Xenetic Biosciences is a clinical-stage biopharmaceutical company focused on developing cancer treatments using DNase technology. The core idea is that NETs (neutrophil extracellular traps) — web-like DNA structures — help cancer cells grow, spread, and resist treatment, and that DNase enzymes can break down these structures to make existing therapies more effective. Xenetic's lead program uses IV recombinant human DNase I as an add-on therapy alongside immunotherapy, chemotherapy, or radiotherapy, targeting pancreatic and colorectal cancers — both areas with poor outcomes and limited late-stage treatment options. Xenetic is also developing DNase-armored CAR T cells, engineered to secrete DNase to help them penetrate solid tumors, where standard CAR T therapy has largely failed. Xenetic has no approved products and no product revenue; its only current income is royalties from Takeda tied to a legacy drug delivery platform called PolyXen, which Xenetic is not actively developing. Xenetic runs an asset-light model with just two full-time employees, outsourcing all research and manufacturing to CROs, contract manufacturers, and academic partners. Xenetic is funding operations primarily through equity raises while exploring a formal strategic review, including a potential sale or reverse merger, if internal development proves too capital-intensive.