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XNCR

Xencor, Inc.

XNCR

Xencor, Inc. • NASDAQ
$17.32 ▼ -0.35% (-0.06)
Market Cap $1.24 B
52w High $27.24
52w Low $6.92
Dividend Yield 0%
P/E -10.01
Volume 214.16K
Outstanding Shares 71.41M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $20.999M ▼ $68.518M ▼ $-6.027M ▲ -28.701% ▲ $-0.08 ▲ $4.227M ▲
Q2-2025 $43.608M ▲ $74.127M ▲ $-30.825M ▲ -70.687% ▲ $-0.41 ▲ $-20.179M ▲
Q1-2025 $32.732M ▼ $73.222M ▲ $-48.418M ▲ -147.923% ▼ $-0.66 ▲ $-36.907M ▼
Q4-2024 $70.018M ▲ $65.971M ▼ $-53.479M ▼ -76.379% ▲ $-0.73 ▼ $-15.705M ▲
Q3-2024 $17.796M $72.993M $-46.288M -260.103% $-0.71 $-35.362M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $471.044M ▲ $868.811M ▼ $243.495M ▼ $625.316M ▲
Q2-2025 $443.864M ▼ $879.424M ▼ $259.073M ▼ $620.351M ▼
Q1-2025 $469.566M ▼ $904.689M ▼ $264.815M ▼ $639.874M ▼
Q4-2024 $497.775M ▼ $951.945M ▼ $277.919M ▲ $677.611M ▼
Q3-2024 $542.977M $983.635M $262.737M $723.836M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-6.027M ▲ $-30.817M ▲ $14.668M ▼ $0 ▼ $-16.149M ▼ $-31M ▲
Q2-2025 $-30.825M ▲ $-36.369M ▼ $40.476M ▲ $662K ▼ $4.769M ▲ $-36.752M ▼
Q1-2025 $-48.418M ▲ $-16.22M ▲ $11.943M ▼ $2.974M ▼ $-1.2M ▼ $-17.664M ▲
Q4-2024 $-54.126M ▼ $-55.575M ▼ $57.252M ▲ $10.169M ▼ $11.846M ▲ $-58.258M ▼
Q3-2024 $-48.418M $-26.018M $-163.458M $187.74M $-1.736M $-28.14M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Royalty
Royalty
 $0 ▲$20.00M ▲$20.00M ▲$20.00M ▲
Milestone
Milestone
 $30.00M ▲$10.00M ▼$30.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Xencor’s revenue base is small and swings meaningfully from year to year, which is typical for a company that relies heavily on milestones, collaborations, and royalties rather than a broad portfolio of launched drugs. Profitability has been inconsistent: there was a brief period of earnings strength earlier in the period, but the last couple of years have shifted back to sizable losses as R&D and operating costs outpaced revenue. Recent results show deeper net losses and more negative earnings per share, which reflects heavier investment and less partnering or milestone income flowing through the income statement. Overall, the business is still clearly in the investment and development phase, not in a steady profit-generating stage.

Balance Sheet

Balance Sheet The balance sheet shows a company with a solid asset base and a capital structure still anchored mainly by shareholder equity. Cash levels, however, have trended down from earlier highs, which reduces the financial cushion and makes future funding decisions more important. Debt has risen from very low levels to a more noticeable share of the capital mix, suggesting the company has recently leaned more on borrowing to support operations and pipeline development. Equity remains substantial, but the combination of ongoing losses, higher debt, and lower cash means financial flexibility is not as comfortable as it was a few years ago, even though it is not yet alarming for a clinical-stage biotech.

Cash Flow

Cash Flow Cash flow from the core business has been uneven, flipping between modest inflows and outflows over the period, with the most recent year returning to a clear cash burn. Free cash flow has followed the same pattern, with negative figures in most years, underlining that Xencor still consumes cash rather than generates it. Capital spending is relatively small, so the main driver of cash usage is operating expenses, particularly research and development and the cost of running clinical programs. This pattern is consistent with an R&D-focused biotech, but it means the company will likely remain dependent on external funding or partnership payments unless internally generated cash flow improves.

Competitive Edge

Competitive Edge Xencor occupies a differentiated niche in biotechnology through its XmAb protein engineering platform, which focuses on modifying the Fc portion of antibodies. This platform is versatile and “plug-and-play,” allowing Xencor and its partners to design a wide variety of antibodies and cytokines with tailored properties, including bispecific molecules and extended half-life drugs. A key strength is the validation from large pharmaceutical partners such as Janssen, Genentech, Amgen, and Novartis, which both supports the scientific credibility of the platform and provides non-dilutive funding via milestones and royalties. The main competitive risks are the crowded nature of oncology and autoimmune markets, dependence on a relatively small number of partnered programs, and the possibility that rivals in antibody or T‑cell engager technologies could capture key indications first.

Innovation and R&D

Innovation and R&D Innovation is clearly Xencor’s core asset. The XmAb platform underpins a broad pipeline spanning cancer and autoimmune diseases, with multiple bispecific antibodies and engineered cytokines that attempt to improve on existing treatments in potency, durability, or convenience. The company has shown willingness to pivot, for example by redirecting plamotamab from blood cancers to rheumatoid arthritis and signaling a strategic shift to focus more on autoimmune conditions, where long-acting and precisely tuned immune therapies may be especially valuable. Numerous ongoing and planned trials across oncology and autoimmune indications, as well as partnered late-stage programs, create many potential future catalysts, but also carry the usual biotech risks: trial delays, disappointing clinical data, and shifting regulatory or competitive landscapes.

Summary

Xencor is a platform-based biotech still firmly in the development stage, with a lumpy, partnership-driven revenue stream and recurring operating losses. Its balance sheet remains anchored by equity but shows pressure from lower cash and increased debt, reflecting the cost of sustaining an ambitious R&D agenda. Cash flow remains negative overall, underscoring reliance on external capital and collaboration payments. On the strategic side, the company appears well differentiated in Fc engineering, with strong industry relationships and a growing focus on autoimmune diseases that complements its oncology work. The key tension is between the promise of the XmAb platform and pipeline and the financial reality of ongoing cash burn and clinical execution risk, which will determine how effectively Xencor can convert its scientific edge into durable, more predictable earnings over time.

NEWS

November 10, 2025 · 4:01 PM UTC

Xencor to Participate at Upcoming Investor Conferences

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November 5, 2025 · 4:01 PM UTC

Xencor Reports Third Quarter 2025 Financial Results

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October 24, 2025 · 12:30 PM UTC

Xencor Presents Initial Data for XmAb819, a First-in-class ENPP3 x CD3 Bispecific T-Cell Engager, in Development for Clear Cell Renal Cell Carcinoma

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October 21, 2025 · 8:01 AM UTC

Xencor to Host Webcast and Conference Call to Discuss Initial Results from the Ongoing Phase 1 Dose-Escalation Study of XmAb819 in Advanced Clear Cell Renal Cell Carcinoma

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October 14, 2025 · 12:45 PM UTC

Xencor Announces Presentation of Initial Phase 1 Dose-Escalation Results of XmAb819 in Clear Cell Renal Cell Carcinoma at the AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics

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