biopharmaceuticals Ltd. owns 100% of, operates through a different set of channels. This subsidiary develops and powers an IP-based proxy and data extraction platform for AI and BI Applications at scale. The channel here is direct access to its platform, likely involving subscription models or direct data service contracts with enterprise clients in the AI and Business Intelligence space. The structure of the acquisition itself gives you a concrete number related to this channel's initial setup within XTL Biopharmaceuticals Ltd.: the shareholders of The Social Proxy Ltd. received a cash payment of US$430,000 as part of the transaction finalized on August 14, 2024. The Social Proxy shareholders also received ADSs representing 44.6% of XTL Biopharmaceuticals Ltd.'s issued and outstanding share capital post-issuance.

Here's a quick look at how these two distinct asset types utilize their channels:

Investor communications via SEC filings and press releases.

For the investment community, the channel is strictly regulated disclosure. XTL Biopharmaceuticals Ltd. is traded on the Nasdaq Capital Market (XTLB) and the Tel Aviv Stock Exchange (TASE: XTLB.TA). You can track their communications through required filings. For instance, a Form 6-K Current Report was filed on October 23, 2025, detailing board changes. The company reports financials, such as its Total cash balance, which was $1.7M, and its Market Cap stood at $10.1M with 881M shares outstanding as of June 2025. The trailing 12-month revenue as of December 31, 2024, was $451K. These filings are the official conduit for information.

Clinical trial sites and investigators for drug development.

This channel is internal to the drug development process but critical for reaching the out-licensing goal. The company uses clinical trial sites and investigators as the channel to generate the necessary data to prove efficacy and safety for hCDR1 and rHuEPO. These sites are the mechanism through which the drug candidates move from Phase 1 to Phase 2, and eventually toward the data package needed for a commercialization partner to take over. The progression through these sites dictates the timeline for potential future revenue streams from licensing deals. Finance: draft 13-week cash view by Friday.

XTL Biopharmaceuticals Ltd. (XTLB) - Canvas Business Model: Customer Segments

You're looking at the customer base for XTL Biopharmaceuticals Ltd. (XTLB) as of late 2025, and it's definitely split between the traditional biotech world and a newer data-focused venture. The first key group involves large pharmaceutical companies. These partners are interested because XTL Biopharmaceuticals Ltd. holds late-stage assets, specifically its lead candidate, the hCDR1 peptide, which is currently Phase II-ready for treating Systemic Lupus Erythematosus (SLE). Also on offer is the Recombinant Erythropoietin (rHuEPO) asset, which is in Phase 1 for advanced-stage Multiple Myeloma (MM) patients. The company also has a licensing agreement with Yeda Research and Development Company Limited for hCDR1 commercialization, which signals established IP pathways to these potential partners.

The second segment is the patient population itself, though XTL Biopharmaceuticals Ltd. doesn't sell directly to them; they are the ultimate beneficiaries of the drug development efforts for Systemic Lupus Erythematosus (SLE) and Multiple Myeloma (MM). It's important to note the scale here: the company operates with only 10 employees, meaning its entire clinical and operational success relies heavily on external collaborations and licensing deals to advance these candidates through trials.

To give you a quick snapshot of the enterprise supporting these segments, here's the math on the company's structure as of late 2025:

Then you have the Business-to-Business (B2B) clients needing web data for AI/BI applications. This segment stems from XTL Biopharmaceuticals Ltd.'s ownership of The Social Proxy Ltd., which is described as a web data AI company powering an IP-based platform for AI & BI Applications at scale. This strategic pivot was supported by a recent financing event, as the company completed a Private Placement of $1.5 Million, which expanded its IP portfolio into this area. This group is distinct from the pharma focus, representing a diversification of revenue streams.

Finally, there are the institutional and retail investors on the NASDAQ and TASE exchanges. These folks are trading the stock under the ticker XTLB. As of December 5, 2025, the closing price was around $0.85, with a market cap of $8.16M. Investor sentiment is mixed; the short sale ratio was reported at 25.48% on that date, although short interest had recently decreased by 2.42% compared to the previous month. You'll find institutional money here, with known investors including Challenge Fund - Etgar, Concord Ventures, and Israel HealthCare Ventures among the 5 total.

Finance: draft 13-week cash view by Friday.

XTL Biopharmaceuticals Ltd. (XTLB) - Canvas Business Model: Cost Structure

You're looking at XTL Biopharmaceuticals Ltd.'s cost base as the company pivots hard into the AI web data space following the Social Proxy acquisition. This shift means the cost structure is definitely changing from a pure-play biopharma profile, which typically carries massive, long-term R&D risk, to one that now includes technology integration and operational costs for a subsidiary. Here's the quick math on the known components from the last reported fiscal year.

The Selling, General & Administrative (SG&A) expenses were quite high for the period ending December 31, 2024, clocking in at approximately $2.08 million in FY 2024. This likely reflects the fixed overhead required to maintain the public listing on NASDAQ and the Tel Aviv Stock Exchange, plus the administrative structure needed to manage the existing IP portfolio, including the hCDR1 asset for Lupus.

Research and Development (R&D) expenses, on the other hand, remained very low for FY 2024, reported at just $0.1 million. This low figure underscores the current operational phase of the legacy biopharma assets-they aren't driving major current-period costs, which is a key difference from a company deep in Phase 2 or 3 trials.

The transition is cemented by the acquisition cost itself. XTL Biopharmaceuticals Ltd. made a cash payment of $430,000 to the shareholders of The Social Proxy Ltd. as part of the deal finalized in August 2024. This immediate outlay is a direct, sunk cost reflecting the entry into the AI sector.

To give you a clearer picture of the FY 2024 cost profile before the full impact of the subsidiary's operations is baked in, look at this breakdown:

Now, let's talk about the new operational costs you need to track. The costs associated with operating the AI web data subsidiary, The Social Proxy, are the next big variable. While the acquisition was partially funded by a $1.5 million private placement to support its growth, the ongoing operational expenses-things like cloud hosting, data processing infrastructure, and the specialized engineering team salaries-will start hitting the P&L hard in the coming periods. You'll need to watch for these as they replace the historical biopharma development costs.

Also critical are the legal and regulatory compliance costs for clinical trials and public listing. For the existing biopharma IP, you have ongoing costs related to maintaining patents and preparing for potential future clinical trials for hCDR1, which involves regulatory filings. Plus, maintaining compliance with SEC and Nasdaq rules for a dual-listed entity is a non-trivial, recurring expense. These costs are often buried within SG&A but represent a distinct, necessary expenditure stream for XTL Biopharmaceuticals Ltd.

Here are the key cost drivers you must monitor moving forward:

• Costs to integrate The Social Proxy technology stack.
• Salaries for the newly acquired AI/data science personnel.
• Ongoing legal fees for SEC/Nasdaq reporting requirements.
• Costs to maintain the hCDR1 intellectual property portfolio.
• Regulatory filing fees for any future clinical trial planning.

Finance: draft 13-week cash view by Friday.

XTL Biopharmaceuticals Ltd. (XTLB) - Canvas Business Model: Revenue Streams

You're looking at how XTL Biopharmaceuticals Ltd. (XTLB) is bringing in cash as of late 2025. It's a mix, honestly, split between their legacy biopharma IP and the newer AI/web data business they acquired.

The first stream, which is the traditional one for a biopharma company, involves licensing fees and milestone payments from pharmaceutical partners. While XTL Biopharmaceuticals Ltd. holds the intellectual property (IP) portfolio for hCDR1, a treatment for systemic lupus erythematosus (SLE), we don't have the specific dollar amounts for licensing fees received in the latest reporting period.

The most concrete revenue number we have comes from the subsidiary, The Social Proxy. For the trailing twelve months or fiscal year ending December 31, 2024, revenue from The Social Proxy's web data services totaled $451K. This acquisition definitely shifted the immediate revenue profile for XTL Biopharmaceuticals Ltd..

Next up are the potential future royalties on net sales of hCDR1 or rHuEPO. These are the big, long-term bets tied to successful drug development, but they haven't materialized into recognized revenue yet. What we do see related to future value capture is tied to the Social Proxy deal; shareholders of The Social Proxy received warrants contingent on reaching specific financial milestones within three years of the closing date in August 2024.

Finally, equity financing provides necessary working capital. XTL Biopharmaceuticals Ltd. secured a commitment for an investment of $1.5 million through a private placement to support the growth of The Social Proxy and general financial needs, which was consummated around August 2024. To be fair, this isn't operational revenue, but it's crucial cash inflow for a company at this stage. As part of the acquisition itself, XTL Biopharmaceuticals Ltd. also paid $430,000 in cash to The Social Proxy shareholders.

Here's a quick look at the key financial figures related to the top line and recent capital events we can confirm:

You should track the following potential revenue drivers closely:

• Milestone payments tied to hCDR1 clinical progress.
• Net sales royalties from any future commercialization of hCDR1.
• Revenue growth trajectory of The Social Proxy subsidiary.
• Warrant exercise revenue from The Social Proxy shareholders upon milestone achievement.

Finance: draft 13-week cash view by Friday.