EXHIBIT 10.1

CERTAIN INFORMATION IDENTIFIED IN THIS DOCUMENT, MARKED BY BRACKETS AND ASTERISKS (“[***]”), HAS BEEN EXCLUDED PURSUANT TO ITEM 601(B)(10) OF REGULATION S-K UNDER THE SECURITIES ACT OF 1933, AS AMENDED, BECAUSE IT IS (I) NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED.

THIRD AMENDMENT TO

RESEARCH FUNDING AND OPTION AGREEMENT

This Third Amendment to that certain Research Funding and Option Agreement (the “Third Amendment”) is entered into as of May 1, 2025 (the “Third Amendment Effective Date”) by and between The Scripps Research Institute, a California nonprofit public benefit corporation located at 10550 North Torrey Pines Road, La Jolla, California 92037 (“TSRI”), and Xenetic Biosciences inc., a for-profit corporation located at 945 Concord Street, Framingham, Massachusetts 01701 (“Sponsor”).

Recitals

Whereas, TSRI and Sponsor entered into that certain Research Funding and Option Agreement dated March 10, 2023, and that certain First Amendment dated June 1, 2024, and that certain Second Amendment dated November 1, 2024 (together the “Agreement”);

Whereas, TSRI and Sponsor wish to amend the Agreement in the manner set forth in this Third Amendment to increase the 19^th through the 24^th payments made by Sponsor to TSRI.

Agreement

Now Therefore, in consideration of the mutual promises set forth, the parties hereto agree to the following amendment to the Agreement as set forth below in 1. herein:

In Witness Whereof, the parties have executed this Third Amendment as of the Third Amendment Effective Date.

EXHIBIT A

RESEARCH PROGRAM