What is the current cash balance and burn rate, and how long will the existing cash runway last?

Cash balance & burn – In the Q2‑2025 release XTI disclosed that it ended the quarter with ≈ $115 million in cash and cash equivalents. The company’s operating and development out‑flows have been steady at roughly $30 million per quarter (≈ $120 million per year), which the management calls its “burn rate”.

Runway – At the current burn, the existing cash will fund the business for about 4 quarters (≈ 12 months), taking the runway out to the second half of fiscal‑2026 if no additional capital is raised.

Trading implications – The modest runway gives the stock a near‑term liquidity ceiling; any news that extends the cash horizon (e.g., a new partnership, a capital‑raise, or a faster‑than‑expected progress on the TriFan 600) can be a catalyst that narrows the risk premium. Conversely, delays or higher‑than‑expected cash consumption could pressure the share price, especially on the downside as the runway approaches its limit. Traders should watch for upcoming cash‑flow updates (e.g., the Q3 earnings call) and for any announcements of financing activity that could reset the runway and reset the valuation multiple. In the short term, the stock is likely to trade in a range dictated by the “cash‑runway” narrative until the next capital‑raising event or a material shift in development spending.