0001171843-24-002746 | 10-Q | XBRL Viewer

Significant Accounting Policies [Text Block]

2.	Significant Accounting Policies

Basis of Presentation

Basis of Consolidation

The 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

Research and Development Costs

Clinical Trial Accruals

Income Taxes

Share-Based Compensation

Share-based compensation expense recognized for the three months ended March 31, 2024 and 2023 was included in the following line items on the Consolidated Statements of Operations (in thousands).

	Three Months Ended
	March 31,
	2024		2023
Research and development	$	255	$	623
General and administrative		126		82
Total share-based compensation expense	$	381	$	705

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
	March 31,
	2024			2023
Dividend yield		-			-
Expected volatility		80	%		82	%
Risk-free interest rate		3.8%-4.3	%		3.5%-4.2	%
Expected life (in years)		5.38-6.25			5.63-6.25
Weighted-average grant date fair value per share	$	3.91		$	3.84

Cash and Cash Equivalents

Interest Bearing Time Deposit

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


•	Furniture and fixtures	7 years

•	Office equipment	5 years

•	Scientific equipment	5 years

•	Vehicles	5 years

•	Mobile facility	27.5 years

•	Building	39 years

Impairment of Long-Lived Assets

Convertible Loan, Related Party

Foreign Currency Transactions

Comprehensive Income (Loss)

Segment and Geographic Information

Net Loss Per Share

Subsequent Events

Note 2 - Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Notes Tables

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

	Three Months Ended
	March 31,
	2024		2023
Research and development	$	255	$	623
General and administrative		126		82
Total share-based compensation expense	$	381	$	705

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

	Three Months Ended
	March 31,
	2024			2023
Dividend yield		-			-
Expected volatility		80	%		82	%
Risk-free interest rate		3.8%-4.3	%		3.5%-4.2	%
Expected life (in years)		5.38-6.25			5.63-6.25
Weighted-average grant date fair value per share	$	3.91		$	3.84

Note 3 - Property and Equipment - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment, Net	$ 24,802	$ 24,897
Manufacturing Equipment [Member]
Property, Plant and Equipment, Net	1,885	2,104
Winnebago Building [Member]
Property, Plant and Equipment, Net	20,724	20,643
Property, Plant and Equipment, Other Types [Member]
Property, Plant and Equipment, Net	$ 2,193	$ 2,150

Note 5 - Common Stock Options

3 Months Ended

Mar. 31, 2024

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 Exercise Price
Options outstanding at December 31, 2023		5,039,518		$2.71-$21.74	$	9.46
Granted		23,000		$4.05-$6.45		5.59
Exercised		(13,917	)	$3.65-$5.43		3.96
Forfeitures		(614,750	)	$3.84-$19.22		10.92
Options outstanding at March 31, 2024		4,433,851		$2.71-$21.74	$	9.25

As of March 31, 2024, there was approximately $1.1 million of unrecognized compensation cost, related to stock options granted under the Plans which will be amortized to stock compensation expense over the next 1.0 years.

Note 4 - Common Stock (Details Textual) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended	12 Months Ended
	Jun. 20, 2023	May 17, 2023	Mar. 31, 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)			13,917	1,250
Shares Issued, Price Per Share				$ 3.84
Proceeds from Stock Options Exercised				$ 4,800
Proceeds from Issuance of Common Stock			$ 55
Minimum [Member]
Treasury Stock, Shares Offered to Be Purchased, Price Per Share (in dollars per share)		$ 3.8
Shares Issued, Price Per Share			$ 3.84
Maximum [Member]
Treasury Stock, Shares Offered to Be Purchased, Price Per Share (in dollars per share)		$ 4
Shares Issued, Price Per Share			$ 5.43

Note 2 - Significant Accounting Policies - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended	15 Months Ended
	Mar. 31, 2024	Mar. 31, 2024
Share-based compensation expense	$ 381	$ 705
Research and Development Expense [Member]
Share-based compensation expense	255	623
General and Administrative Expense [Member]
Share-based compensation expense	$ 126	$ 82

Note 6 - Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Text Block]

6.	Income Taxes

The Company's effective tax rates for the three months ended March 31, 2024 and March 31, 2023 were -0.3% and 0.9%, respectively. The effective tax rate for the three month periods ended March 31, 2024 and March 31, 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 entire disclosure for income tax.

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Note 1 - Organization

3 Months Ended

Mar. 31, 2024

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 (arthritis, cancer) and in some acute injury scenarios (stroke or heart attack), IL-1a can 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 a 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 $201.0 million at March 31, 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 4 - Common Stock

3 Months Ended

Mar. 31, 2024

Equity [Text Block]

4.	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. 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 three months ended March 31, 2024, 13,917 shares of common stock were issued upon the exercise of stock options at prices ranging from $3.84 to $5.43 per share for total proceeds of $55 thousand.

The entire disclosure for equity.

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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]	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	(3,816)	0	(3,816)
Share-based compensation expense	$ 705	0	0	705
Balance (in shares) at Mar. 31, 2023	30,439
Balance at Mar. 31, 2023	$ 268,030	(31,565)	440	236,905
Foreign currency translation adjustment	$ 0	0	$ (386)	(386)
Balance (in shares) at Dec. 31, 2023	30,437
Balance at Dec. 31, 2023	$ 271,152	(52,306)		218,846
Net loss	$ 0	(10,002)		(10,002)
Issuance of common stock under stock option plan (in shares)	14
Issuance of common stock under stock option plan	$ 55	0		55
Share-based compensation expense	$ 381	0		381
Balance (in shares) at Mar. 31, 2024	30,451
Balance at Mar. 31, 2024	$ 271,588	$ (62,308)		$ 209,280

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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Note 6 - Common Stock Options - Changes in Common Stock Options Issued (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Options outstanding (in shares) \| shares	5,039,518
Granted (in shares) \| shares	23,000
Exercised (in shares) \| shares	(13,917)
Forfeitures (in shares) \| shares	(614,750)
Options outstanding (in shares) \| shares	4,433,851
Minimum [Member]
Outstanding, Exercise Price (in dollars per share)	$ 2.71
Granted, Exercise Price (in dollars per share)	4.05
Exercised, Exercise Price (in dollars per share)	3.65
Forfeitures, Exercise Price (in dollars per share)	3.84
Outstanding, Exercise Price (in dollars per share)	2.71
Maximum [Member]
Outstanding, Exercise Price (in dollars per share)	21.74
Granted, Exercise Price (in dollars per share)	6.45
Exercised, Exercise Price (in dollars per share)	5.43
Forfeitures, Exercise Price (in dollars per share)	19.22
Outstanding, Exercise Price (in dollars per share)	21.74
Weighted Average [Member]
Outstanding, Exercise Price (in dollars per share)	9.46
Granted, Exercise Price (in dollars per share)	5.59
Exercised, Exercise Price (in dollars per share)	3.96
Forfeitures, Exercise Price (in dollars per share)	10.92
Outstanding, Exercise Price (in dollars per share)	$ 9.25

Note 6 - Income Taxes (Details Textual)	3 Months Ended
Note 6 - Income Taxes (Details Textual)	Mar. 31, 2024	Mar. 31, 2023
Effective Income Tax Rate Reconciliation, Percent	(0.30%)	0.90%

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net loss	$ (10,002)	$ (3,816)
Foreign currency translation adjustment	0	(386)
Comprehensive loss	$ (10,002)	$ (4,202)

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

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

Property, Plant and Equipment [Table Text Block]

Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

+ References + Details

Note 3 - Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2024

Notes Tables

	March 31, 2024		December 31, 2023
Manufacturing equipment	$	1,885	$	2,104
Winnebago building		20,724		20,643
Other fixed assets		2,193		2,150
Total property and equipment	$	24,802	$	24,897

Note 3 - Property and Equipment

3 Months Ended

Mar. 31, 2024