Xencor IncXNCR

Xencor Inc Segments Disclosure

10-KFiled Feb 25, 20262 min read
Segment Reporting
The Company operates as a single reportable segment focused on discovering and developing engineered antibody therapeutics to treat patients with cancer and autoimmune diseases who have unmet medical needs.
The Company’s Chief Executive Officer (“CEO”) serves as the CODM. The CODM evaluates performance, allocates resources, and conducts planning and forecasting on a consolidated basis using financial information as presented in the Company’s consolidated statements of operations and comprehensive loss. In addition, the CODM reviews research and development expenses by program. Managing and allocating resources at the corporate level enables the Company’s CEO to assess the overall level of resources available and to deploy those resources in alignment with the Company’s long-term, corporate-wide strategic objectives.
The table below details the Company’s revenues and expenses and reconciles those amounts to the Company’s consolidated net loss including noncontrolling interest as computed under U.S. GAAP in the consolidated statements of operations and comprehensive loss:
Year Ended December 31,
2025
2024 (2)
2023 (2)
(in thousands)
Revenues:
License$— $8,500 $— 
Milestone45,300 34,500 88,500 
Royalties80,276 67,493 55,795 
Collaboration— — 30,320 
Total revenues125,576 110,493 174,615 
Less:
Research and development:
XmAb819 (ENPP3 x CD3)(23,119)(10,735)(6,808)
XmAb657 (CD19 x CD3)(13,767)(2,644)— 
XmAb942 (Xtend TL1A)(13,419)(18,654)(946)
XmAb541 (CLDN6 x CD3)(12,742)(4,068)(8,237)
XmAb412 (TL1A x IL-23p19)(8,064)— — 
Plamotamab (CD20 x CD3)(7,229)(6,015)(1,787)
XmAb808 (B7-H3 x CD28)(5,888)(8,210)(7,168)
Other programs including research and early stage(18,229)(28,037)(40,407)
Wind down costs of terminated programs(17,224)(27,420)(54,328)
Internal research and development expenses(94,783)(91,948)(99,401)
Research and development stock based compensation(24,970)(29,955)(34,516)
General and administrative(63,644)(61,215)(53,379)
Other income (expense), net (1)
87,869 (56,515)12,728 
Income tax expense(2,504)(1,617)(13,662)
Net loss including noncontrolling interest$(92,137)$(236,540)$(133,296)
(1) Other income (expense), net, included interest income, interest expense, gain/loss on marketable equity securities and asset impairment charges.
(2) The Company has retrospectively adjusted segment operating expenses for the years ended on December 31, 2024 and 2023 to reflect the significant segment expenses as currently reviewed by the CODM.
For the years ended December 31, 2025, 2024, and 2023, the Company’s total revenues were derived from collaboration and licensing agreements and were reported within the Company’s single operating segment. Revenues are attributed to geographic areas based on the location of the Company’s customers. For the years ended December 31, 2025, 2024, and 2023, substantially all of the Company’s revenues were generated from customers located in the United States, and substantially all of the Company’s long-lived assets were located in the United States. The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets.

Historical Timeline

Fiscal YearFiled
2025Feb 25, 2026Showing above
2024Feb 27, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

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