XBiotech (XBIT) 10-Q 12 Aug 24 2024 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Aug. 12, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-37437
Entity Registrant Name	XBIOTECH INC.
Entity Incorporation, State or Country Code	CA
Entity Address, Address Line One	5217 Winnebago Ln
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78744
City Area Code	512
Local Phone Number	386-2900
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	XBIT
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 (in shares)		30,463,156
Entity Central Index Key	0001626878
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 188,530	$ 200,023
Accrued interest receivable	870	860
Income tax receivable	123	75
Prepaid expenses and other current assets	1,116	760
Total current assets	190,639	201,718
Property and equipment, net	24,916	24,897
Total assets	215,555	226,615
Current liabilities:
Accounts payable	1,704	2,516
Accrued expenses	5,348	3,501
Income tax payable	83	83
Convertible loan, related party	10,000	0
Total current liabilities	17,135	6,100
Long-term liabilities:
Income tax payable	1,719	1,669
Total liabilities	18,854	7,769
Shareholders’ equity:
Preferred stock, no par value, unlimited shares authorized, no shares outstanding	0	0
Common stock, no par value, unlimited shares authorized, 30,463,156 and 30,436,964 shares issued and outstanding at June 30, 2024 and December 31, 2023	272,015	271,152
Accumulated deficit	(75,314)	(52,306)
Total shareholders’ equity	196,701	218,846
Total liabilities and shareholders’ equity	$ 215,555	$ 226,615

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Preferred stock, no par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized	Unlimited	Unlimited
Preferred stock, shares outstanding (in shares)	0	0
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized	Unlimited	Unlimited
Common Stock, Shares, Outstanding (in shares)	30,463,156	30,436,964

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating expenses:
Research and development	$ 12,984	$ 11,266	$ 22,809	$ 17,497
General and administrative	1,982	1,992	3,010	2,907
Total operating expenses	14,966	13,258	25,819	20,404
Loss from operations	(14,966)	(13,258)	(25,819)	(20,404)
Interest income	2,689	2,509	5,347	5,289
Other (expense) income	(200)	750	(400)	881
Foreign exchange (loss) gain	(554)	1,328	(2,136)	1,711
Total other income	1,935	4,587	2,811	7,881
Loss before income taxes	(13,031)	(8,671)	(23,008)	(12,523)
Income tax benefit (expense)	25	(71)	0	(35)
Net loss	$ (13,006)	$ (8,742)	$ (23,008)	$ (12,558)
Net loss per share—basic and diluted (in dollars per share)	$ (0.43)	$ (0.29)	$ (0.76)	$ (0.41)
Shares used to compute basic and diluted net loss per share (in shares)	30,456,101	30,439,118	30,461,335	30,439,196

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net loss	$ (13,006)	$ (8,742)	$ (23,008)	$ (12,558)
Reclassification adjustment from dissolution of Germany subsidary	0	0	0	(386)
Comprehensive loss	$ (13,006)	$ (8,742)	$ (23,008)	$ (12,944)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock Including Additional Paid in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Common Stock Outstanding [Member]	Total
Balance (in shares) at Dec. 31, 2022	30,439
Balance at Dec. 31, 2022	$ 267,325	$ (27,749)	$ 826		$ 240,402
Net loss	0	(12,558)	0		(12,558)
Share-based compensation expense	1,619	0	0		1,619
Tender offer (in shares)				(4)
Tender offer	(14)	0	0		(14)
Share-based compensation expense	1,619	0	0		1,619
Reclassification adjustment from dissolution of Germany subsidary	$ 0	0	(386)		(386)
Balance (in shares) at Jun. 30, 2023	30,435
Balance at Jun. 30, 2023	$ 268,930	(40,307)	440		229,063
Balance (in shares) at Mar. 31, 2023	30,439
Balance at Mar. 31, 2023	$ 268,030	(31,565)	440		236,905
Net loss	0	(8,742)	0		(8,742)
Share-based compensation expense	914	0	0		914
Tender offer (in shares)				(4)
Tender offer	(14)	0	0		(14)
Share-based compensation expense	$ 914	0	0		914
Balance (in shares) at Jun. 30, 2023	30,435
Balance at Jun. 30, 2023	$ 268,930	(40,307)	$ 440		229,063
Balance (in shares) at Dec. 31, 2023	30,437
Balance at Dec. 31, 2023	$ 271,152	(52,306)			218,846
Net loss	$ 0	(23,008)			(23,008)
Issuance of common stock (in shares)	26
Issuance of common stock	$ 103	0			103
Share-based compensation expense	760	0			760
Share-based compensation expense	$ 760	0			760
Balance (in shares) at Jun. 30, 2024	30,463
Balance at Jun. 30, 2024	$ 272,015	(75,314)			196,701
Balance (in shares) at Mar. 31, 2024	30,451
Balance at Mar. 31, 2024	$ 271,588	(62,308)			209,280
Net loss	$ 0	(13,006)			(13,006)
Issuance of common stock (in shares)	12
Issuance of common stock	$ 48	0			48
Share-based compensation expense	379	0			379
Share-based compensation expense	$ 379	0			379
Balance (in shares) at Jun. 30, 2024	30,463
Balance at Jun. 30, 2024	$ 272,015	$ (75,314)			$ 196,701

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net loss	$ (23,008)	$ (12,558)
Adjustments to reconcile net loss to net cash (used in) operating activities:
Depreciation	867	878
Foreign exchange loss (gain)	2,136	(1,711)
Share-based compensation expense	760	1,619
Changes in operating assets and liabilities:
Income tax receivable	48	29
Accrued interest receivable	(10)	(2,001)
Prepaid expenses and other current assets	(356)	(347)
Accounts payable	(817)	(620)
Accrued expenses	1,847	1,031
Income tax payable	51	(8)
Deferred tax liability	0	(59)
Net cash used in operating activities	(18,578)	(13,805)
Investing activities
Purchase of property and equipment	(882)	(214)
Net cash (used in) investing activities	(882)	(214)
Net cash (used in) investing activities	(882)	(214)
Financing activities
Proceeds from convertible loan, related party	10,000	0
Proceeds from issuance of common stock under stock option plan	103	0
Cash paid in tender offer	0	14
Net cash provided by (used in) financing activities	10,103	(14)
Effect of foreign exchange rate on cash and cash equivalents	(2,136)	118
Net change in cash and cash equivalents	(11,493)	(13,915)
Cash and cash equivalents, beginning of period	200,023	157,306
Cash and cash equivalents, end of period	188,530	143,391
Supplemental information:
Accrued purchases of property and equipment	$ 4	$ 27

Note 1 - Organization

Note 1 - Organization	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. Organization XBiotech Inc. (“XBiotech” or the “Company”) was incorporated in Canada on March 22, 2005. The Company’s headquarters are located in Austin, Texas. XBiotech USA, Inc., a wholly-owned subsidiary of the Company, was incorporated in Delaware, United States in November 2007. XBiotech Germany GmbH, a wholly-owned subsidiary of the Company, was incorporated in Germany in January 2014. XBiotech Germany GmbH was dissolved in February 2023. Since its inception, XBiotech has focused on advancing technology to rapidly identify and clone antibodies from individuals that have resistance to disease. At the heart of the Company is a proprietary technical knowhow to translate natural human immunity into therapeutic product candidates. The Company has in its pipeline both anti-infective and anti-inflammatory candidate therapeutics derived from this technology. An area of medical focus for XBiotech are therapies that block a potent substance naturally produced by body, known as interleukin-1 alpha (IL-1a), that mediates tissue breakdown, angiogenesis, the formation of blood clots and inflammation. IL-1a is a protein that is on or in cells of the body and is involved in the body’s response to injury or trauma. In almost all chronic and in some acute injury scenarios (such as stroke or heart attack), IL-1a may mediate harmful disease-related activity. At the end of 2019, XBiotech sold a True Human™ antibody that blocked IL-1a activity for $750 million in cash and up to $600 million in potential milestone payments (the “Janssen Transaction”). As part of the Janssen Transaction, XBiotech maintained the right to develop new antibodies that block IL-1a and develop these therapeutics in all areas of medicine except dermatology. Moreover, Janssen agreed that they would assert all patents they acquired relating to IL-1a for the benefit of XBiotech to protect our future IL-1a-related therapies in all non-dermatological indications. XBiotech is using its True Human™ antibody discovery technology to identify and develop new IL-1a targeting product candidates and has already brought one such candidate into clinical studies in oncology and rheumatology; and another unique anti-IL-1a antibody into a Phase I study in neurology. The Company continues to be subject to a number of risks common to companies in similar stages of development. Principal among these risks are the uncertainties of technological innovations, dependence on key individuals, development of the same or similar technological innovations by the Company’s competitors and protection of proprietary technology. The Company’s ability to fund its planned clinical operations, including completion of its planned trials, is expected to depend on the amount and timing of cash receipts from future collaboration or product sales and/or financing transactions. The Company believes that its cash and cash equivalents of $188.5 million at June 30, 2024, will enable the Company to achieve several major inflection points, including potential new clinical studies with lead product candidates. The Company expects to have sufficient cash through at least 12 months from the date of this report.

Note 2 - Significant Accounting

Note 2 - Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2. Significant Accounting Policies Basis of Presentation The condensed consolidated balance sheet as of June 30, 2024, the condensed consolidated statements of operations and comprehensive loss and shareholders’ equity for the three and six months ended June 30, 2024 and 2023, and the condensed consolidated statement of cash flows for the six months ended June 30, 2024 and 2023 were prepared by management without audit. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, except as otherwise disclosed, necessary for the fair presentation of the financial position, results of operations, and changes in financial position for such periods, have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Form 10-K for the year ended December 31, 2023. The results of operations for the period ended June 30, 2024 are not necessarily indicative of the operating results that may be expected for a full year. The condensed consolidated balance sheet as of December 31, 2023 contains financial information taken from the audited XBiotech Inc. consolidated financial statements as of that date. Basis of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions have been eliminated upon consolidation. Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported values of amounts in the financial statements and accompanying notes. Actual results could differ from those estimates. Research and Development Costs All research and development costs are charged to expense as incurred. Research and development costs include salaries and personnel-related costs, consulting fees, fees paid for contract clinical trial research services, the costs of laboratory consumables, equipment and facilities, license fees and other external costs. Costs incurred to acquire licenses for intellectual property to be used in research and development activities with no alternative future use are expensed as incurred as research and development costs. Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are deferred and capitalized. The capitalized amounts are expensed as the related goods are delivered or the services are performed. Clinical Trial Accruals Expense accruals related to clinical trials are based on the Company’s estimates of services received and efforts expended pursuant to contracts with third party service providers conduct and manage clinical trials on the Company’s behalf. The financial terms of these agreements vary from contract to contract and may result in uneven payment flows. Payments under some of these contracts depend on factors such as the successful enrollment of patients and the completion of clinical trial milestones. In accruing costs, the Company estimates the period over which services will be performed and the level of effort to be expended in each period based upon patient enrollment, clinical site activations, or information provided to the Company by its vendors on their actual costs incurred. Any estimates of the level of services performed or the costs of these services could differ from actual results. Income Taxes In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"), which enhances the transparency and decision usefulness of income tax disclosures. Adjustments to the annual disclosure of income taxes include: (1) A tabular rate reconciliation comprised of eight specific categories, (2) Incomes taxes paid, disaggregated between significant federal, state, and foreign jurisdictions, (3) Eliminates requirements to disclose the nature and estimate of reasonably possible changes to unrecognized tax benefits in the next 12 months or that an estimated range cannot be made, and (4) Adds a requirement to disclose income (or loss) from continuing operations before income tax expense (or benefit) and income tax expense (or benefit) from continuing operations disaggregated between domestic and foreign. The ASU is effective for public business entities for fiscal years beginning on or after December 15, 2024 with early adoption permitted. The amendments in ASU 2023-09 should be applied on a prospective basis and retrospective application is permitted. The Company is in the process of evaluating the impact of adoption of ASU 2023-09 on the Company's consolidated financial statements and disclosures. The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The Company measures deferred tax assets and liabilities using the enacted tax rates for the years and jurisdictions in which the temporary differences are expected to be recovered. A change to the tax rates used to measure the Company’s deferred taxes is recognized in income during the period in which the new rate(s) were enacted. The Company recognizes deferred tax assets to the extent the Company’s assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including the future reversals of existing taxable temporary differences, projected future taxable income exclusive of reversing temporary differences and carryforwards, tax-planning strategies, taxable income in prior carryback years if permitted under tax law, and the results from prior years. If the Company determines it is more likely than not, that all or a portion of a deferred tax asset will not be realized a valuation allowance is recorded with a charge to income tax expense. Alternatively, if the Company determines that all or a portion of a deferred tax asset previously not meeting the more likely than not threshold will be realized, the Company reduces its valuation allowance and recognizes a benefit in income tax expense. Share-Based Compensation The Company accounts for its share-based compensation awards in accordance with ASC Topic 718, Compensation-Stock Compensation Share-based compensation expense recognized for the three months and six months ended June 30, 2024 and 2023 was included in the following line items on the Consolidated Statements of Operations (in thousands). Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Research and development $ 242 $ 787 $ 496 $ 1,411 General and administrative 137 127 264 208 Total share-based compensation expense $ 379 $ 914 $ 760 $ 1,619 The fair value of each option is estimated on the date of grant using the Black-Scholes method with the following assumptions: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Dividend yield - - - - Expected volatility 79%-80 % 81 % 79%-80 % 81%-82 % Risk-free interest rate 4.2%-4.4 % 3.3%-3.9 % 3.8%-4.4 % 3.3%-4.2 % Expected life (in years) 5.38- 6.25 5.38- 6.25 5.38- 6.25 5.38- 6.25 Weighted-average grant date fair value per share $ 3.84 $ 6.00 $ 3.85 $ 4.11 Cash and Cash Equivalents The Company considers highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consisted primarily of cash on deposit in U.S., German and Canadian banks. Cash and cash equivalents are stated at cost which approximates fair value. Interest Bearing Time Deposit During the three months ended March 31, 2023, the Company held guaranteed investment certificates with a financial institution. The guaranteed investment certificates had a 12 month term at origination with interest payable at maturity. The guaranteed investment certificates matured in July 2023. There has been no related activity in 2024. Concentrations of Credit Risk Financial instruments that potentially subject the Company to credit risk consist primarily of cash and cash equivalents. The Company holds these investments in highly-rated financial institutions, and limits the amounts of credit exposure to any one financial institution. These amounts at times may exceed federally insured limits. The Company has not experienced any credit losses in such accounts and does not believe it is exposed to any significant credit risk on these funds. The Company has no off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements. Property and Equipment Property and equipment, which consists of land, construction in process, furniture and fixtures, computers and office equipment, scientific equipment, vehicles and building are stated at cost and depreciated over the estimated useful lives of the assets, with the exception of land and construction in process which are not depreciated, using the straight line method. The useful lives are as follows: • Furniture and fixtures 7 years • Office equipment 5 years • Scientific equipment 5 years • Vehicles 5 years • Mobile facility 27.5 years • Building 39 years Costs of major additions and betterments are capitalized; maintenance and repairs, which do not improve or extend the life of the respective assets, are charged to expense as incurred. Upon retirement or sale, the cost of the disposed asset and the related accumulated depreciation are removed from the accounts and the resulting gain or loss is recognized. Impairment of Long-Lived Assets The Company periodically evaluates its long-lived assets for potential impairment in accordance with ASC Topic 360, Property, Plant and Equipment not Convertible Loan, Related Party On January 3, 2024, the Company entered into a Convertible Loan Agreement (the “Loan”) with John Simard, the Company’s Founder, President, Chief Executive Officer and Chairman. The Loan provided $10 million in immediate funding for the construction of a new, state-of-the-art research and development facility at the Company’s property at 5217 Winnebago Lane in Austin, Texas. The Loan is secured by the real estate and cash holdings of the Company, with interest to accrue at a simple rate equal to eight Foreign Currency Transactions Certain transactions are denominated in a currency other than the Company’s functional currency of the U.S. dollar, and the Company generates assets and liabilities that are fixed in terms of the amount of foreign currency that will be received or paid. At each balance sheet date, the Company adjusts the assets and liabilities to reflect the current exchange rate, resulting in a translation gain or loss. As of June 30, 2024, the only significant assets denominated in a foreign currency were certain cash accounts, which were remeasured into the functional currency (U.S. dollar) as of June 30, 2024, resulting in a foreign exchange loss of $2.1 million.Transaction gains and losses are also realized upon a settlement of a foreign currency transaction in determining net loss for the period in which the transaction is settled. Comprehensive Income (Loss) ASC Topic 220, Comprehensive Income Segment and Geographic Information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision making group, in making decisions on how to allocate resources and assess performance. The Company’s chief operating decision maker is the Chief Executive Officer. The Company and the chief operating decision maker view the Company’s operations and manage its business as one Net Loss Per Share Net income/loss per share (“EPS”) is computed by dividing net loss by the weighted average number of common shares outstanding during each period. Diluted EPS is computed by dividing net income/loss by the weighted average number of common shares and common share equivalents outstanding (if dilutive) during each period. The Company does not include the potential impact of dilutive securities in diluted net loss per share, as the impact of these items is anti-dilutive. For the three months ended June 30, 2024, 1,418,399 stock options and 1,921,828 shares of common stock issuable upon conversion of a convertible loan, were not included in the computation of diluted net loss per share. For the six months ended June 30, 2024, 1,193,399 stock options and 1,921,828 shares of common stock issuable upon conversion of a convertible loan, were not included in the computation of diluted net loss per share. Subsequent Events The Company considered events or transactions occurring after the balance sheet date but prior to the date the consolidated financial statements are available to be issued for potential recognition or disclosure in its consolidated financial statements. We have evaluated subsequent events through the date of filing this Form 10-Q.

Note 3 - Property and Equipment

Note 3 - Property and Equipment	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	3. Property and Equipment Net property and equipment, after deducting accumulated depreciation, consisted of the following as of June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 December 31, 2023 Manufacturing equipment $ 1,705 $ 2,104 Winnebago building 21,082 20,643 Other fixed assets 2,129 2,150 Total property and equipment $ 24,916 $ 24,897

Note 4 - Common Stock

Note 4 - Common Stock	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Equity [Text Block]	4. Common Stock Pursuant to its Articles, the Company has an unlimited number of shares available for issuance with no On May 17, 2023, XBiotech announced that it had commenced a “modified Dutch auction” tender offer to purchase up to $80.0 million of its common shares, or such lesser number of common shares as are properly tendered and not properly withdrawn, at a price not less than $3.80 nor greater than $4.00 per common share, to the seller in cash. The tender offer expired on June 15, 2023. On June 20, 2023, the Company announced the final results of its “modified Dutch Auction” tender offer. The Company accepted for purchase 3,561 shares of its common stock, at a price of $4.00 per share, for an aggregate cost of approximately $14 thousand, excluding fees and expenses related to the tender offer. These shares represented an immaterial percent of the shares outstanding. The repurchased shares were retired and have been classified to reduce common stock in the accompanying consolidated balance sheet as of December 31, 2023. During the year ended December 31, 2023, 1,250 shares of common stock were issued upon the exercise of stock options at a price of $3.84 per share for total proceeds of $4,800. During the six months ended June 30, 2024, 26,192 shares of common stock were issued upon the exercise of stock options, at prices ranging from $3.38 to $5.62 per share, for total proceeds of $103 thousand.

Note 5 - Common Stock Options

Note 5 - Common Stock Options	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	++5. Common Stock Options On November 11, 2005, the Board of Directors of the Company adopted the XBiotech Inc. 2005 Incentive Stock Option Plan (the “2005 Plan”), and on March 24, 2015, the board of directors of the Company adopted the XBiotech Inc. 2015 Equity Incentive Plan (the 2015 Plan”) pursuant to which the Company may grant incentive stock and non-qualified stock options to directors, officers, employees or consultants of the Company or an affiliate or other persons as the Compensation Committee may approve. All options under both Plans will be non-transferable and may be exercised only by the participant, or in the event of the death of the participant, a legal representative until the earlier of the options’ expiry date or the first anniversary of the participant’s death, or such other date as may be specified by the Compensation Committee. The term of the options is at the discretion of the Compensation Committee, but may not exceed 10 years from the grant date. The options expire on the earlier of the expiration date or the date three months following the day on which the participant ceases to be an officer or employee of or consultant to the Company, or in the event of the termination of the participant with cause, the date of such termination. Options held by non-employee Directors have an exercise period coterminous with the term of the options. The number of common shares reserved for issuance to any one person pursuant to the 2005 Plan shall not, in aggregate, exceed 5% of the total number of outstanding common shares. The exercise price per common share under each option will be the fair market value of such shares at the time of the grant. Upon stock option exercise, the Company issues new shares of common stock. A summary of changes in common stock options issued under the 2005 Plan and under the 2015 Plan is as follows: Options Exercise Price Weighted-Average Options outstanding at December 31, 2023 5,039,518 $2.71-$21.74 $ 9.46 Granted 205,000 4.05-7.85 5.58 Exercised (26,192 ) 3.38-5.62 3.92 Forfeitures (619,750 ) 3.84-19.92 10.88 Options outstanding at June 30, 2024 4,598,576 $2.71-$21.74 $ 9.12 Options Exercise Price Weighted-Average Options outstanding at December 31, 2022 4,558,902 $2.71-$21.74 $ 10.47 Granted 800,600 3.38-6.04 4.11 Exercised - - - Forfeitures (286,084 ) 3.84-19.90 11.03 Options outstanding at June 30, 2023 5,073,418 $2.71-$21.74 $ 9.44 As of June 30, 2024, there was approximately $1.4 million of unrecognized compensation cost, related to stock options granted under the Plans which will be amortized to stock compensation expense over the next 1.15 years.

Note 6 - Income Taxes

Note 6 - Income Taxes	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Income Tax Disclosure [Text Block]	6. Income Taxes The Company's effective tax rates for the three months ended June 30, 2024 and June 30, 2023, were 0.2% and -0.8% respectively. The effective tax rate for the three month periods ended June 30, 2024 and June 30, 2023 varied from the Canadian statutory rate primarily due to non-deductible compensation and losses in jurisdictions for which a valuation allowance is recorded. The Company's effective tax rates for the six months ended June 30, 2024 and June 30, 2023, were 0.0% and -0.3%, respectively. The effective tax rate for the six month periods ended June 30, 2024 and June 30, 2023 varied from the Canadian statutory rate primarily due to non-deductible compensation and losses in jurisdictions for which a valuation allowance is recorded.

Insider Trading Arrangements

Insider Trading Arrangements	6 Months Ended
	Jun. 30, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	Item 5. Other Information. Not
Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The condensed consolidated balance sheet as of June 30, 2024, the condensed consolidated statements of operations and comprehensive loss and shareholders’ equity for the three and six months ended June 30, 2024 and 2023, and the condensed consolidated statement of cash flows for the six months ended June 30, 2024 and 2023 were prepared by management without audit. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, except as otherwise disclosed, necessary for the fair presentation of the financial position, results of operations, and changes in financial position for such periods, have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Form 10-K for the year ended December 31, 2023. The results of operations for the period ended June 30, 2024 are not necessarily indicative of the operating results that may be expected for a full year. The condensed consolidated balance sheet as of December 31, 2023 contains financial information taken from the audited XBiotech Inc. consolidated financial statements as of that date.
Consolidation, Policy [Policy Text Block]	Basis of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions have been eliminated upon consolidation.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported values of amounts in the financial statements and accompanying notes. Actual results could differ from those estimates.
Research and Development Expense, Policy [Policy Text Block]	Research and Development Costs All research and development costs are charged to expense as incurred. Research and development costs include salaries and personnel-related costs, consulting fees, fees paid for contract clinical trial research services, the costs of laboratory consumables, equipment and facilities, license fees and other external costs. Costs incurred to acquire licenses for intellectual property to be used in research and development activities with no alternative future use are expensed as incurred as research and development costs. Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are deferred and capitalized. The capitalized amounts are expensed as the related goods are delivered or the services are performed.
Clinical Trial Accruals [Policy Text Block]	Clinical Trial Accruals Expense accruals related to clinical trials are based on the Company’s estimates of services received and efforts expended pursuant to contracts with third party service providers conduct and manage clinical trials on the Company’s behalf. The financial terms of these agreements vary from contract to contract and may result in uneven payment flows. Payments under some of these contracts depend on factors such as the successful enrollment of patients and the completion of clinical trial milestones. In accruing costs, the Company estimates the period over which services will be performed and the level of effort to be expended in each period based upon patient enrollment, clinical site activations, or information provided to the Company by its vendors on their actual costs incurred. Any estimates of the level of services performed or the costs of these services could differ from actual results.
Income Tax, Policy [Policy Text Block]	Income Taxes In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"), which enhances the transparency and decision usefulness of income tax disclosures. Adjustments to the annual disclosure of income taxes include: (1) A tabular rate reconciliation comprised of eight specific categories, (2) Incomes taxes paid, disaggregated between significant federal, state, and foreign jurisdictions, (3) Eliminates requirements to disclose the nature and estimate of reasonably possible changes to unrecognized tax benefits in the next 12 months or that an estimated range cannot be made, and (4) Adds a requirement to disclose income (or loss) from continuing operations before income tax expense (or benefit) and income tax expense (or benefit) from continuing operations disaggregated between domestic and foreign. The ASU is effective for public business entities for fiscal years beginning on or after December 15, 2024 with early adoption permitted. The amendments in ASU 2023-09 should be applied on a prospective basis and retrospective application is permitted. The Company is in the process of evaluating the impact of adoption of ASU 2023-09 on the Company's consolidated financial statements and disclosures. The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The Company measures deferred tax assets and liabilities using the enacted tax rates for the years and jurisdictions in which the temporary differences are expected to be recovered. A change to the tax rates used to measure the Company’s deferred taxes is recognized in income during the period in which the new rate(s) were enacted. The Company recognizes deferred tax assets to the extent the Company’s assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including the future reversals of existing taxable temporary differences, projected future taxable income exclusive of reversing temporary differences and carryforwards, tax-planning strategies, taxable income in prior carryback years if permitted under tax law, and the results from prior years. If the Company determines it is more likely than not, that all or a portion of a deferred tax asset will not be realized a valuation allowance is recorded with a charge to income tax expense. Alternatively, if the Company determines that all or a portion of a deferred tax asset previously not meeting the more likely than not threshold will be realized, the Company reduces its valuation allowance and recognizes a benefit in income tax expense.
Share-Based Payment Arrangement [Policy Text Block]	Share-Based Compensation The Company accounts for its share-based compensation awards in accordance with ASC Topic 718, Compensation-Stock Compensation Share-based compensation expense recognized for the three months and six months ended June 30, 2024 and 2023 was included in the following line items on the Consolidated Statements of Operations (in thousands). Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Research and development $ 242 $ 787 $ 496 $ 1,411 General and administrative 137 127 264 208 Total share-based compensation expense $ 379 $ 914 $ 760 $ 1,619 The fair value of each option is estimated on the date of grant using the Black-Scholes method with the following assumptions: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Dividend yield - - - - Expected volatility 79%-80 % 81 % 79%-80 % 81%-82 % Risk-free interest rate 4.2%-4.4 % 3.3%-3.9 % 3.8%-4.4 % 3.3%-4.2 % Expected life (in years) 5.38- 6.25 5.38- 6.25 5.38- 6.25 5.38- 6.25 Weighted-average grant date fair value per share $ 3.84 $ 6.00 $ 3.85 $ 4.11
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents The Company considers highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consisted primarily of cash on deposit in U.S., German and Canadian banks. Cash and cash equivalents are stated at cost which approximates fair value.
Investment, Policy [Policy Text Block]	Interest Bearing Time Deposit During the three months ended March 31, 2023, the Company held guaranteed investment certificates with a financial institution. The guaranteed investment certificates had a 12 month term at origination with interest payable at maturity. The guaranteed investment certificates matured in July 2023. There has been no related activity in 2024.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentrations of Credit Risk Financial instruments that potentially subject the Company to credit risk consist primarily of cash and cash equivalents. The Company holds these investments in highly-rated financial institutions, and limits the amounts of credit exposure to any one financial institution. These amounts at times may exceed federally insured limits. The Company has not experienced any credit losses in such accounts and does not believe it is exposed to any significant credit risk on these funds. The Company has no off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements.
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment Property and equipment, which consists of land, construction in process, furniture and fixtures, computers and office equipment, scientific equipment, vehicles and building are stated at cost and depreciated over the estimated useful lives of the assets, with the exception of land and construction in process which are not depreciated, using the straight line method. The useful lives are as follows: • Furniture and fixtures 7 years • Office equipment 5 years • Scientific equipment 5 years • Vehicles 5 years • Mobile facility 27.5 years • Building 39 years Costs of major additions and betterments are capitalized; maintenance and repairs, which do not improve or extend the life of the respective assets, are charged to expense as incurred. Upon retirement or sale, the cost of the disposed asset and the related accumulated depreciation are removed from the accounts and the resulting gain or loss is recognized.
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Impairment of Long-Lived Assets The Company periodically evaluates its long-lived assets for potential impairment in accordance with ASC Topic 360, Property, Plant and Equipment not
Debt, Policy [Policy Text Block]	Convertible Loan, Related Party On January 3, 2024, the Company entered into a Convertible Loan Agreement (the “Loan”) with John Simard, the Company’s Founder, President, Chief Executive Officer and Chairman. The Loan provided $10 million in immediate funding for the construction of a new, state-of-the-art research and development facility at the Company’s property at 5217 Winnebago Lane in Austin, Texas. The Loan is secured by the real estate and cash holdings of the Company, with interest to accrue at a simple rate equal to eight
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign Currency Transactions Certain transactions are denominated in a currency other than the Company’s functional currency of the U.S. dollar, and the Company generates assets and liabilities that are fixed in terms of the amount of foreign currency that will be received or paid. At each balance sheet date, the Company adjusts the assets and liabilities to reflect the current exchange rate, resulting in a translation gain or loss. As of June 30, 2024, the only significant assets denominated in a foreign currency were certain cash accounts, which were remeasured into the functional currency (U.S. dollar) as of June 30, 2024, resulting in a foreign exchange loss of $2.1 million.Transaction gains and losses are also realized upon a settlement of a foreign currency transaction in determining net loss for the period in which the transaction is settled.
Comprehensive Income, Policy [Policy Text Block]	Comprehensive Income (Loss) ASC Topic 220, Comprehensive Income
Segment Reporting, Policy [Policy Text Block]	Segment and Geographic Information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision making group, in making decisions on how to allocate resources and assess performance. The Company’s chief operating decision maker is the Chief Executive Officer. The Company and the chief operating decision maker view the Company’s operations and manage its business as one
Earnings Per Share, Policy [Policy Text Block]	Net Loss Per Share Net income/loss per share (“EPS”) is computed by dividing net loss by the weighted average number of common shares outstanding during each period. Diluted EPS is computed by dividing net income/loss by the weighted average number of common shares and common share equivalents outstanding (if dilutive) during each period. The Company does not include the potential impact of dilutive securities in diluted net loss per share, as the impact of these items is anti-dilutive. For the three months ended June 30, 2024, 1,418,399 stock options and 1,921,828 shares of common stock issuable upon conversion of a convertible loan, were not included in the computation of diluted net loss per share. For the six months ended June 30, 2024, 1,193,399 stock options and 1,921,828 shares of common stock issuable upon conversion of a convertible loan, were not included in the computation of diluted net loss per share.
Subsequent Events, Policy [Policy Text Block]	Subsequent Events The Company considered events or transactions occurring after the balance sheet date but prior to the date the consolidated financial statements are available to be issued for potential recognition or disclosure in its consolidated financial statements. We have evaluated subsequent events through the date of filing this Form 10-Q.

Note 2 - Significant Accounti_2

Note 2 - Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Research and development $ 242 $ 787 $ 496 $ 1,411 General and administrative 137 127 264 208 Total share-based compensation expense $ 379 $ 914 $ 760 $ 1,619
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Dividend yield - - - - Expected volatility 79%-80 % 81 % 79%-80 % 81%-82 % Risk-free interest rate 4.2%-4.4 % 3.3%-3.9 % 3.8%-4.4 % 3.3%-4.2 % Expected life (in years) 5.38- 6.25 5.38- 6.25 5.38- 6.25 5.38- 6.25 Weighted-average grant date fair value per share $ 3.84 $ 6.00 $ 3.85 $ 4.11

Note 3 - Property and Equipme_2

Note 3 - Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Property, Plant and Equipment [Table Text Block]	June 30, 2024 December 31, 2023 Manufacturing equipment $ 1,705 $ 2,104 Winnebago building 21,082 20,643 Other fixed assets 2,129 2,150 Total property and equipment $ 24,916 $ 24,897

Note 5 - Common Stock Options (

Note 5 - Common Stock Options (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Share-Based Payment Arrangement, Option, Activity [Table Text Block]	Options Exercise Price Weighted-Average Options outstanding at December 31, 2023 5,039,518 $2.71-$21.74 $ 9.46 Granted 205,000 4.05-7.85 5.58 Exercised (26,192 ) 3.38-5.62 3.92 Forfeitures (619,750 ) 3.84-19.92 10.88 Options outstanding at June 30, 2024 4,598,576 $2.71-$21.74 $ 9.12 Options Exercise Price Weighted-Average Options outstanding at December 31, 2022 4,558,902 $2.71-$21.74 $ 10.47 Granted 800,600 3.38-6.04 4.11 Exercised - - - Forfeitures (286,084 ) 3.84-19.90 11.03 Options outstanding at June 30, 2023 5,073,418 $2.71-$21.74 $ 9.44

Note 1 - Organization (Details

Note 1 - Organization (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Jun. 30, 2024	Dec. 31, 2023
Cash and Cash Equivalents, at Carrying Value		$ 188,530	$ 200,023
True Human [Member]
Sale of Product, Consideration Received	$ 750,000
Potential Milestone Payments	$ 600,000

Note 2 - Significant Accounti_3

Note 2 - Significant Accounting Policies (Details Textual)		3 Months Ended		6 Months Ended
	Jan. 03, 2024 USD ($) $ / shares	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($)
Impairment of Long-Lived Assets Held-for-use				$ 0
Proceeds from Convertible Debt				10,000,000	$ 0
Gain (Loss), Foreign Currency Transaction, before Tax		$ (554,000)	$ 1,328,000	$ (2,136,000)	$ 1,711,000
Number of Operating Segments				1
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares		1,418,399		1,193,399
Convertible Debt Securities [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares		1,921,828		1,921,828
Convertible Loan Agreement [Member] | Chief Executive Officer [Member]
Proceeds from Convertible Debt	$ 10,000,000
Debt Instrument, Interest Rate, Stated Percentage	8%
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares	$ 4.048
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger	19.90%
Debt Instrument, Convertible, Acceleration Feature, Share Price (in dollars per share) | $ / shares	$ 3
Debt Instrument, Convertible, Acceleration Feature, Cash Position	$ 65,000,000
Furniture and Fixtures [Member]
Property, Plant and Equipment, Useful Life (Year)		7 years		7 years
Office Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)		5 years		5 years
Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)		5 years		5 years
Vehicles [Member]
Property, Plant and Equipment, Useful Life (Year)		5 years		5 years
Mobile Facility [Member]
Property, Plant and Equipment, Useful Life (Year)		27 years 6 months		27 years 6 months
Building [Member]
Property, Plant and Equipment, Useful Life (Year)		39 years		39 years

Note 2 - Significant Accounti_4

Note 2 - Significant Accounting Policies - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based compensation expense	$ 379	$ 914	$ 760	$ 1,619
Research and Development Expense [Member]
Share-based compensation expense	242	787	496	1,411
General and Administrative Expense [Member]
Share-based compensation expense	$ 137	$ 127	$ 264	$ 208

Note 2 - Significant Accounti_5

Note 2 - Significant Accounting Policies - Stock Option Valuation Assumptions (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Expected volatility		81%
Weighted-average grant date fair value per share (in dollars per share)	$ 3.84	$ 6	$ 3.85	$ 4.11
Minimum [Member]
Expected volatility	79%		79%	81%
Risk-free interest rate	4.20%	3.30%	3.80%	3.30%
Expected life (in years) (Year)	5 years 4 months 17 days	5 years 4 months 17 days	5 years 4 months 17 days	5 years 4 months 17 days
Maximum [Member]
Expected volatility	80%		80%	82%
Risk-free interest rate	4.40%	3.90%	4.40%	4.20%
Expected life (in years) (Year)	6 years 3 months	6 years 3 months	6 years 3 months	6 years 3 months

Note 3 - Property and Equipme_3

Note 3 - Property and Equipment - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment, Net	$ 24,916	$ 24,897
Manufacturing Equipment [Member]
Property, Plant and Equipment, Net	1,705	2,104
Winnebago Building [Member]
Property, Plant and Equipment, Net	21,082	20,643
Property, Plant and Equipment, Other Types [Member]
Property, Plant and Equipment, Net	$ 2,129	$ 2,150

Note 4 - Common Stock (Details

Note 4 - Common Stock (Details Textual) - USD ($) $ / shares in Units, $ in Thousands			6 Months Ended	12 Months Ended
	Jun. 20, 2023	May 17, 2023	Jun. 30, 2024	Dec. 31, 2023
Common Stock, No Par Value (in dollars per share)			$ 0	$ 0
Treasury Stock, Shares Offered to Be Purchased, Value		$ 80,000
Stock Repurchased and Retired During Period, Shares (in shares)	3,561
Stock Repurchased During Period, Price Per Share (in dollars per share)	$ 4
Stock Repurchased and Retired During Period, Value	$ 14
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares)			26,192	1,250
Shares Issued, Price Per Share				$ 3.84
Proceeds from Stock Options Exercised				$ 4,800
Proceeds from Issuance of Common Stock			$ 103
Minimum [Member]
Treasury Stock, Shares Offered to Be Purchased, Price Per Share (in dollars per share)		$ 3.8
Shares Issued, Price Per Share			$ 3.38
Maximum [Member]
Treasury Stock, Shares Offered to Be Purchased, Price Per Share (in dollars per share)		$ 4
Shares Issued, Price Per Share			$ 5.62

Note 5 - Common Stock Options_2

Note 5 - Common Stock Options (Details Textual) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount	$ 1.4
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	1 year 1 month 24 days
The Plan [Member] | Any One Person [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Percentage of Outstanding Stock Maximum	5%
The Plan [Member] | Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)	10 years

Note 5 - Common Stock Options -

Note 5 - Common Stock Options - Changes in Common Stock Options Issued (Details) - $ / shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Options outstanding (in shares)	5,039,518	4,558,902
Granted (in shares)	205,000	800,600
Exercised (in shares)	(26,192)	0
Forfeitures (in shares)	(619,750)	(286,084)
Options outstanding (in shares)	4,598,576	5,073,418
Minimum [Member]
Outstanding, Exercise Price (in dollars per share)	$ 2.71	$ 2.71
Outstanding, Exercise Price (in dollars per share)	2.71	2.71
Granted, Exercise Price (in dollars per share)	4.05	3.38
Exercised, Exercise Price (in dollars per share)	3.38
Forfeitures, Exercise Price (in dollars per share)	3.84	3.84
Outstanding, Exercise Price (in dollars per share)	2.71	2.71
Maximum [Member]
Outstanding, Exercise Price (in dollars per share)	21.74	21.74
Outstanding, Exercise Price (in dollars per share)	21.74	21.74
Granted, Exercise Price (in dollars per share)	7.85	6.04
Exercised, Exercise Price (in dollars per share)	5.62
Forfeitures, Exercise Price (in dollars per share)	19.92	19.9
Outstanding, Exercise Price (in dollars per share)	21.74	21.74
Weighted Average [Member]
Outstanding, Exercise Price (in dollars per share)	9.12	9.44
Outstanding, Exercise Price (in dollars per share)	9.46	10.47
Granted, Exercise Price (in dollars per share)	5.58	4.11
Exercised, Exercise Price (in dollars per share)	3.92	0
Forfeitures, Exercise Price (in dollars per share)	10.88	11.03
Outstanding, Exercise Price (in dollars per share)	$ 9.12	$ 9.44

Note 6 - Income Taxes (Details

Note 6 - Income Taxes (Details Textual)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Effective Income Tax Rate Reconciliation, Percent	0.20%	0.80%	0%	0.30%