LIXTE BIOTECHNOLOGY HOLDINGS, INC. Annual Report - How They Did This Year

I’ve put together this guide to help you understand LIXTE Biotechnology’s performance over the past year. Think of this as a "cheat sheet" to help you decide if this company fits your investment goals.

1. What does this company do?

LIXTE is a clinical-stage biotech company. They don’t sell products yet. Instead, they operate like a science lab, working to turn discoveries into cancer treatments.

Their main focus is LB-100, a drug designed to force cancer cells to divide prematurely. This makes the cancer more vulnerable to existing treatments like chemotherapy, radiation, and immunotherapy. Through their subsidiary, Liora Technologies, they are also developing the "LiGHT System," which aims to make proton radiation therapy more precise when targeting tumors.

2. How are they performing?

LIXTE is currently in a "spending" phase. For the year ending December 31, 2025, the company earned $0 in revenue. They spent about $5.2 million on operations, mostly on research and development.

They are burning through cash to fund clinical trials in Spain and the U.S. As of March 2026, they had about 11.6 million shares outstanding. Their ability to keep operating depends on raising more money from investors.

3. Major wins and challenges

• The "Win": Their lead drug, LB-100, shows promise in early trials. It helps the immune system attack "cold" tumors by stopping cancer cells from repairing their own DNA. They are currently testing it against aggressive cancers, such as Ovarian Clear Cell Carcinoma and Soft Tissue Sarcoma.
• The "Challenge": Clinical trials are slow and expensive. While they partner with groups like the Spanish Sarcoma Group to save money, the company’s survival relies entirely on raising more cash to fund these multi-year studies.

4. Financial health

LIXTE is not profitable. Because they have no products to sell, they fund their work by selling more shares to investors. This is a high-risk, high-reward setup.

The company frequently issues new shares to cover their monthly costs of $400,000 to $500,000. This creates more shares, which reduces your ownership percentage and potential earnings per share.

5. Key risks

• Cash Burn: With no revenue, the company has a limited "runway." If they cannot raise more money, they would have to stop their clinical trials within 6 to 12 months.
• Clinical Failure: The company’s value depends entirely on LB-100. If regulators decide the drug fails its goals in Phase 2, the company’s main asset could become worthless.
• Market Value: As of June 2025, the company was valued at about $2 million. This small size makes the stock highly volatile, meaning the price can swing wildly based on minor news.

6. Future outlook

The company is focused on finishing Phase 1b and Phase 2 trials to prove their science works. They keep costs low by employing fewer than 10 people, ensuring most money goes toward trials. Their goal is to reach a "value inflection point"—a successful trial result—which could allow them to license LB-100 to a major pharmaceutical company for a large payout.

7. The Bottom Line

LIXTE is a "moonshot" investment. You aren't buying a profitable company; you are betting on a specific scientific discovery. If the trials succeed, the company could become an acquisition target. If they fail, or if the company cannot raise more money, your investment could lose significant value or become worthless.

Investor Tip: Before investing in a company like LIXTE, ask yourself if you are comfortable with the "dilution" that comes from them issuing new shares. Because they have no revenue, your stake in the company will likely shrink over time as they raise the cash needed to keep the lights on. Only invest what you are prepared to lose if the clinical trials do not go as planned.