Issue 005 | U.S. Pilot | US

XBIT

XBiotech Inc.

Screen state: Passing Source state: Verified 10-Q | 2026-05-14 Filing currency: USD

Open Filing Back to Register Report a correction

Internal NCAV Discount 38.3%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets: 117,049,000USD
Total Liabilities: 4,819,000USD
NCAV: 112,230,000USD
Cash: 115,459,000USD
NCAV per share: 3.68USD/share
Evidence: 10 annual | 20 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Evaluated: 12
Triggered: 2
Unavailable: 7

Requires inspection Negative OCF -8,969,000

Latest: -8,969,0002026-03-31
Comparison: n/a
Change: n/a

Basis: latest reporting-period cash from operations < 0

Source periods: SEC 10-Q 2026-03-31 · 0001171843-26-003419

Supporting observation Current Ratio > 1.5 39.03

Latest: 39.032026-03-31
Comparison: 1.5
Change: n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 10-Q 2026-03-31 · 0001171843-26-003419

7 unavailable checks — inspect missing inputs

High Debt (short-term debt + long-term debt) / ordinary equity >= 50%

Low Debt (short-term debt + long-term debt) / ordinary equity < 20%

Material 1Y Share Increase 1Y share change >= +2% using the same share-count source

NCAV Growing equivalent prior-year NCAV change >= +2%; both NCAV values must be positive

No Material 1Y Share Increase 1Y share change > -2% and <= +1% using the same share-count source

Non-Positive Equity ordinary shareholders equity <= 0

Share Count Reduced 1Y share change <= -2% using the same share-count source

Business Profile

Published only when a substantive filing-text profile has been prepared for this issue.

Not available for this issue.

A substantive filing-text profile was not prepared for this company. Financial statement evidence and filing links remain available above for direct inspection.

Historical values can be viewed as reported in each filing or normalized to the latest verified split basis. These are measurement aids, not conclusions about a company.

Policy: no_split_evidence_reported_equals_adjusted | quality: verified

Display basis Normalized to latest verified split basis As reported in each filing

Metric	2026-03-31 10-Q Open filing	2025-12-31 10-K Open filing	2025-09-30 10-Q Open filing	2025-06-30 10-Q Open filing	2025-03-31 10-Q Open filing	2024-12-31 10-K Open filing	2024-09-30 10-Q Open filing	2024-06-30 10-Q Open filing	2024-03-31 10-Q Open filing	2023-12-31 10-K Open filing	2023-09-30 10-Q Open filing	2023-06-30 10-Q Open filing	2023-03-31 10-Q Open filing	2022-12-31 10-K Open filing	2022-09-30 10-Q Open filing	2022-06-30 10-Q Open filing	2022-03-31 10-Q Open filing	2021-12-31 10-K Open filing	2021-09-30 10-Q Open filing	2021-06-30 10-Q Open filing	2020-12-31 10-K Open filing	2019-12-31 10-K Open filing	2018-12-31 10-K Open filing	2017-12-31 10-K Open filing	2016-12-31 10-K Open filing
Period-end Shares Outstanding	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	n/an/a	30,479,40630,479,406	30,463,15630,463,156	30,450,88130,450,881	30,436,96430,436,964	30,436,96430,436,964	30,435,71430,435,714	30,439,27530,439,275	30,439,27530,439,275	30,439,27730,439,277	30,439,27530,439,275	30,439,27530,439,275	30,439,27530,439,275	30,397,81130,397,811	30,024,00730,024,007	29,304,39629,304,396	41,519,63341,519,633	35,899,77235,899,772	35,439,27235,439,272	32,627,69132,627,691
Weighted-average Basic Shares	30,487,73130,487,731	30,487,73130,487,731	30,487,73130,487,731	30,487,73130,487,731	30,487,73130,487,731	30,460,98030,460,980	30,472,55730,472,557	30,456,10130,456,101	30,443,97330,443,973	30,438,45930,438,459	30,436,63830,436,638	30,439,11830,439,118	30,439,27530,439,275	30,439,27530,439,275	30,439,27730,439,277	30,439,27730,439,277	30,043,38030,043,380	30,043,38030,043,380	n/an/a	n/an/a	30,823,45830,823,458	38,945,46838,945,468	n/an/a	n/an/a	n/an/a
Weighted-average Diluted Shares	n/an/a	30,487,73130,487,731	n/an/a	n/an/a	n/an/a	30,460,98030,460,980	n/an/a	n/an/a	n/an/a	30,438,45930,438,459	n/an/a	n/an/a	n/an/a	30,439,27530,439,275	n/an/a	n/an/a	n/an/a	30,043,38030,043,380	n/an/a	n/an/a	30,823,45830,823,458	46,319,45746,319,457	n/an/a	n/an/a	n/an/a
Basic EPS	-0-0	-1-1	-1-1	-0-0	-0-0	-1-1	-1-1	-1-1	-0-0	-1-1	-1-1	-0-0	-0-0	-1-1	-1-1	-1-1	-0-0	-1-1	-0-0	-0-0	-0-0	1717	-1-1	-1-1	n/an/a
Diluted EPS	n/an/a	-1-1	n/an/a	n/an/a	n/an/a	-1-1	n/an/a	n/an/a	n/an/a	-1-1	n/an/a	n/an/a	n/an/a	-1-1	n/an/a	n/an/a	n/an/a	-1-1	n/an/a	n/an/a	-0-0	1515	-1-1	-1-1	n/an/a
Basic-to-Diluted Share Difference	Insufficient evidence	0.0%	Insufficient evidence	Insufficient evidence	Insufficient evidence	0.0%	Insufficient evidence	Insufficient evidence	Insufficient evidence	0.0%	Insufficient evidence	Insufficient evidence	Insufficient evidence	0.0%	Insufficient evidence	Insufficient evidence	Insufficient evidence	0.0%	Insufficient evidence	Insufficient evidence	0.0%	18.9%	Insufficient evidence	Insufficient evidence	Insufficient evidence
Net Share Count Change	0.0%	0.0%	0.0%	0.0%	0.1%	-0.0%	0.1%	0.0%	0.0%	0.0%	0.0%	-0.0%	0.0%	-0.0%	0.0%	0.0%	0.0%	0.1%	1.2%	2.5%	-29.4%	15.7%	1.3%	8.6%	Insufficient evidence
Ownership Claim Change	0.0%	0.0%	0.0%	0.0%	-0.1%	0.0%	-0.1%	-0.0%	-0.0%	0.0%	-0.0%	0.0%	0.0%	0.0%	-0.0%	0.0%	0.0%	-0.1%	-1.2%	-2.4%	41.7%	-13.5%	-1.3%	-7.9%	Insufficient evidence

Known Unknowns

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric	2025-12-31 10-K USD	2024-12-31 10-K USD	2023-12-31 10-K USD	2022-12-31 10-K USD	2021-12-31 10-K USD	2020-12-31 10-K USD	2019-12-31 10-K USD	2018-12-31 10-K USD	2017-12-31 10-K USD	2016-12-31 10-K USD
Revenue	n/a	n/a	0	4,010,000	18,394,000	43,997,000	0	0	n/a	n/a
Operating Income	-55,685,000	-42,471,000	-37,510,000	-34,490,000	-25,082,000	-18,276,000	-31,233,000	-20,994,000	-34,059,000	-52,763,000
Net Income	-45,540,000	-38,531,000	-24,557,000	-32,900,000	-17,414,000	-11,221,000	668,629,000	-21,138,000	-33,150,000	-50,722,000
Cash From Operations	-39,920,000	-30,963,000	-18,725,000	-14,824,000	69,445,000	-65,149,000	-18,270,000	-16,537,000	-33,649,000	-46,015,000
Capex	-289,000	-1,304,000	-362,000	-585,000	-3,525,000	-3,727,000	-204,000	-122,000	-1,405,000	-4,746,000
Free Cash Flow	-40,209,000	-32,267,000	-19,087,000	-15,409,000	65,920,000	-68,876,000	-18,474,000	-16,659,000	-35,054,000	-50,761,000
Cash And Equivalents	125,551,000	172,677,000	200,023,000	157,306,000	236,983,000	237,366,000	714,594,000	15,823,000	31,768,000	34,324,000
Accounts Receivable	n/a	700,000	860,000	1,216,000	0	4,113,000	0	n/a	n/a	n/a
Inventory	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Total Current Assets	126,953,000	174,567,000	201,718,000	219,843,000	246,870,000	325,875,000	716,263,000	17,016,000	33,332,000	36,930,000
Total Assets	150,082,000	199,093,000	226,615,000	246,103,000	275,177,000	353,744,000	816,877,000	44,545,000	62,972,000	67,050,000
Total Current Liabilities	7,929,000	15,105,000	6,100,000	4,066,000	3,453,000	3,984,000	60,190,000	2,944,000	2,792,000	7,963,000
Total Liabilities	9,732,000	16,825,000	7,769,000	5,701,000	5,792,000	5,105,000	61,246,000	2,947,000	2,810,000	7,986,000
Shareholders Equity	140,350,000	182,268,000	218,846,000	240,402,000	269,385,000	348,639,000	755,631,000	41,398,000	60,162,000	59,064,000
Shares Outstanding	30,487,731	30,487,731	30,436,964	30,439,275	30,439,275	29,304,396	41,519,633	35,899,772	35,439,272	32,627,691
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	30,487,731	30,460,980	30,438,459	30,439,275	30,043,380	30,823,458	46,319,457	35,804,304	34,875,814	32,403,391
Weighted Avg Shares Basic	30,487,731	30,460,980	30,438,459	30,439,275	30,043,380	30,823,458	38,945,468	35,804,304	34,875,814	32,403,391
Net Share Count Change (Normalized)	0.0%	-0.0%	0.0%	-0.0%	0.1%	-29.4%	15.7%	1.3%	8.6%	Insufficient evidence
Ownership Claim Change (Normalized)	0.0%	0.0%	0.0%	0.0%	-0.1%	41.7%	-13.5%	-1.3%	-7.9%	Insufficient evidence

Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Metric	2026-03-31 10-Q USD	2025-12-31 10-K USD	2025-09-30 10-Q USD	2025-06-30 10-Q USD	2025-03-31 10-Q USD	2024-12-31 10-K USD	2024-09-30 10-Q USD	2024-06-30 10-Q USD	2024-03-31 10-Q USD	2023-12-31 10-K USD	2023-09-30 10-Q USD	2023-06-30 10-Q USD	2023-03-31 10-Q USD	2022-12-31 10-K USD	2022-09-30 10-Q USD	2022-06-30 10-Q USD	2022-03-31 10-Q USD	2021-12-31 10-K USD	2021-09-30 10-Q USD	2021-06-30 10-Q USD
Revenue	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0	0	0	0	300,000	1,680,000	1,530,000	500,000	4,500,000	4,519,000	4,525,000
Operating Income	-6,274,000	-29,752,000	-6,047,000	-6,336,000	-13,550,000	-8,748,000	-7,904,000	-14,966,000	-10,853,000	-8,587,000	-8,520,000	-13,258,000	-7,145,000	-8,162,000	-6,389,000	-12,094,000	-7,845,000	-7,193,000	-3,731,000	-10,605,000
Net Income	-5,505,000	-26,892,000	-6,008,000	-1,756,000	-10,884,000	-10,508,000	-5,015,000	-13,006,000	-10,002,000	-4,635,000	-7,364,000	-8,742,000	-3,816,000	-3,203,000	-12,658,000	-11,644,000	-5,395,000	-6,467,000	-3,261,000	-5,118,000
Cash From Operations	-8,969,000	-22,952,000	-4,259,000	-5,989,000	-6,720,000	-6,540,000	-5,845,000	-11,376,000	-7,202,000	-3,433,000	-1,487,000	-8,997,000	-4,808,000	2,703,000	-6,027,000	-6,377,000	-5,123,000	-1,759,000	-3,402,000	72,797,000
Capex	0	-34,000	-110,000	-51,000	-94,000	-84,000	-338,000	-627,000	-255,000	-115,000	-33,000	-208,000	-6,000	-132,000	-210,000	-82,000	-161,000	-476,000	-700,000	-1,712,000
Free Cash Flow	-8,969,000	-22,986,000	-4,369,000	-6,040,000	-6,814,000	-6,624,000	-6,183,000	-12,003,000	-7,457,000	-3,548,000	-1,520,000	-9,205,000	-4,814,000	2,571,000	-6,237,000	-6,459,000	-5,284,000	-2,235,000	-4,102,000	71,085,000
Cash And Equivalents	115,459,000	125,551,000	147,367,000	152,938,000	155,897,000	172,677,000	183,118,000	188,530,000	201,039,000	200,023,000	202,191,000	143,391,000	152,484,000	157,306,000	160,568,000	225,793,000	231,821,000	236,983,000	238,877,000	315,258,000
Total Current Assets	117,049,000	126,953,000	148,951,000	154,889,000	157,685,000	174,567,000	185,034,000	190,639,000	203,056,000	201,718,000	204,402,000	209,512,000	216,284,000	219,843,000	223,427,000	238,764,000	242,980,000	246,870,000	250,237,000	324,863,000
Total Liabilities	4,819,000	9,732,000	5,344,000	5,618,000	7,151,000	16,825,000	17,736,000	18,854,000	18,578,000	7,769,000	6,940,000	6,073,000	5,216,000	5,701,000	6,025,000	10,667,000	5,243,000	5,792,000	5,362,000	5,392,000
Shares Outstanding	30,487,731	30,487,731	30,487,731	30,487,731	30,487,731	30,487,731	30,479,406	30,463,156	30,450,881	30,436,964	30,436,964	30,435,714	30,439,275	30,439,275	30,439,277	30,439,275	30,439,275	30,439,275	30,397,811	30,024,007
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	30,487,731	30,487,731	30,487,731	30,487,731	30,487,731	30,471,051	30,472,557	30,456,101	30,443,973	30,438,830	30,436,638	30,439,118	30,439,275	30,826,560	30,439,277	30,439,277	30,043,380	30,406,332	30,341,470	29,987,917
Weighted Avg Shares Basic	30,487,731	30,487,731	30,487,731	30,487,731	30,487,731	30,471,051	30,472,557	30,456,101	30,443,973	30,438,830	30,436,638	30,439,118	30,439,275	30,826,560	30,439,277	30,439,277	30,043,380	30,406,332	30,341,470	29,987,917
Net Share Count Change (Normalized)	0.0%	0.0%	0.0%	0.0%	0.1%	-0.0%	0.1%	0.0%	0.0%	0.0%	0.0%	-0.0%	0.0%	-0.0%	0.0%	0.0%	0.0%	0.1%	1.2%	2.5%
Ownership Claim Change (Normalized)	0.0%	0.0%	0.0%	0.0%	-0.1%	0.0%	-0.1%	-0.0%	-0.0%	0.0%	-0.0%	0.0%	0.0%	0.0%	-0.0%	0.0%	0.0%	-0.1%	-1.2%	-2.4%

Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input	Value	Source concept	Filing period	Confidence	Provenance
Current Assets	117,049,000USD	us-gaap:AssetsCurrent	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001626878/companyfacts.json Data Vault \| sec/companyfacts/cik=0001626878/companyfacts.json
Total Liabilities	4,819,000USD	us-gaap:Liabilities	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001626878/companyfacts.json Data Vault \| sec/companyfacts/cik=0001626878/companyfacts.json
Cash	115,459,000USD	us-gaap:CashAndCashEquivalentsAtCarryingValue	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001626878/companyfacts.json Data Vault \| sec/companyfacts/cik=0001626878/companyfacts.json
Shares Outstanding	30,487,731	us-gaap:CommonStockSharesOutstanding	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001626878/companyfacts.json Data Vault \| sec/companyfacts/cik=0001626878/companyfacts.json
NCAV	112,230,000USD	derived	2026-03-31	n/a	company-evidence-v1 \| total_current_assets - total_liabilities
NCAV per share	3.68USD	derived	2026-03-31	n/a	company-evidence-v1 \| NCAV / shares_outstanding
Internal NCAV Discount	38.3%	derived	2026-03-31	n/a	gnni_publication_pack \| internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / shares_outstanding

Source Provenance

Data Source: Data Vault
Data Vault Root: Local evidence | The Data Vault
CIK: 0001626878
Company ID: n/a
Selected Annual Source: Data Vault | sec/companyfacts/cik=0001626878/companyfacts.json
Selected Quarterly Source: Data Vault | sec/companyfacts/cik=0001626878/companyfacts.json
Statement Extractor: companyfacts-screener-v1
View Extractor: companyfacts-screener-v1
Source Accession Count: 26
Imported At: 2026-08-15T12:53:04+00:00
Rendered At: 2026-08-16T03:30:00+00:00

Run Audit

Mary Run: 062cd84c6cec4533b9bb580392e1f3bf
Mary As Of: 2026-08-07
Accession: 0001171843-26-003419
CIK: 0001626878
Mary Filing Date: 2026-05-14
Filing Currency: USD
Internal Discount: 38.3%
Source State: Verified
Market Context: Not Displayed
Market Policy: internal_only_not_redistributed
Share Trend: Not Evaluated
Dilution: Needs Review

mary_run=062cd84c6cec4533b9bb580392e1f3bf; mary_as_of=2026-08-07; mary_filing_date=2026-05-14; mary_accession=0001171843-26-003419; mary_cik=0001626878; gnni_supporting_filing_date=2026-05-14; internal_discount=0.383345; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

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