0001171843-23-006944 | 10-Q | XBRL Viewer

Significant Accounting Policies [Text Block]

2.	Significant Accounting Policies

Basis of Presentation

The condensed consolidated balance sheet as of September 30, 2023, the condensed consolidated statements of operations and comprehensive loss and shareholders’ equity for the three and nine months ended September 30, 2023 and 2022, and the condensed consolidated statement of cash flows for the nine months ended September 30, 2023 were prepared by management without audit. In the opinion of management, all adjustments 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, 2022. The results of operations for the period ended September 30, 2023 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, 2022 contains financial information taken from the audited XBiotech Inc. consolidated financial statements as of that date.

Basis of Consolidation

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. 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.

Revenue

Revenue from the Janssen Agreements

The Company recognized revenues from its Janssen Agreements as follows:

The Company entered into its clinical manufacturing and clinical trial services arrangements in connection with its sale of certain intellectual property on December 30, 2019. These contracts commenced January 1, 2020. The Company executed an addendum related to manufacturing agreement, which generated revenue through November 2022. While these agreements are not considered contracts with a customer based on the terms thereof, the Company has applied the revenue recognition guidance by analogy.

XBiotech is still in the research and development phase. The eventual output of the Company’s intended ordinary activities will be the licensing of intellectual property and/or sale of commercialized compounds for use in pharmaceutical treatment of disease, not the performance of manufacturing of development stage compounds or clinical trials for others. Although Janssen was not a customer, as these services are not the output of XBiotech’s ordinary activities, the Company evaluated the terms of the agreements and analogized to Accounting Standards Codification, Topic 606, Revenue from Contracts with Customers (“ASC 606”) for clinical manufacturing and clinical trial services revenue recognition.

Under ASC 606, an entity recognizes revenue when (or as) its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606 (or for those analogized to it), the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts (including by analogy) when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the counterparty. At contract inception, once the contract is determined to be within the scope of or analogized to ASC 606, the Company assesses the goods or services promised within each contract and determine those that are performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.

Manufacturing Revenue

The Company had a Clinical Manufacturing Agreement that it accounted for by analogy to ASC 606. In 2022 the Company executed a new manufacturing agreement with a Janssen related company. The agreement generated $4.0 million in revenue through termination in November 2022.

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 who 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 calculates 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

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.

The Company recognizes and measure uncertain tax benefits in accordance with ASC 740 based on a two-step process in which (1) the Company determines whether it is more likely than not that the tax position will be sustained based on the technical merits of the position, and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than fifty percent likely to be realized upon ultimate settlement with the related tax authority. The Company's policy is to recognize interest and penalties related to uncertain tax positions, if any, 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 (“ASC 718”). ASC 718 requires all share-based payments to employees, including grants of employee stock options, to be recognized in the statements of operations based on their grant date fair values. For stock options granted to employees and to members of the board of directors for their services on the board of directors, the Company estimates the grant date fair value of each option award using the Black-Scholes option-pricing model. The use of the Black-Scholes option-pricing model requires management to make assumptions with respect to the expected term of the option, the expected volatility of the common stock consistent with the expected life of the option, risk-free interest rates, and expected dividend yields of the common stock. To determine the fair value of its common stock, the Company uses the closing price of the Company’s common stock as reported by NASDAQ. For awards subject to service-based vesting conditions, the Company recognizes share-based compensation expense, equal to the grant date fair value of stock options, on a straight-line basis over the requisite service period. The Company accounts for forfeitures as they occur rather than on an estimated basis.

Share-based compensation expense recognized for the three months and nine months ended September 30, 2023 and 2022 was included in the following line items on the Condensed Consolidated Statements of Operations (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Research and development	$	824	$	855	$	2,235	$	2,824
General and administrative		131		273		339		1,200
Total share-based compensation expense	$	955	$	1,128	$	2,574	$	4,024

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						Nine Months Ended
	September 30,						September 30,
	2023			2022			2023			2022
Dividend yield		-			-			-			-
Expected volatility		80%-81	%		83	%		80%-82	%		82%-83	%
Risk-free interest rate		3.9%-4.6	%		2.9%-3.3	%		3.3%-4.6	%		1.5%-3.5	%
Expected life (in years)		6.25			6.25			5.38-6.25			5.38-6.25
Weighted-average grant date fair value per share		3.62			3.71			2.89			4.93

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 bank accounts. Cash and cash equivalents are stated at cost which approximates fair value.

Interest Bearing Time Deposit

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 Company obtained both the principal amount and accrued interest in July 2023 upon maturity.

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. Potential impairment is assessed when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset may not be recovered. Recoverability of these assets is assessed based on undiscounted expected future cash flows from the assets, considering a number of factors, including past operating results, budgets and economic projections, market trends and product development cycles. If impairments are identified, assets are written down to their estimated fair value. The Company has not recognized any impairment during the three and nine month periods ended September 30, 2023 and 2022.

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. 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, requires that all components of comprehensive income (loss), including net income (loss), be reported in the financial statements in the period in which they are recognized. Comprehensive income (loss) is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources, including unrealized gains and losses on investments and foreign currency translation adjustments.

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 operating segment. Substantially all of the Company’s operations are in the U.S. geographic segment.

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 and nine months ended September 30, 2023, 812,932 and 556,767 stock options, respectively, 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.

Recent Accounting Pronouncements

Recently Issued Accounting Pronouncements

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU requires instruments measured at amortized cost to be presented at the net amount expected to be collected. Entities are also required to record allowances for available-for-sale debt securities rather than reduce the carrying amount. On November 15, 2019, the FASB delayed the effective date of the standard for certain small public companies and other private companies. As amended, the effective date of ASC Topic 326 was delayed until fiscal years beginning after December 15, 2022 for SEC filers that are eligible to be smaller reporting companies under the SEC’s definition, as well as private companies and not-for-profit entities. The adoption of ASC Topic 326 did not have a material impact on the Company’s consolidated financial statements.

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock Outstanding [Member]	Common Stock Including Additional Paid in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2021	30,439
Balance at Dec. 31, 2021		$ 262,263	$ 1,971	$ 5,151	$ 269,385
Net loss		0	0	(29,697)	(29,697)
Foreign currency translation adjustment		0	1,097	0	1,097
Share-based compensation expense		$ 4,024	0	0	4,024
Balance (in shares) at Sep. 30, 2022	30,439	30,439
Balance at Sep. 30, 2022		$ 266,287	3,068	(24,546)	244,809
Balance (in shares) at Jun. 30, 2022		30,439
Balance at Jun. 30, 2022		$ 265,159	2,524	(11,888)	255,795
Net loss		0	0	(12,658)	(12,658)
Foreign currency translation adjustment		0	544	0	544
Share-based compensation expense		$ 1,128	0	0	1,128
Balance (in shares) at Sep. 30, 2022	30,439	30,439
Balance at Sep. 30, 2022		$ 266,287	3,068	(24,546)	244,809
Balance (in shares) at Dec. 31, 2022		30,440
Balance at Dec. 31, 2022		$ 267,325	826	(27,749)	240,402
Net loss		0	0	(19,922)	(19,922)
Foreign currency translation adjustment		0	(386)	0	(386)
Share-based compensation expense		$ 2,574	0	0	2,574
Balance (in shares) at Sep. 30, 2023	30,437	30,437
Balance at Sep. 30, 2023		$ 269,890	440	(47,671)	222,659
Balance (in shares) at Jun. 30, 2023	30,436
Balance at Jun. 30, 2023		268,930	440	(40,307)	229,063
Net loss		0	0	(7,364)	(7,364)
Share-based compensation expense		$ 955	0	0	955
Balance (in shares) at Sep. 30, 2023	30,437	30,437
Balance at Sep. 30, 2023		$ 269,890	$ 440	$ (47,671)	$ 222,659

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock Outstanding [Member]	Common Stock Including Additional Paid in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2021	30,439
Balance at Dec. 31, 2021		$ 262,263	$ 1,971	$ 5,151	$ 269,385
Net loss		0	0	(29,697)	(29,697)
Share-based compensation expense		$ 4,024	0	0	4,024
Balance (in shares) at Jun. 30, 2022		30,439
Balance at Jun. 30, 2022		$ 265,159	2,524	(11,888)	255,795
Net loss		0	0	(12,658)	(12,658)
Share-based compensation expense		$ 1,128	0	0	1,128
Balance (in shares) at Dec. 31, 2022		30,440
Balance at Dec. 31, 2022		$ 267,325	826	(27,749)	240,402
Net loss		$ 0	0	(19,922)	(19,922)
Issuance of common stock under stock option plan (in shares)		1
Issuance of common stock under stock option plan		$ 5	0	0	5
Share-based compensation expense		2,574	0	0	2,574
Balance (in shares) at Jun. 30, 2023	30,436
Balance at Jun. 30, 2023		268,930	440	(40,307)	229,063
Net loss		$ 0	0	(7,364)	(7,364)
Issuance of common stock under stock option plan (in shares)		1
Issuance of common stock under stock option plan		$ 5	0	0	5
Share-based compensation expense		$ 955	$ 0	$ 0	$ 955

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

Note 1 - Organization

9 Months Ended

Sep. 30, 2023

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. 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. The Company’s headquarters are located in Austin, Texas.

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 $1.35 billion in cash and potential milestone payments (the “Janssen Transaction”). On February 2, 2022, XBiotech announced an addendum to the 2019 Janssen Manufacturing Agreement. XBiotech continued to manufacture bermekimab for use by Janssen in its clinical trials through November 2022. 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, all patents acquired by Janssen relating to IL-1a would be asserted for the benefit of XBiotech to protect its future IL-1a related therapies in all non-dermatological indications. Consequently, XBiotech is pursuing the development of other True Human™ antibodies targeting IL-1a for areas of medicine outside of dermatology. The Company’s True Human™ antibody discovery technology has been used to identify new IL-1a targeting product candidates and has already brought one such candidate into a clinical studies in oncology and rheumatology; and another anti-IL-1a antibody into a Phase I study in neurology. While the Company previously was focused on a single True Human™ antibody targeting IL-1a, it is now developing more than one product candidate that targets IL-1a to be used in different areas of medicine.

The Company is subject to a number of risks common to companies in clinical stage 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 $202.2 million at September 30, 2023, will enable the Company to achieve several major inflection points, including completion of 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 3 - Revenue

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Text Block]

3.	Revenue

On February 2, 2022, the Company announced an addendum to the 2019 Janssen Manufacturing Agreement XBiotech continued to manufacture bermekimab for use by Janssen in its clinical trials through November 2022. For the three months and nine months ended September 30, 2022, the Company recorded $1.7 million and $3.7 million of revenues, respectively under the February 2022 agreement. The agreement was terminated in November 2022.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
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, Issued (in shares)	30,436,964	30,439,275
Common Stock, Shares, Outstanding (in shares)	30,436,964	30,439,275

Note 7 - Income Taxes (Details Textual)	3 Months Ended		9 Months Ended
Note 7 - Income Taxes (Details Textual)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Effective Income Tax Rate Reconciliation, Percent	4.40%	23.40%	1.80%	(4.10%)
Effective Income Tax Rate Reconciliation, Percent, Total	(4.40%)	(23.40%)	(1.80%)	4.10%

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock Including Additional Paid in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2021	$ 262,263	$ 1,971	$ 5,151	$ 269,385
Net loss	0	0	(29,697)	(29,697)
Foreign currency translation adjustment	0	1,097	0	1,097
Share-based compensation expense	$ 4,024	0	0	4,024
Balance (in shares) at Jun. 30, 2022	30,439
Balance at Jun. 30, 2022	$ 265,159	2,524	(11,888)	255,795
Net loss	0	0	(12,658)	(12,658)
Foreign currency translation adjustment	0	544	0	544
Share-based compensation expense	$ 1,128	0	0	1,128
Balance (in shares) at Dec. 31, 2022	30,440
Balance at Dec. 31, 2022	$ 267,325	826	(27,749)	240,402
Net loss	0	0	(19,922)	(19,922)
Foreign currency translation adjustment	0	(386)	0	(386)
Share-based compensation expense	2,574	0	0	2,574
Balance at Jun. 30, 2023	268,930	440	(40,307)	229,063
Net loss	0	0	(7,364)	(7,364)
Share-based compensation expense	$ 955	$ 0	$ 0	$ 955

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

Note 6 - Common Stock Options

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Text Block]

6.	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 Exercise Price
Options outstanding at December 31, 2022		4,558,902		$2.71-$21.74		$	10.47
Granted		809,600			3.38-6.04		4.12
Exercised		(1,250	)		3.84		3.84
Forfeitures		(308,109	)		3.84-19.09		10.73
Options outstanding at September 30, 2023		5,059,143		$2.71-$21.74		$	9.44

	Options			Exercise Price		Weighted-Average Exercise Price
Options outstanding at December 31, 2021		4,656,677		$2.71-$21.74		$	10.68
Granted		151,600			4.06-11.50		7.10
Exercised		-			-		-
Forfeitures		(137,650	)		3.27-21.74		13.46
Options outstanding at September 30, 2022		4,670,627		$2.71-$21.74		$	10.48

As of September 30, 2023, there was approximately $2.1 million of unrecognized compensation cost, related to stock options granted under the Plans which will be amortized to stock compensation expense over the next 1.16 years.

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2023	Nov. 09, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-37437
Entity Registrant Name	XBIOTECH INC.
Entity Incorporation, State or Country Code	A1
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)		30,436,964
Entity Central Index Key	0001626878
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Note 2 - Significant Accounting Policies - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based compensation expense	$ 955	$ 1,128	$ 2,574	$ 4,024
Research and Development Expense [Member]
Share-based compensation expense	824	855	2,235	2,824
General and Administrative Expense [Member]
Share-based compensation expense	$ 131	$ 273	$ 339	$ 1,200

Note 7 - Income Taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Text Block]

7. Income Taxes

The Company's effective tax rates for the three months ended September 30, 2023 and September 30, 2022, were -4.4% and -23.4%, respectively. The effective tax rate for the three month periods ended September 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 effective tax rate for the three month period ended September 30, 2022 varied from the Canadian statutory rate primarily due to losses in jurisdictions for which a valuation allowance is recorded and no benefit is recognized and a shift in income between jurisdictions related to certain transfer pricing adjustments, which impacted the projected benefit associated with available loss carrybacks.

The Company's effective tax rates for the nine months ended September 30, 2023 and September 30, 2022, were -1.8% and 4.1%, respectively. The effective tax rate for the nine month periods ended September 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 effective tax rate for the nine month period ended September 30, 2022 varied from the Canadian statutory rate primarily due to losses in jurisdictions for which a valuation allowance is recorded and no benefit is recognized and a shift in income between jurisdictions related to certain transfer pricing adjustments, which impacted the projected benefit associated with available loss carrybacks.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Property, Plant and Equipment [Table Text Block]

Note 4 - Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

	September 30, 2023		December 31, 2022
Manufacturing equipment	$	2,324	$	2,716
Winnebago building		20,676		21,143
Other fixed assets		2,197		2,401
Total property and equipment	$	25,197	$	26,260

Note 3 - Revenue (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Note 3 - Revenue (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Cost of goods sold	$ 0	$ 1,680	$ 0	$ 3,710
Manufacturing Revenue [Member]
Cost of goods sold	$ 0	$ 1,680	$ 0	$ 3,710

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

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-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

Note 4 - Property and Equipment - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment, Net	$ 25,197	$ 26,260
Manufacturing Equipment [Member]
Property, Plant and Equipment, Net	2,324	2,716
Winnebago Building [Member]
Property, Plant and Equipment, Net	20,676	21,143
Property, Plant and Equipment, Other Types [Member]
Property, Plant and Equipment, Net	$ 2,197	$ 2,401

Note 5 - Common Stock

9 Months Ended

Sep. 30, 2023

Equity [Text Block]

5.	Common Stock

Pursuant to its Articles, the Company has an unlimited number of shares available for issuance with no par value.

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. These share repurchases were retired and have been classified to reduce common stock in the accompanying consolidated balance sheet as of September 30, 2023.

In September 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.

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S99
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Consolidated Statements of Shareholders' Equity (Unaudited) 3 - USD ($) shares in Thousands, $ in Thousands	Common Stock Including Additional Paid in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Common Stock Outstanding [Member]	Total
Balance (in shares) at Dec. 31, 2021				30,439
Balance at Dec. 31, 2021	$ 262,263	$ 1,971	$ 5,151		$ 269,385
Net loss	0	0	(29,697)		(29,697)
Foreign currency translation adjustment	0	1,097	0		1,097
Share-based compensation expense	$ 4,024	0	0		4,024
Balance (in shares) at Jun. 30, 2022	30,439
Balance at Jun. 30, 2022	$ 265,159	2,524	(11,888)		255,795
Net loss	0	0	(12,658)		(12,658)
Foreign currency translation adjustment	0	544	0		544
Share-based compensation expense	$ 1,128	0	0		1,128
Balance (in shares) at Dec. 31, 2022	30,440
Balance at Dec. 31, 2022	$ 267,325	826	(27,749)		240,402
Net loss	0	0	(19,922)		(19,922)
Tender offer (in shares)				(4)
Tender offer	$ (14)	0	0		(14)
Issuance of common stock under stock option plan (in shares)	1
Issuance of common stock under stock option plan	$ 5	0	0		5
Foreign currency translation adjustment	0	(386)	0		(386)
Share-based compensation expense	2,574	0	0		2,574
Balance (in shares) at Jun. 30, 2023				30,436
Balance at Jun. 30, 2023	268,930	440	(40,307)		229,063
Net loss	$ 0	0	(7,364)		(7,364)
Issuance of common stock under stock option plan (in shares)	1
Issuance of common stock under stock option plan	$ 5	0	0		5
Share-based compensation expense	$ 955	$ 0	$ 0		$ 955

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 202,191	$ 157,306
Interest bearing time deposits	0	60,172
Accrued interest receivable	881	1,216
Income tax receivable	451	548
Prepaid expenses and other current assets	879	601
Total current assets	204,402	219,843
Property and equipment, net	25,197	26,260
Total assets	229,599	246,103
Current liabilities:
Accounts payable	1,468	2,408
Accrued expenses	3,667	1,603
Income tax payable	159	55
Total current liabilities	5,294	4,066
Long-term liabilities:
Income tax payable	1,646	1,576
Deferred tax liability	0	59
Total liabilities	6,940	5,701
Shareholders’ equity:
Preferred stock, no par value, unlimited shares authorized, no shares outstanding	0	0
Common stock, no par value, unlimited shares authorized, 30,435,714 and 30,439,275 shares issued and outstanding at June 30, 2023 and December 31, 2022	269,890	267,325
Accumulated other comprehensive income	440	826
Accumulated deficit	(47,671)	(27,749)
Total shareholders’ equity	222,659	240,402
Total liabilities and shareholders’ equity	$ 229,599	$ 246,103

Note 1 - Organization (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Sep. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents, at Carrying Value		$ 202,191	$ 157,306
True Human [Member]
Sale of Product, Consideration Received	$ 1,350,000

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net loss	$ (7,364)	$ (12,658)	$ (19,922)	$ (29,697)
Foreign currency translation adjustment	0	544	0	1,097
Reclasscifaction adjustment from dissolution of Germany subsidary	0	0	(386)	0
Comprehensive loss	$ (7,364)	$ (12,114)	$ (20,308)	$ (28,600)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Share-Based Payment Arrangement, Option, Activity [Table Text Block]

Note 6 - Common Stock Options (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

	Options			Exercise Price		Weighted-Average Exercise Price
Options outstanding at December 31, 2022		4,558,902		$2.71-$21.74		$	10.47
Granted		809,600			3.38-6.04		4.12
Exercised		(1,250	)		3.84		3.84
Forfeitures		(308,109	)		3.84-19.09		10.73
Options outstanding at September 30, 2023		5,059,143		$2.71-$21.74		$	9.44

	Options			Exercise Price		Weighted-Average Exercise Price
Options outstanding at December 31, 2021		4,656,677		$2.71-$21.74		$	10.68
Granted		151,600			4.06-11.50		7.10
Exercised		-			-		-
Forfeitures		(137,650	)		3.27-21.74		13.46
Options outstanding at September 30, 2022		4,670,627		$2.71-$21.74		$	10.48

Note 2 - Significant Accounting Policies (Details Textual) $ in Thousands	3 Months Ended		9 Months Ended		11 Months Ended
	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 USD ($)	Nov. 30, 2022 USD ($)
Cost of goods sold	$ 0	$ 1,680	$ 0	$ 3,710
Impairment of Long-Lived Assets Held-for-use			$ 0
Number of Operating Segments			1
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) \| shares	812,932		556,767
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
Manufacturing Revenue [Member]
Cost of goods sold	$ 0	$ 1,680	$ 0	$ 3,710
Janssen [Member] \| Manufacturing Revenue [Member]
Cost of goods sold					$ 4,000

Note 6 - Common Stock Options - Changes in Common Stock Options Issued (Details) - $ / shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Options outstanding (in shares)	4,558,902	4,656,677
Granted (in shares)	809,600	151,600
Exercised (in shares)	(1,250)	0
Exercised, exercise price (in dollars per share)	$ 3.84	$ 0
Forfeitures (in shares)	(308,109)	(137,650)
Options outstanding (in shares)	5,059,143	4,670,627
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 2.71	$ 2.71
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share)	3.38	4.06
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price (in dollars per share)	3.84	3.27
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share)	2.71	2.71
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share)	21.74	21.74
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share)	6.04	11.50
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price (in dollars per share)	19.09	21.74
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share)	21.74	21.74
Weighted Average [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share)	10.47	10.68
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share)	4.12	7.10
Exercised, exercise price (in dollars per share)	3.84	0
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price (in dollars per share)	10.73	13.46
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 9.44	$ 10.48

Note 2 - Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Research and development	$	824	$	855	$	2,235	$	2,824
General and administrative		131		273		339		1,200
Total share-based compensation expense	$	955	$	1,128	$	2,574	$	4,024

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2023			2022			2023			2022
Dividend yield		-			-			-			-
Expected volatility		80%-81	%		83	%		80%-82	%		82%-83	%
Risk-free interest rate		3.9%-4.6	%		2.9%-3.3	%		3.3%-4.6	%		1.5%-3.5	%
Expected life (in years)		6.25			6.25			5.38-6.25			5.38-6.25
Weighted-average grant date fair value per share		3.62			3.71			2.89			4.93

Note 5 - Common Stock (Details Textual) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended
	Jun. 20, 2023	May 17, 2023	Sep. 30, 2023	Dec. 31, 2022
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)	$ 4.00
Stock Repurchased and Retired During Period, Value	$ 14
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares)			1,250
Shares Issued, Price Per Share			$ 3.84
Proceeds from Stock Options Exercised			$ 4,800
Minimum [Member]
Treasury Stock, Shares Offered to Be Purchased, Price Per Share (in dollars per share)		$ 3.80
Maximum [Member]
Treasury Stock, Shares Offered to Be Purchased, Price Per Share (in dollars per share)		$ 4.00

Note 6 - Common Stock Options (Details Textual) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount	$ 2.1
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	1 year 1 month 28 days
The Plan [Member] \| Any One Person [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Percentage of Outstanding Stock Maximum	5.00%
The Plan [Member] \| Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)	10 years

Note 2 - Significant Accounting Policies - Stock Option Valuation Assumptions (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Expected volatility		83.00%
Expected life (in years) (Year)	6 years 3 months	6 years 3 months
Weighted-average grant date fair value per share (in dollars per share)	$ 3.62	$ 3.71	$ 2.89	$ 4.93
Minimum [Member]
Expected volatility	80.00%		80.00%	82.00%
Risk-free interest rate	3.90%	2.90%	3.30%	1.50%
Expected life (in years) (Year)			5 years 4 months 17 days	5 years 4 months 17 days
Maximum [Member]
Expected volatility	81.00%		82.00%	83.00%
Risk-free interest rate	4.60%	3.30%	4.60%	3.50%
Expected life (in years) (Year)			6 years 3 months	6 years 3 months

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue
Revenue	$ 0	$ 1,680	$ 0	$ 3,710
Cost of Goods and Services Sold	0	215	0	635
Gross margin	0	1,465	0	3,075
Cost of goods sold	0	1,680	0	3,710
Operating Expenses:
Research and development	7,547	7,014	25,044	24,227
General and administrative	973	840	3,879	5,176
Total operating expenses	8,520	7,854	28,923	29,403
Loss from operations	(8,520)	(6,389)	(28,923)	(26,328)
Other income (loss):
Interest income	2,529	1,009	7,818	1,351
Other income (expense)	0	0	880	(119)
Foreign exchange gain (loss)	(1,065)	(4,877)	646	(5,867)
Total other income (loss)	1,464	(3,868)	9,344	(4,635)
Loss before income taxes	(7,056)	(10,257)	(19,579)	(30,963)
Income tax (expense) benefit	(308)	(2,401)	(343)	1,266
Net loss	$ (7,364)	$ (12,658)	$ (19,922)	$ (29,697)
Net loss per share—basic and diluted (in dollars per share)	$ (0.24)	$ (0.42)	$ (0.65)	$ (0.98)
Shares used to compute basic and diluted net loss per share (in shares)	30,436,638	30,439,277	30,437,044	30,439,277
Manufacturing Revenue [Member]
Revenue
Revenue	$ 0	$ 1,680	$ 0	$ 3,710
Cost of Goods and Services Sold		215		635
Cost of goods sold	$ 0	$ 1,680	$ 0	$ 3,710

Note 4 - Property and Equipment

9 Months Ended

Sep. 30, 2023