Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 09, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-37937 | |
Entity Registrant Name | XENETIC BIOSCIENCES, INC. | |
Entity Central Index Key | 0001534525 | |
Entity Tax Identification Number | 45-2952962 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 945 Concord Street | |
Entity Address, City or Town | Framingham | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 01701 | |
City Area Code | 781 | |
Local Phone Number | 778-7720 | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Trading Symbol | XBIO | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,542,139 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash | $ 7,298,597 | $ 8,983,046 |
Prepaid expenses, receivables and other | 716,381 | 603,828 |
Total current assets | 8,014,978 | 9,586,874 |
Other assets | 1,018,352 | 1,018,352 |
Total assets | 9,033,330 | 10,605,226 |
Current liabilities: | ||
Accounts payable | 283,586 | 240,832 |
Accrued expenses and other current liabilities | 1,304,016 | 568,753 |
Total current liabilities | 1,587,602 | 809,585 |
Total liabilities | 1,587,602 | 809,585 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, $0.001 par value; 10,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 1,543,802 and 1,543,385 shares issued as of June 30, 2024 and December 31, 2023, respectively; 1,541,101 and 1,540,684 shares outstanding as of June 30, 2024 and December 31, 2023, respectively | 1,544 | 1,544 |
Additional paid in capital | 208,173,105 | 208,053,935 |
Accumulated deficit | (195,703,279) | (193,234,196) |
Accumulated other comprehensive income | 253,734 | 253,734 |
Treasury stock | (5,281,180) | (5,281,180) |
Total stockholders' equity | 7,445,728 | 9,795,641 |
Total liabilities and stockholders' equity | 9,033,330 | 10,605,226 |
Series B Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred Stock, Value, Issued | $ 1,804 | $ 1,804 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Common Stock, Shares, Issued | 1,543,802 | 1,543,385 |
Common Stock, Shares, Outstanding | 1,541,101 | 1,540,684 |
Series B Preferred Stock [Member] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Issued | 1,804,394 | 1,804,394 |
Preferred Stock, Shares Outstanding | 1,804,394 | 1,804,394 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenue: | ||||
Royalty revenue | $ 726,404 | $ 651,005 | $ 1,237,221 | $ 1,256,849 |
Total revenue | 726,404 | 651,005 | 1,237,221 | 1,256,849 |
Operating costs and expenses: | ||||
Research and development | (933,771) | (903,243) | (1,878,092) | (1,498,519) |
General and administrative | (1,130,029) | (945,950) | (1,964,939) | (1,871,693) |
Total operating costs and expenses | (2,063,800) | (1,849,193) | (3,843,031) | (3,370,212) |
Loss from operations | (1,337,396) | (1,198,188) | (2,605,810) | (2,113,363) |
Other income (expense): | ||||
Other (expense) income | (21) | 21,122 | 31 | 25,642 |
Interest income, net | 63,447 | 126,103 | 136,696 | 180,204 |
Total other income | 63,426 | 147,225 | 136,727 | 205,846 |
Net loss | $ (1,273,970) | $ (1,050,963) | $ (2,469,083) | $ (1,907,517) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
Earnings Per Share, Basic | $ (0.83) | $ (0.69) | $ (1.60) | $ (1.25) |
Earnings Per Share, Diluted | $ (0.83) | $ (0.69) | $ (1.60) | $ (1.25) |
Weighted Average Number of Shares Outstanding, Basic | 1,540,799 | 1,524,717 | 1,540,741 | 1,520,710 |
Weighted Average Number of Shares Outstanding, Diluted | 1,540,799 | 1,524,717 | 1,540,741 | 1,520,710 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock, Common [Member] | Total |
Beginning balance, value at Dec. 31, 2022 | $ 2,774 | $ 1,520 | $ 207,769,904 | $ (189,099,618) | $ 253,734 | $ (5,281,180) | $ 13,647,134 |
Beginning balance, shares at Dec. 31, 2022 | 2,774,394 | 1,519,360 | |||||
Share-based expense | 138,241 | 138,241 | |||||
Net loss | (1,907,517) | (1,907,517) | |||||
Issuance of common stock to adjust for reverse split rounding | $ 16 | (16) | |||||
Issuance of common stock to adjust for reverse split rounding, shares | 15,941 | ||||||
Ending balance, value at Jun. 30, 2023 | $ 2,774 | $ 1,536 | 207,908,129 | (191,007,135) | 253,734 | (5,281,180) | 11,877,858 |
Ending balance, shares at Jun. 30, 2023 | 2,774,394 | 1,535,301 | |||||
Beginning balance, value at Mar. 31, 2023 | $ 2,774 | $ 1,520 | 207,838,756 | (189,956,172) | 253,734 | (5,281,180) | 12,859,432 |
Beginning balance, shares at Mar. 31, 2023 | 2,774,394 | 1,519,360 | |||||
Share-based expense | 69,389 | 69,389 | |||||
Net loss | (1,050,963) | (1,050,963) | |||||
Issuance of common stock to adjust for reverse split rounding | $ 16 | (16) | |||||
Issuance of common stock to adjust for reverse split rounding, shares | 15,941 | ||||||
Ending balance, value at Jun. 30, 2023 | $ 2,774 | $ 1,536 | 207,908,129 | (191,007,135) | 253,734 | (5,281,180) | 11,877,858 |
Ending balance, shares at Jun. 30, 2023 | 2,774,394 | 1,535,301 | |||||
Beginning balance, value at Dec. 31, 2023 | $ 1,804 | $ 1,544 | 208,053,935 | (193,234,196) | 253,734 | (5,281,180) | 9,795,641 |
Beginning balance, shares at Dec. 31, 2023 | 1,804,394 | 1,543,385 | |||||
Issuance of common stock in connection with restricted stock | |||||||
Issuance of common stock in connection with restricted stock, shares | 417 | ||||||
Share-based expense | 119,170 | 119,170 | |||||
Net loss | (2,469,083) | (2,469,083) | |||||
Ending balance, value at Jun. 30, 2024 | $ 1,804 | $ 1,544 | 208,173,105 | (195,703,279) | 253,734 | (5,281,180) | 7,445,728 |
Ending balance, shares at Jun. 30, 2024 | 1,804,394 | 1,543,802 | |||||
Beginning balance, value at Mar. 31, 2024 | $ 1,804 | $ 1,544 | 208,131,009 | (194,429,309) | 253,734 | (5,281,180) | 8,677,602 |
Beginning balance, shares at Mar. 31, 2024 | 1,804,394 | 1,543,385 | |||||
Issuance of common stock in connection with restricted stock | |||||||
Issuance of common stock in connection with restricted stock, shares | 417 | ||||||
Share-based expense | 42,096 | 42,096 | |||||
Net loss | (1,273,970) | (1,273,970) | |||||
Ending balance, value at Jun. 30, 2024 | $ 1,804 | $ 1,544 | $ 208,173,105 | $ (195,703,279) | $ 253,734 | $ (5,281,180) | $ 7,445,728 |
Ending balance, shares at Jun. 30, 2024 | 1,804,394 | 1,543,802 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net loss | $ (1,273,970) | $ (1,050,963) | $ (2,469,083) | $ (1,907,517) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Share-based expense | 42,096 | 69,389 | 119,170 | 138,241 |
Changes in operating assets and liabilities: | ||||
Prepaid expenses, receivables and other | (112,553) | (762,941) | ||
Other assets | 0 | 362,500 | ||
Accounts payable, accrued expenses and other liabilities | 778,017 | (201,841) | ||
Net cash used in operating activities | (1,684,449) | (2,371,558) | ||
Net change in cash | (1,684,449) | (2,371,558) | ||
Cash at beginning of period | 8,983,046 | 13,097,265 | ||
Cash at end of period | $ 7,298,597 | $ 10,725,707 | 7,298,597 | 10,725,707 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||||
Cash paid for interest | $ 0 | $ 0 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure [Table] | ||||
Net Income (Loss) | $ (1,273,970) | $ (1,050,963) | $ (2,469,083) | $ (1,907,517) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Insider Trading Arrangements [Line Items] | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
The Company
The Company | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company | 1. The Company Background Xenetic Biosciences, Inc. (“Xenetic” or the “Company”), incorporated in the state of Nevada and based in Framingham, Massachusetts, is a biopharmaceutical company focused on advancing innovative immune-oncology technologies addressing hard to treat cancers. The Company’s proprietary Deoxyribonuclease (“DNase”) platform is designed to improve outcomes of existing treatments, including immunotherapies, by targeting neutrophil extracellular traps (“NETs”), which have been implicated in cancer progression and resistance to cancer treatments. Xenetic is currently focused on advancing its systemic DNase program into the clinic as an adjunctive therapy for pancreatic carcinoma and locally advanced or metastatic solid tumors. Additionally, Xenetic has partnered with biotechnology and pharmaceutical companies to develop its proprietary drug delivery platform, PolyXen ® As used in this Quarterly Report on Form 10-Q (“Quarterly Report”), unless otherwise indicated, all references herein to “Xenetic,” the “Company,” “we” or “us” refer to Xenetic Biosciences, Inc. and its wholly-owned subsidiaries. The Company, directly or indirectly, through its wholly-owned subsidiaries, Hesperix S.A. (“Hesperix”) and Xenetic Biosciences (U.K.) Limited (“Xenetic UK”), and the wholly-owned subsidiaries of Xenetic UK, Lipoxen Technologies Limited (“Lipoxen”), Xenetic Bioscience, Incorporated and SymbioTec, GmbH (“SymbioTec”), own various United States (“U.S.”) federal trademark registrations and applications along with unregistered trademarks and service marks, including but not limited to XCART™, OncoHist™, PolyXen, ErepoXen™, and ImuXen™, which may be used throughout this Quarterly Report. All other company and product names may be trademarks of the respective companies with which they are associated. Going Concern and Management’s Plan Management evaluates whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. The Company has incurred substantial losses since its inception and expects to continue to incur operating losses in the near-term. The Company believes that its existing resources will be adequate to fund the Company’s operations for a period of at least twelve months from the date of the issuance of these financial statements. However, the Company anticipates it will need additional capital in the long-term to pursue its business initiatives. While the Company believes it has access to capital resources through possible public or private equity offerings, debt financings, corporate collaborations, related party funding, or other means to continue as a going concern, the terms, timing and extent of any future financing will depend upon several factors, including the achievement of progress in its product development programs, its ability to identify and enter into licensing or other strategic arrangements, its continued listing on the Nasdaq Stock Market (“Nasdaq”), and factors related to financial, economic, geo-political, industry and market conditions, many of which are beyond its control. The capital markets for the biotech industry can be highly volatile, which make the terms, timing and extent of any future financing uncertain. |
Risks and Uncertainties
Risks and Uncertainties | 6 Months Ended |
Jun. 30, 2024 | |
Risks and Uncertainties [Abstract] | |
Risks and Uncertainties | 2. Risks and Uncertainties Impact of Global Conflicts on Operations The short and long-term implications of Russia’s invasion of Ukraine and conflict in the Middle East are difficult to predict at this time. The imposition of current and future sanctions and counter sanctions may have an adverse effect on the economic markets generally and could impact our business, financial condition, and results of operations. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 3. Summary of Significant Accounting Policies Preparation of Interim Financial Statements The accompanying condensed consolidated interim financial statements were prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the results of the interim periods shown. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted pursuant to such SEC rules and regulations. Management believes that the disclosures made are adequate to make the information presented not misleading. The results for the interim periods are not necessarily indicative of results for the full year. The condensed consolidated financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 21, 2024, and amended on April 26, 2024. On May 15, 2023, the Company effected a reduction, on a 1-for-10 basis Principles of Consolidation The condensed consolidated financial statements of the Company include the accounts of Hesperix, Xenetic UK and Xenetic UK’s wholly owned subsidiaries: Lipoxen, Xenetic Bioscience, Incorporated, and SymbioTec. Certain of the Company’s subsidiaries require guarantees of support from Xenetic. While all intercompany balances and transactions have been eliminated in consolidation, the Company has $0.2 million of cash collateralizing these guarantees. Basic and Diluted Net Loss per Share The Company computes basic net loss per share by dividing net loss applicable to common stockholders by the weighted-average number of shares of the Company’s common stock outstanding during the period. The Company computes diluted net loss per share after giving consideration to the dilutive effect of stock options that are outstanding during the period, except where such non-participating securities would be anti-dilutive. For the three and six months ended June 30, 2024 and 2023, basic and diluted net loss per share are the same in each respective period due to the Company’s net loss position. Potentially dilutive, non-participating securities have not been included in the calculations of diluted net loss per share, as their inclusion would be anti-dilutive. |
Significant Strategic Collabora
Significant Strategic Collaborations | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Significant Strategic Collaborations | 4. Significant Strategic Collaborations Takeda Pharmaceutical Co. Ltd. (together with its wholly-owned subsidiaries, “Takeda”) In October 2017, the Company granted to Takeda the right to grant a non-exclusive sublicense to certain patents related to the Company’s PolyXen technology that were previously exclusively licensed to Takeda in connection with products related to the treatment of blood and bleeding disorders. Royalty payments of approximately $ 0.7 million 1.2 million 0.7 million 1.3 million Belgian Volition SARL Limited (“Volition”) Collaboration On August 2, 2022, the Company announced a research and development collaboration with Volition to develop NETs-targeted adoptive cell therapies for the treatment of cancer. The collaboration is an early exploratory program to evaluate the potential combination of Volition’s Nu.Q ® Catalent Pharma Solutions LLC (“Catalent”) On June 30, 2022, the Company entered into a Statement of Work (the “SOW”) with Catalent to outline the general scope of work, timeline, and pricing pursuant to which Catalent will provide certain services to the Company to perform cGMP manufacturing of the Company’s recombinant protein, Human DNase I. The parties agreed to enter into a Master Services Agreement that will contain terms and conditions to govern the project contemplated by the SOW and that will supersede the addendum to the SOW containing Catalent's standard terms and conditions. The Company has paid Catalent approximately $ 2.5 million 28,000 0.1 million 49,000 no 0.3 million Scripps Research Institute (“Scripps Research”) On March 17, 2023, the Company and Scripps Research entered into a Research Funding and Option Agreement (the “Agreement”), pursuant to which the Company has agreed to provide Scripps Research an aggregate of up to $0.9 million to fund research relating to advancing the pre-clinical development of the Company’s DNase oncology platform technology. Under the Agreement, the Company has the option to acquire a worldwide exclusive license to Scripps Research’s rights in the Technology or Patent Rights (as defined in the Agreement), as well as a non-exclusive, royalty-free, non-transferrable license to make and use TSRI Technology (as defined in the Agreement) solely for the Company’s internal research purposes during the performance of the research program contemplated by the Agreement. During the second quarter of 2024, the Company amended the Agreement to extend the term to October 31, 2024 with no additional funding required. The Company has paid Scripps Research approximately $ 0.9 million 0.1 million 0.4 million University of Virginia (“UVA”) On December 21, 2023, the Company entered into a Research Funding and Material Transfer Agreement with UVA (the “UVA Agreement”) to advance the development of our systemic DNase program. Under the terms of the UVA Agreement, n addition to advancing our existing intellectual property, we have an option to acquire an exclusive license to any new intellectual property arising from the DNase research program. Allan Tsung, MD, a member of the Company’s Scientific Advisory Board and will oversee the research conducted under the UVA Agreement. 0.2 million no Other Agreements The Company has also entered into various research, development, license and supply agreements with Serum Institute of India (“Serum Institute”), PJSC Pharmsynthez (“Pharmsynthez”) and SynBio LLC (“SynBio”), a wholly owned subsidiary of Pharmsynthez. The Company and its collaborative partners continue to engage in research and development activities with no resultant commercial products through June 30, 2024. No |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 5. Accrued Expenses and Other Current Liabilities On June 19, 2024, the Company entered into a confidential separation agreement and general release with each of Jeffrey F. Eisenberg, the Company’s former Chief Executive Officer (the “Eisenberg Separation Agreement”), and Curtis Lockshin, the Company’s former Chief Scientific Officer (the “Lockshin Separation Agreement” and together, the “Separation Agreements”) pursuant to which Messrs. Eisenberg and Lockshin were each eligible for certain severance payments and benefits consistent with the terms of their existing employment agreements as described under “Employment Agreements with our Named Executive Officers” in the Amendment No. 1 to Annual Report on Form 10-K/A filed by the Company with the Securities and Exchange Commission on April 26, 2024. In addition, the Eisenberg Separation Agreement provides for accelerated vesting of all of the unvested stock options held by Mr. Eisenberg as of May 16, 2024. As of June 30, 2024, the Company expensed approximately $ 0.8 million 13,000 0.8 million |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 6. Fair Value Measurements Accounting Standards Codification Topic 820, Fair Value Measurement, |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Stockholders’ Equity | 7. Stockholders’ Equity Common Stock Each share of the Company’s common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are entitled to dividends when and if declared by the Board of Directors. In the event of any voluntary or involuntary liquidation, dissolution or winding-up of the Company, the holders of common stock are entitled to share ratably in the assets of the Company available for distribution. On May 11, 2023, the Company filed a Certificate of Change to the Company’s Articles of Incorporation with the Secretary of State of Nevada to effect the Reverse Stock Split. The Reverse Stock Split was effective at 12:01 a.m., Eastern Time, on May 15, 2023. No fractional shares were issued as a result of the Reverse Stock Split and any remaining share fractions were rounded up to the nearest whole share, resulting in 15,941 Warrants The Company has warrants to purchase approximately 462,963 33.00 February 23, 2025 No In addition, the Company had publicly traded warrants to purchase approximately 2,100 130.00 July 19, 2024 None The Company also has warrants to purchase approximately 800 outstanding 29.09 July 3, 2026 None |
Share-Based Expense
Share-Based Expense | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Expense | 8. Share-Based Expense Total share-based expense related to stock options and RSU’s was approximately $42,000 and $0.1 million for the three months ended June 30, 2024 and 2023, respectively, and approximately $0.1 million and $0.1 million for each of the six months ended June 30, 2024 and 2023. Share-based expense is classified in the condensed consolidated statements of operations as follows: Schedule of share-based compensation expense Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Research and development expenses $ (3,804 ) $ 13,778 $ 11,433 $ 27,466 General and administrative expenses 45,900 55,611 107,737 110,775 $ 42,096 $ 69,389 $ 119,170 $ 138,241 Employee Stock Options and RSU’s During the three and six months ended June 30, 2024, 20,000 No No 42,000 0.1 million 0.1 million 417 No 11,667 No Non-Employee Stock Options There were no |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes During the three and six months ended June 30, 2024 and 2023, there was no 40.4 million 39.7 million As of June 30, 2024 and December 31, 2023, the Company did no |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 10. Related Party Transactions The Company has entered into various research, development, license and supply agreements with Serum Institute and Pharmsynthez, each a related party whose relationship has not materially changed from that disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 21, 2024, as amended on April 26, 2024. During the fourth quarter of 2019, the Company entered into a loan agreement with Pharmsynthez (the “Pharmsynthez Loan”), pursuant to which the Company advanced Pharmsynthez an aggregate principal amount of up to $ 500,000 Pharmsynthez paid all obligations due under the Pharmsynthez Loan in May 2023, and no further amounts are due under the Pharmsynthez Loan. As a result, no 65,000 40,000 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Preparation of Interim Financial Statements | Preparation of Interim Financial Statements The accompanying condensed consolidated interim financial statements were prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the results of the interim periods shown. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted pursuant to such SEC rules and regulations. Management believes that the disclosures made are adequate to make the information presented not misleading. The results for the interim periods are not necessarily indicative of results for the full year. The condensed consolidated financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 21, 2024, and amended on April 26, 2024. On May 15, 2023, the Company effected a reduction, on a 1-for-10 basis |
Principles of Consolidation | Principles of Consolidation The condensed consolidated financial statements of the Company include the accounts of Hesperix, Xenetic UK and Xenetic UK’s wholly owned subsidiaries: Lipoxen, Xenetic Bioscience, Incorporated, and SymbioTec. Certain of the Company’s subsidiaries require guarantees of support from Xenetic. While all intercompany balances and transactions have been eliminated in consolidation, the Company has $0.2 million of cash collateralizing these guarantees. |
Basic and Diluted Net Loss per Share | Basic and Diluted Net Loss per Share The Company computes basic net loss per share by dividing net loss applicable to common stockholders by the weighted-average number of shares of the Company’s common stock outstanding during the period. The Company computes diluted net loss per share after giving consideration to the dilutive effect of stock options that are outstanding during the period, except where such non-participating securities would be anti-dilutive. For the three and six months ended June 30, 2024 and 2023, basic and diluted net loss per share are the same in each respective period due to the Company’s net loss position. Potentially dilutive, non-participating securities have not been included in the calculations of diluted net loss per share, as their inclusion would be anti-dilutive. |
Share-Based Expense (Tables)
Share-Based Expense (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of share-based compensation expense | Schedule of share-based compensation expense Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Research and development expenses $ (3,804 ) $ 13,778 $ 11,433 $ 27,466 General and administrative expenses 45,900 55,611 107,737 110,775 $ 42,096 $ 69,389 $ 119,170 $ 138,241 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) | May 15, 2023 |
Accounting Policies [Abstract] | |
Stockholders' Equity, Reverse Stock Split | 1-for-10 basis |
Significant Strategic Collabo_2
Significant Strategic Collaborations (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 16 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Jun. 30, 2024 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Royalty income | $ 726,404 | $ 651,005 | $ 1,237,221 | $ 1,256,849 | ||
Research and development expenses | 933,771 | 903,243 | 1,878,092 | 1,498,519 | ||
Prepaid expenses and other current assets | 716,381 | 716,381 | $ 603,828 | $ 716,381 | ||
Revenues | 726,404 | 651,005 | 1,237,221 | 1,256,849 | ||
Collaborative Agreements [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Revenues | 0 | $ 0 | 0 | $ 0 | ||
Catalent Pharma Solutions [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Research and development expenses | 2,500,000 | |||||
Prepaid expenses and other current assets | 28,000 | 28,000 | 100,000 | 28,000 | ||
Accrued expenses and other current liabilities | 49,000 | 49,000 | 0 | 49,000 | ||
Other assets | 300,000 | 300,000 | 300,000 | 300,000 | ||
Scripps Research [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Research and development expenses | 900,000 | |||||
Prepaid expenses and other current assets | $ 100,000 | 100,000 | 400,000 | $ 100,000 | ||
University Of Virginia [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Research and development expenses | $ 200,000 | $ 0 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Offsetting Assets [Line Items] | ||||
Share based compensation | $ 42,096 | $ 69,389 | $ 119,170 | $ 138,241 |
Separation Agreements [Member] | ||||
Offsetting Assets [Line Items] | ||||
Labor and related expenses | 800,000 | |||
Share based compensation | 13,000 | |||
Accrued expenses and other current liabilities | $ 800,000 | $ 800,000 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - $ / shares | 3 Months Ended | 6 Months Ended | ||||
May 11, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Publicly Traded Warrants [Member] | ||||||
Class of Stock [Line Items] | ||||||
Warrant Outstanding | 2,100 | 2,100 | 2,100 | |||
Exercise price | $ 130 | $ 130 | ||||
Maturity date | Jul. 19, 2024 | Jul. 19, 2024 | ||||
Other Warrants [Member] | ||||||
Class of Stock [Line Items] | ||||||
Warrant Outstanding | 800 | 800 | 800 | |||
Exercise price | $ 29.09 | $ 29.09 | ||||
Maturity date | Jul. 03, 2026 | Jul. 03, 2026 | ||||
Warrants exercised | 0 | 0 | 0 | 0 | ||
Warrants forfeited | 0 | 0 | 0 | 0 | ||
Common Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Issuance of common stock to adjust for reverse split rounding, shares | 15,941 | |||||
Series A Warrants [Member] | ||||||
Class of Stock [Line Items] | ||||||
Warrant Outstanding | 462,963 | 462,963 | 462,963 | |||
Exercise price | $ 33 | $ 33 | ||||
Maturity date | Feb. 23, 2025 | Feb. 23, 2025 | ||||
Warrants exercised | 0 | 0 | 0 | 0 | ||
Warrants forfeited | 0 | 0 | 0 | 0 | ||
Publicly Traded Warrants [Member] | ||||||
Class of Stock [Line Items] | ||||||
Warrants exercised | 0 | 0 | 0 | 0 | ||
Warrants forfeited | 0 | 0 | 0 | 0 |
Share-Based Expense (Details -
Share-Based Expense (Details - Share based expense) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation | $ 42,096 | $ 69,389 | $ 119,170 | $ 138,241 |
Research and Development Expense [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation | (3,804) | 13,778 | 11,433 | 27,466 |
General and Administrative Expense [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation | $ 45,900 | $ 55,611 | $ 107,737 | $ 110,775 |
Share-Based Expense (Details Na
Share-Based Expense (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share based compensation | $ 42,096 | $ 69,389 | $ 119,170 | $ 138,241 |
Share-Based Payment Arrangement, Option [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Options granted | 20,000 | 0 | 20,000 | 0 |
Share based compensation | $ 42,000 | $ 100,000 | $ 100,000 | $ 100,000 |
Options exercised | 0 | 0 | 0 | 0 |
Options forfeited | 11,667 | 11,667 | ||
Options expired | 0 | 0 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Other than options granted, shares | 0 | 0 | 0 | 0 |
Stock issued for RSU's | 417 | 417 | ||
Non Employee Stock Options [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Options granted | 0 | 0 | 0 | 0 |
Options exercised | 0 | 0 | 0 | 0 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |||||
Provision for income taxes | $ 0 | $ 0 | $ 0 | $ 0 | |
Deferred tax valuation allowance | 40,400,000 | 40,400,000 | $ 39,700,000 | ||
Unrecognized tax positions | $ 0 | $ 0 | $ 0 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - Pharmsynthez [Member] - Co Development Agreement [Member] - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2019 | Jun. 30, 2023 | |
Related Party Transaction [Line Items] | |||
Payments to Acquire Notes Receivable | $ 500,000 | ||
Interest and Other Income | $ 65,000 | ||
Interest Income Only [Member] | |||
Related Party Transaction [Line Items] | |||
Interest and Other Income | $ 40,000 |