aibioXenetic files investor presentation on proposed transaction with Santersus
Tickers XBIO
The September 2026 deck's risk list includes a possible reverse stock split to meet Nasdaq listing requirements.
Key facts
- Company
- Xenetic Biosciences, Inc. (NASDAQ: XBIO)
- News type
- Listings
- Primary source
- Xenetic Biosciences, Inc. 8-K (2026-09-23)
What the deck says about the deal
Xenetic Biosciences, Inc. (Nasdaq: XBIO) filed a September 2026 investor presentation as Exhibit 99.1 to an 8-K on September 23, 2026. The deck dates the share exchange agreement September 14, 2026. The deck's valuation table puts $21 million on Xenetic, $120 million on Santersus and $141 million in total, and it describes the figure as a negotiated valuation. The table assumes $0 net cash and says the split is subject to adjustment under the agreement.
The share counts are labelled illustrative. The deck uses 2,343,181 common shares outstanding on July 31, 2026, and shows 2,546,699 Xenetic shares on a fully diluted basis. It shows about 14,552,566 new shares issued to Santersus holders at closing, and about 17,099,265 shares after closing. The deck says the new-share figure is implied by the 85% and 15% split, and that the actual number will be set by the exchange ratio at closing. The deck warns that changes to the exchange ratio could leave holders owning more or less of the combined company than expected, and that the market price of Xenetic stock may not track the value the ratio implies.
The deck's risk list also includes the failure to get shareholder approval, the combined company's ability to meet Nasdaq listing rules after closing, and a possible reverse stock split to meet those rules. It lists the company's need to raise more working capital.
The clinical claims
The deck leans on small, uncontrolled data. Its sepsis slide reports a 100% seven-day survival rate, but the figure comes from 10 extremely sick patients who received 32 NucleoCapture treatment sessions. The deck also cites more than 80 compassionate use cases, with no adverse events, across sepsis, autoimmune disease and cancer. Compassionate use is not a controlled comparison, and the deck gives no controlled results.
The lupus data come from a retrospective analysis of 10 compassionate use cases. The deck reports that median disease activity fell from 17.5 to 8.0 after three treatments, with p=0.009. A retrospective review of 10 patients cannot show that the treatment caused the change. The liver data come from 8 discarded human liver grafts on machine perfusion, with about 84% fewer circulating NETs. The lymphoma data for the DNase enzyme are preclinical mouse results, plus compassionate use data the deck calls encouraging. The deck plans an investigator-initiated study in 12 patients with large B-cell lymphoma at Tel Aviv Sourasky, in Israel, and shows proof-of-concept data due in the second quarter of 2027.
The sepsis pivotal study is the program with the most weight. The deck describes it as an ongoing pivotal study of up to 350 patients, randomized 1:1 between standard of care and standard of care plus NucleoCapture. The primary endpoint is a composite outcome, scored with a win-ratio method, that combines all-cause mortality through day 28 and organ-support-free days. The deck says FDA agreed to that composite endpoint, but it attaches no FDA letter or other document for the claim. The deck's sepsis timeline shows a first interim analysis of 100 patients in the fourth quarter of 2027, enrollment completed in the second quarter of 2029, and a US market launch targeted for the fourth quarter of 2029.
The deck cites market figures from third-party research firms, and it says the company has not verified that third-party information.
Money and listing
Xenetic's latest annual report, filed March 12, 2026, shows revenue of $3.0 million and a net loss of $2.7 million for 2025, against a net loss of $4.0 million for 2024. Cash used in operations was $2.3 million in 2025. Cash and cash equivalents were $7.9 million at year-end 2025 and $6.5 million at June 30, 2026.
The deck lists each company's expected cash position at closing, and the combined company's cash runway, among its forward-looking topics. It gives no figure for either. The companies expect the deal to close in the fourth quarter of 2026, after Xenetic stockholders vote and after Xenetic files a proxy statement and a Form S-1 registration statement, both still to come.