Xencor Inc

Listed Company

XNCRCIK 0001326732NasdaqAcceleratedPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$125.58M

Net Income

$-91.92M

Total Assets

$875.50M

Equity

$635.59M

Shares Out

73.34M

Op. Cash Flow

$-135.12M

Business

Xencor Inc is a clinical-stage biopharmaceutical company that discovers and develops engineered antibody therapeutics to treat cancer and autoimmune diseases. It designs and licenses XmAb Fc domains and protein engineering technologies and advances XmAb bispecific and monospecific antibody drug candidates into clinical development. Its business is organized around wholly owned clinical programs, partnered product development and technology licensing/collaboration arrangements that apply XmAb Fc platforms. Xencor conducts global clinical trials and commercial collaborations with pharmaceutical and biotechnology partners to develop, license and distribute its engineered antibody medicines.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Collaborations, milestones, and royalties	126	110	175	165	275
Research and development	239	228	254	200	193
General and administrative	64	61	53	47	39
Total operating expenses	303	289	307	247	231
Operating loss	−178	−178	−132	−82	44
Interest income	28	32	19	—	—
Interest expense	−32	−37	−6	−13,000	—
Gain (loss) on marketable equity securities, net	102	−31	−395,000	23	39
Asset impairment charges	−9	−20	0	—	—
Other, net	−73,000	50,000	−31,000	−148,000	−1
Total other income (expense)	88	−57	13	28	39
Loss before income tax expense and noncontrolling interest	−90	−235	−120	−55	83
Income tax expense	3	2	14	700,000	0
Net loss including noncontrolling interest	−92	−237	−133	−55	83
Net loss attributable to noncontrolling interest	−214,000	−4	−163,000	0	0
Net loss attributable to Xencor, Inc.	−92	−233	−133	−55	83
Net loss per share attributable to Xencor, Inc. - basic (in dollars per share)	−1.24	−3.58	−2.2	−0.93	1.42
Net loss per share attributable to Xencor, Inc. - diluted (in dollars per share)	−1.24	−3.58	−2.2	−0.93	1.37
Weighted-average shares used in calculating net loss per share - basic (in shares)	74	65	61	60	58
Weighted-average shares used in calculating net loss per share - diluted (in shares)	74	65	61	60	60
Net unrealized gain (loss) on marketable debt securities	2	−2	8	—	—
Comprehensive loss	−90	−238	−125	—	—
Less: comprehensive loss attributable to the noncontrolling interest	−214,000	−4	−163,000	—	—
Comprehensive loss attributable to Xencor, Inc.	−90	−235	−125	−61	81

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	54	41	54	54	143
Marketable debt securities	381	409	498	527	154
Marketable equity securities	113	48	42	42	37
Accounts receivable	29	61	24	29	66
Prepaid expenses and other current assets	23	19	18	23	24
Total current assets	600	578	636	675	424
Restricted cash	289,000	387,000	380,000	0	—
Marketable debt securities - long term	176	257	146	4	300
Property and equipment, net	53	60	66	59	28
Right-of-use assets	38	38	34	34	32
Patents, licenses, and other intangible assets, net	8	18	19	19	16
Other assets	498,000	498,000	648,000	613,000	653,000
Total assets	875	952	965	846	838
Accounts payable	11	17	14	10	14
Accrued expenses	35	19	24	19	19
Income tax payable	4	0	5	0	—
Lease liabilities	3	3	3	5	0
Liabilities related to the sales of future royalties	43	48	28	0	—
Total current liabilities	96	87	74	64	71
Long-term tax liabilities	3	10	—	—	—
Lease liabilities, net of current portion	65	65	59	55	34
Liabilities related to the sales of future royalties, net of current portion	76	115	162	0	—
Total liabilities	240	278	303	119	105
Commitments and contingencies	—	—	—	—	—
Common stock, $0.01 par value: Authorized 200,000 shares Issued and outstanding 71,872 and 70,256 shares at December 31, 2025 and 2024, respectively	718,000	703,000	611,000	601,000	595,000
Additional paid-in capital	1,429	1,382	1,131	1,072	1,018
Accumulated other comprehensive income (loss)	2	−663,000	1	−7	−2
Accumulated deficit	−796	−704	−471	−338	−283
Total stockholders equity attributable to Xencor, Inc.	636	678	662	727	734
Noncontrolling interest	0	−4	337,000	0	—
Total noncontrolling interest and stockholders equity	636	674	662	727	734
Total liabilities and stockholders equity	875	952	965	846	838

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	11	12	11	9	7
Accretion of discount on marketable debt securities, net	−3	−16	−14	127,000	3
Stock-based compensation	43	53	54	49	37
Gain on sale of marketable securities, net	−14	−37,000	0	—	—
Change in fair value of marketable equity securities	−87	31	395,000	−5	−2
Non-cash royalty revenue related to the sale of future royalties	−80	−67	−15	—	—
Non-cash interest expense on liabilities related to the sale of future royalties	32	37	6	—	—
Equity received in connection with license agreement	0	0	−10	−5	−22
Abandonment of capitalized intangibles	0	2	1	2	900,000
Loss on disposal of assets	0	2	1	145,000	462,000
Accounts receivable	29	−33	20	—	—
Interest receivable from marketable debt securities	3	−3	−1	−530,000	655,000
Prepaid expenses and other assets	9	159,000	5	634,000	−14
Accounts payable	−4	3	4	−4	5
Accrued expenses	14	−4	5	−715,000	2
Income taxes	4	−4	14	—	—
Operating lease, net	400,000	2	3	23	1
Deferred revenue	0	0	−30	−7	−55
Other assets and liabilities, net	−7	0	0	—	—
Net cash used in operating activities	−135	−202	−78	24	−17
Purchase of marketable debt securities	−299	−595	−783	−388	−510
Purchase of property and equipment	−3	−6	−18	−38	−13
Purchase of patents	0	−3	−3	−5	−3
Proceeds from sales of marketable equity securities	37	7	0	0	—
Proceeds from sales and maturities of marketable debt securities	405	590	693	307	485
Proceeds from sale of property and equipment	0	0	1,000	0	19,000
Net cash provided by (used in) investing activities	140	−8	−111	−120	−46
Proceeds from the exercises of stock options	9	6	3	4	12
Proceeds from issuance of common stock under the Employee Stock Purchase Plan	1	2	2	2	2
Proceeds from issuance of common stock and pre-funded warrants	0	201	0	0	29
Common stock and pre-funded warrants issuance costs	0	−12	0	0	—
Proceeds from the sale of future royalties	0	0	183	0	0
Proceeds from noncontrolling interest	0	0	500,000	0	0
Cash paid to acquire noncontrolling interest	−2	0	0	—	—
Net cash provided by financing activities	8	197	189	6	43
Net increase (decrease) in cash, cash equivalents, and restricted cash	13	−13	228,000	−90	−20
Interest paid	5,000	33,000	22,000	13,000	14,000
Income taxes paid	7	6	0	700,000	0

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