Gold bars to be exempt from tariffs, White House clarifies
Xenetic Biosciences, Inc. (NASDAQ:XBIO), a biopharmaceutical company with a market capitalization of $3.73 million, announced a change in its certifying accountant on Monday. The Massachusetts-based firm, which specializes in pharmaceutical preparations, stated that Marcum LLP resigned as its independent registered public accounting firm due to the acquisition of Marcum's attest business by CBIZ (NYSE:CBZ) CPAs P.C. on November 1, 2024. According to InvestingPro data, the company maintains strong liquidity with a current ratio of 7.37, indicating robust short-term financial stability.
The company's Audit Committee approved the resignation, which took effect on April 8, 2025. According to Xenetic, Marcum's audits for the fiscal years ending December 31, 2024, and December 31, 2023, did not contain any adverse opinions or qualifications concerning the financial statements. InvestingPro analysis shows the company currently maintains a FAIR financial health score, with particularly strong metrics in its balance sheet management. Subscribers can access 8 additional key financial insights about XBIO on the platform.
Furthermore, Xenetic reported no disagreements or reportable events with Marcum during the fiscal years mentioned and up to the resignation date. Marcum has agreed with the company's disclosures, as indicated in a letter dated April 8, 2025, which Xenetic has filed with the Securities and Exchange Commission. The company's stock, which currently trades below its InvestingPro Fair Value, has experienced significant volatility in recent months, with the share price down about 39% year-to-date.
Following this change, Xenetic's Audit Committee engaged CBIZ as the new independent registered public accounting firm on April 9, 2025, for the fiscal year ending December 31, 2025. The company confirmed that there were no consultations with CBIZ regarding accounting principles or auditing matters during the past two fiscal years and through the date of engagement.
This transition of accounting firms is disclosed by Xenetic Biosciences in compliance with the SEC regulations and is documented in the company's recent Form 8-K filing. The company has not provided any additional comment on the potential impact of this change. Xenetic Biosciences continues to operate out of its headquarters at 945 Concord Street, Framingham, Massachusetts, under the leadership of Interim CEO and CFO James Parslow.
In other recent news, Xenetic Biosciences has announced a new clinical study in collaboration with PeriNess Ltd. focusing on its systemic DNase I candidate, XBIO-015. The study, conducted at the Tel-Aviv Sourasky Medical (TASE:BLWV) Center, targets patients with relapsed/refractory osteosarcoma and Ewing sarcoma, aiming to assess the safety, tolerability, and efficacy of XBIO-015 in combination with chemotherapy. This initiative is part of Xenetic's broader strategy to explore the potential of XBIO-015 in various oncology indications. Meanwhile, H.C. Wainwright has maintained its Neutral rating on Xenetic Biosciences following a segment on the company's preclinical data. The data highlights the potential benefits of combining DNase I with CAR T cells for treating melanoma lung metastasis in a mouse model. Xenetic's approach involves using DNase I to degrade neutrophil extracellular traps, potentially enhancing CAR T cell efficacy against solid tumors. Despite promising preclinical results, the Neutral rating reflects a cautious stance on Xenetic's prospects at this stage.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.