XBiotech Inc. - FORM 8-K - EX-99.2 - EXHIBIT 99.2

Exhibit 99.2

XBiotech Inc.

Consolidated Statement of Operations

(in thousands, except share and per share data)

	Nine Months Ended September 30, 2019
	As Reported			Adjustments			Pro Forma

Gross Revenues:
Bermekimab IP revenue	$	–		$	674,566		$	674,566
Clinical trial drug manufacture revenue		–			13,500			13,500
Clinical trial service revenue		–			33,821			33,821
Total gross revenues		–			721,887			721,887

Cost of sales:
Cost of drug		–			10,255			10,255
Clinical trial cost		–			26,016			26,016
Total Cost of Goods Sold		–			36,271			36,271

Operating expenses:
Research and development		13,753			(11,050	)		2,703
General and administrative		4,169			(353	)		3,817
Total operating expenses		17,922			(11,403	)		6,520
Gain/Loss from operations		(17,922	)		697,019			679,097
Other income (loss):
Interest income		379			–			379
Other income		10			–			10
Foreign exchange (loss)		(333	)		–			(333	)
Total other income (loss)		56			–			56
Income Before Tax		(17,866	)					679,153
Income tax					30,567			30,567
Net Gain/ loss	$	(17,866	)	$	666,442		$	648,576
Net Gain/loss per share—basic and diluted	$	(0.47	)				$	16.98
Shares used to compute basic and fully diluted net gain/ loss per share		38,190,584						38,190,584

XBiotech Inc.

Consolidated Statement of Operations

(in thousands, except share and per share data)

	Year Ended December 31, 2018
	As Reported			Adjustments			Pro Forma

Revenues:
Bermekimab IP revenue	$	–		$	674,566		$	674,566
Clinical trial drug manufacture revenue		–			18,000			18,000
Clinical trial service revenue		–			45,094			45,094
Total revenues		–			737,660			737,660

Cost of sales
Cost of drug		–			13,673			13,673
Clinical trial cost		–			34,688			34,688
Total Cost of Sales		–			48,361			48,361

Operating expenses:
Research and development		15,725			(11,868	)		3,857
General and administrative		5,269			(470	)		4,799
Total operating expenses		20,994			(12,338	)		8,656
Gain/Loss from operations		(20,994	)		701,637			680,643
Other income (loss):
Interest income		400			–			400
Other income		4			–			4
Foreign exchange gain (loss)		(548	)		–			(548	)
Total other income (loss)		(144	)		–			(144	)
Net Gain/loss Before Tax		(21,138	)		701,637			680,499
Income tax					30,859			30,859
Net Gain/loss After Tax	$	(21,138	)	$	670,778		$	649,640
Net loss per share—basic and diluted	$	(0.59	)				$	18.14
Shares used to compute basic and fully diluted net gain/loss per share		35,804,304						35,804,304

XBiotech Inc.

Consolidated Balance Sheet

(in thousands, except share data)

	As of September 30,2019
	As Reported			Adjustment			Pro Forma
Assets
Current assets:
Cash and cash equivalents	$	40,338		$	623,168		$	663,506
Account Receivable		–			45,000			45,000
Prepaid expenses and other current assets		573			–			573
Total current assets		40,911			668,168			709,079
Property and equipment, net		25,732			–			25,732
Total assets	$	66,643			668,168		$	734,811

Liabilities and shareholders’ equity
Current liabilities:
Accounts payable	$	1,061		$	2,686		$	3,747
Accrued expenses		960			(960	)		–
Total current liabilities		2,021			1,726			3,747
Long-term liabilities:
Other liabilities		–						–
Total liabilities		2,021			2,686			4,707

Shareholders’ equity:
Common stock, no par value, unlimited shares authorized, 41,066,467 outstanding at September 30, 2019		320,130			–			320,130
Accumulated other comprehensive income (loss)		58			–			58
Accumulated deficit		(255,566	)		666,442			410,876
Total shareholders’ equity		64,622			666,442			731,064

Total liabilities and shareholders’ equity	$	66,643		$	668,168		$	734,811

XBiotech Inc. - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - December 30, 2019