Xenetic Biosciences, Inc.
XBIO Healthcare Biotechnology
Xenetic Biosciences, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.0 million, up 19.0% from fiscal 2024. In the quarter to June 2026, revenue grew 12.0%, EPS grew 8.89% and free cash flow fell 128.1%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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Xenetic Biosciences, Inc. (XBIO) Piotroski F-score
Xenetic Biosciences, Inc.'s Piotroski F-score for fiscal 2025 is 5 out of 9: 5 of nine tests of profitability, leverage and efficiency passed, up from 3 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 5 | 2.00 |
| FY2024 | 3 | (1.00) |
| FY2023 | 4 | 1.00 |
| FY2022 | 3 | (1.00) |
| FY2021 | 4 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (35.12%) | (45.24%) | Fail | 0 |
| Positive operating cash flow | (2.29m) | (2.82m) | Fail | 0 |
| Rising return on assets | (35.12%) | (45.24%) | Pass | 1 |
| Cash flow above net income | 394.20k | 1.14m | Pass | 1 |
| Falling long-term leverage | 0.00 | 0.00 | Pass | 1 |
| Rising current ratio | 8.32 | 7.37 | Pass | 1 |
| No new shares issued | 1,701,600 | 1,541,300 | Fail | 0 |
| Rising gross margin | 100.00% | 100.00% | Fail | 0 |
| Rising asset turnover | 0.39 | 0.29 | Pass | 1 |
| Piotroski F-score | Mixed | 5 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| XBIO Xenetic Biosciences, Inc. | 5 |
| AZTR Azitra, Inc. compare | 3 |
| LGVN Longeveron Inc. compare | 3 |
| DRMA Dermata Therapeutics, Inc. compare | — |
| PCSA Heatwurx Inc. compare | — |
| NCNA NuCana PLC Sponsored ADR compare | — |
| ADTX Aditxt, Inc. compare | — |
| RVPH Reviva Pharmaceuticals Holdings, Inc. compare | — |
| ENLV Enlivex Ltd. compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover