MeritValue

Xenetic Biosciences, Inc.

XBIOdata completeness 75%16 fiscal years on file
The thesis, from the filings

Xenetic Biosciences, Inc. earns about -45% on equity, and has bought back 83% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.16M1$1.71M2$2.54M3$2.5M4$2.98M4
Net income−$5.65M5−$6.55M6−$4.13M7−$3.96M8−$2.68M8
Operating cash flow−$4.74M9−$4.65M10−$4.11M11−$2.82M12−$2.29M12
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$18.2M13$13.1M14$8.98M15$6.17M15$7.88M15
Diluted shares10.3M1.4M1.5M1.5M1.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$43.46
your share of equity
Profit it earned you last year
−$15.76
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $43.46 of net worth that earned you −$15.76 last year.

iii. Is this a good business?
Moat signal · return on equity
-45% avg · 5y
FY21 -31%FY22 -48%FY23 -42%FY24 -66%FY25 -36%

It earned an average -45% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−83% shares · 5y

Share count is down 83% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001683168-23-001674 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001683168-24-001594 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001683168-25-001686 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001683168-26-001737 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001683168-23-001674 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001683168-24-001594 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001683168-25-001686 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001683168-26-001737 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001683168-23-001674 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001683168-24-001594 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001683168-25-001686 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001683168-26-001737 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001683168-24-001594 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  14. 10-K · period ending 2022-12-31 · accession 0001683168-25-001686 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  15. 10-K · period ending 2023-12-31 · accession 0001683168-26-001737 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)