Every material Form 8-K Xencor has filed with the SEC since November 06, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Xencor reported third-quarter 2026 results, with revenue of $116.5 million, up from $21.0 million a year earlier, and net income attributable to Xencor of $39.4 million, or $0.50 per diluted share, compared with a net loss of $6.0 million a year earlier. Revenue came mainly from Alexion and Incyte royalties and a milestone from Astellas, while research and development spending rose, so shareholders should weigh the one-time items behind the profit against higher ongoing development costs.
Q3 revenue was $116.5 million versus $21.0 million in Q3 2025, driven mainly by royalties from Alexion and Incyte and a milestone from Astellas.
Q3 net income attributable to Xencor was $39.4 million, or $0.50 per diluted share, versus a net loss of $6.0 million, or $(0.08) per diluted share, a year earlier.
R&D expenses rose to $84.3 million from $54.4 million, and G&A fell to $9.4 million from $14.2 million, which the company attributed to a non-recurring recovery of legal expenses.
Cash, cash equivalents and marketable debt securities were $555.7 million at September 30, 2026, and Xencor expects to end 2026 with $480 million to $500 million.
Xencor said its current operating plans give it cash to fund research, development and operations into 2029. The company also released updated Phase 1 results for XmAb819 in advanced clear cell renal cell carcinoma, reporting confirmed objective response rates of 30.0% to 45.5% across three dose levels. The data are early and come from small groups, and the filing reports high rates of grade 3 or higher adverse events.
Cash expected to fund R&D and operations into 2029, based on current operating plans.
Confirmed objective response rate: 30.0% at 100 μg/kg (n=30), 44.0% at 200 μg/kg (n=25), 45.5% at 400 μg/kg (n=11).
Grade 3 or higher treatment-emergent adverse events occurred in 82.4% of expansion-dose patients (n=68); one treatment discontinuation due to cytokine release syndrome was reported.
Full 400 μg/kg analysis expected during 1H 2027 (20+ patients); a potential registration-enabling study is planned to start in 2027.
Xencor reported second-quarter 2026 revenue of $51.2 million, up from $43.6 million a year earlier, and a net loss of $21.7 million, or $(0.29) per share, versus a $30.8 million loss, or $(0.41) per share, in the same period of 2025. The quarter included $27.6 million of royalty revenue from a settlement with Alexion, and the company expects to end 2026 with $420 million to $440 million in cash and marketable debt securities, down from $610.8 million at December 31, 2025.
Q2 2026 revenue was $51.2 million versus $43.6 million in Q2 2025; it included $27.6 million of Alexion settlement royalty revenue.
Net loss attributable to Xencor was $21.7 million, or $(0.29) per share, versus $30.8 million, or $(0.41) per share, a year earlier.
Research and development expenses rose to $71.9 million from $61.7 million, while other income, net, was $15.1 million, largely from unrealized gains on an equity security.
Cash, cash equivalents and marketable debt securities were $486.4 million at June 30, 2026; year-end 2026 guidance is $420 million to $440 million.
Xencor entered a settlement agreement with Alexion that resolves a dispute over U.S. royalties on Ultomiris, with Xencor to receive $105 million in two equal payments. Alexion will have no further obligation to pay royalties on U.S. sales, while ex-U.S. royalties are unchanged. Xencor said that, based on current operating plans, it expects cash to fund research and development programs and operations through 2028.
Total payment of $105 million, in two $52.5 million installments
First $52.5 million payment anticipated in August 2026; second payment due within 14 days after the one-year anniversary of the agreement
Alexion has no further obligation to pay royalties on U.S. sales of Ultomiris; ex-U.S. royalties are unchanged
Cash runway expected through 2028; year-end 2026 cash guidance to be updated with second-quarter 2026 results
Xencor reported a first-quarter 2026 net loss attributable to the company of $128.9 million, or $(1.71) per share, versus $48.4 million, or $(0.66) per share, a year earlier. Revenue fell to $4.5 million from $32.7 million, and the loss was driven largely by $50.8 million of other expense, mainly unrealized losses on an equity security. For shareholders, the filing shows a much larger loss and a smaller revenue base, with cash, cash equivalents and marketable debt securities down to $541.8 million from $610.8 million at year-end 2025.
Q1 2026 revenue was $4.5 million, compared with $32.7 million in Q1 2025, and included a one-time $6.6 million reduction tied to disputed U.S. sales royalties due from Alexion
R&D expenses rose to $64.7 million from $58.6 million, and G&A expenses were $17.7 million compared with $17.3 million
Other expense, net was $50.8 million versus $5.1 million, primarily due to unrealized losses on an equity security
Company expects to end 2026 with $380 million to $400 million in cash, cash equivalents and marketable debt securities, with cash sufficient into mid-2028
Xencor adopted an Executive Severance Policy on April 23, 2026, covering its named executive officers other than the CEO. The policy sets lump-sum and health coverage benefits on termination without cause or resignation for good reason, with larger benefits if the termination occurs during a change in control period.
Policy adopted April 23, 2026; filed as Exhibit 10.1.
Non-change-in-control severance: lump sum of 15 months of base salary plus up to 15 months of COBRA premiums, subject to a general release.
Change-in-control period (three months before to 12 months after a change in control): adds 15 months of target bonus, a prorated annual bonus, and accelerated vesting of outstanding equity awards.
NEOs must sign and return a participation agreement to be eligible.
Xencor reported fourth quarter and full year 2025 results on February 25, 2026. Full year revenue rose to $125.6 million from $110.5 million, but fourth quarter revenue fell to $28.2 million from $52.8 million, and the fourth quarter operating loss widened to $53.6 million from $13.2 million. Net losses narrowed, driven mainly by other income, net, which included gains from marketable equity securities.
Q4 2025 revenue was $28.2 million vs. $52.8 million in Q4 2024; full year 2025 revenue was $125.6 million vs. $110.5 million.
Q4 2025 net loss attributable to Xencor was $6.7 million, or $(0.09) per share, vs. $45.6 million, or $(0.62), a year earlier.
Full year 2025 net loss attributable to Xencor was $91.9 million, or $(1.24) per share, vs. $232.6 million, or $(3.58), in 2024.
Xencor expects to end 2026 with $400 million to $430 million in cash, cash equivalents and marketable debt securities, versus $610.8 million at December 31, 2025.
Xencor preliminarily estimates cash, cash equivalents and marketable debt securities of approximately $611 million as of December 31, 2025, down from $706.7 million a year earlier. The company says it expects cash to fund research and development programs and operations through 2028, but the figures are unaudited and may change after year-end closing and audit procedures.
Preliminary cash, cash equivalents and marketable debt securities: approximately $611 million as of December 31, 2025, versus $706.7 million as of December 31, 2024
Company expects cash to fund research and development and operations through 2028, based on current operating plans
Figures are unaudited and not reviewed by the independent auditor; actual results may differ
Press release also outlines 2026 milestones, including a Phase 1 study start for XmAb412 in 2H26 and clinical data updates across several programs
Xencor reported third quarter 2025 results on November 5, 2025, with revenue of $21.0 million, up from $17.8 million a year earlier, and a net loss of $6.0 million, or $(0.08) per share, compared with a net loss of $46.3 million, or $(0.72) per share, in the third quarter of 2024. The company said it expects to end 2025 with between $570 million and $590 million in cash, cash equivalents and marketable debt securities, and that it has cash to fund operations into 2028. Other income, net of $41.5 million, which was driven mainly by unrealized gains on marketable equity securities, helped narrow the loss.
Q3 2025 revenue was $21.0 million, versus $17.8 million in Q3 2024, primarily non-cash royalty revenue from Alexion and Incyte.
Q3 2025 net loss attributable to Xencor was $6.0 million, or $(0.08) per share, versus $46.3 million, or $(0.72) per share, a year earlier.
Research and development expenses fell to $54.4 million from $58.2 million, and general and administrative expenses were $14.2 million.
Cash, cash equivalents and marketable debt securities were $633.9 million as of September 30, 2025; year-end 2025 cash guidance is $570 million to $590 million.
Xencor reported second-quarter 2025 results, with revenue of $43.6 million, up from $23.9 million a year earlier, driven mainly by milestone revenue from Incyte. The net loss attributable to Xencor narrowed to $30.8 million, or $(0.41) per share, from $67.3 million, or $(1.09) per share, a year earlier, and the company expects to end 2025 with between $555 million and $585 million in cash and marketable debt securities.
Q2 2025 revenue was $43.6 million versus $23.9 million in Q2 2024, mainly milestone revenue from Incyte.
Q2 2025 net loss attributable to Xencor was $30.8 million, or $(0.41) per share, versus $67.3 million, or $(1.09) per share, in Q2 2024.
Cash, cash equivalents and marketable debt securities totaled $663.8 million as of June 30, 2025.
Xencor expects year-end 2025 cash of $555 million to $585 million and funding into 2028.
On July 31, 2025, Xencor appointed Raymond J. Deshaies, Ph.D., as a new member of its Board of Directors. He will receive an initial stock option grant with a Black Scholes value of $550,000 and a $50,000 annual cash retainer for board service.
Appointed to the board on July 31, 2025; he recently served as senior vice president of global research at Amgen Inc.
Initial option grant has a Black Scholes value of $550,000; one-third vests on the one-year anniversary, with the rest vesting in 24 monthly installments, fully vested at three years.
Receives a $50,000 annual cash retainer and is eligible for future equity compensation.
Xencor reported first-quarter 2025 revenue of $32.7 million, up from $16.0 million a year earlier, and a net loss attributable to Xencor of $48.4 million, or $(0.66) per share, compared with a $73.4 million loss, or $(1.20) per share, in the prior-year quarter. The company also said chief development officer Nancy Valente will leave that role effective June 6, 2025, and remain as a senior advisor.
Revenue was $32.7 million for the quarter ended March 31, 2025, versus $16.0 million a year earlier, mainly non-cash royalty revenue and milestone revenue from Incyte and Vir.
Net loss attributable to Xencor narrowed to $48.4 million, or $(0.66) per share, from $73.4 million, or $(1.20) per share.
R&D expenses rose to $58.6 million from $56.9 million, and G&A expenses rose to $17.3 million from $13.8 million.
Cash, cash equivalents and marketable debt securities totaled $693.5 million at March 31, 2025, versus $706.7 million at December 31, 2024; the company expects to end 2025 with $535 million to $585 million.
On March 13, 2025, Xencor appointed Todd Simpson, a former chief financial officer of Seagen Inc., as a new director and to the board's Audit Committee. The filing says his compensation includes an initial stock option grant with a Black Scholes value of $550,000 and annual cash retainers, which gives shareholders a clear view of the cost of the appointment.
Appointed to the Board of Directors and the Audit Committee on March 13, 2025
Initial nonstatutory stock option grant with an aggregate Black Scholes value of $550,000, vesting fully on the third anniversary of the grant date
Annual cash retainers of $50,000 for board service and an additional $10,000 for Audit Committee service
Served as CFO at Seagen for 18 years, through its acquisition in 2023
Xencor reported fourth-quarter and full-year 2024 results. Full-year revenue fell to $110.5 million from $174.6 million, and the net loss attributable to Xencor widened to $232.6 million, or $(3.58) per share, from $133.1 million, or $(2.20) per share. For shareholders, the filing also gives a 2025 year-end cash guidance range of $535 million to $585 million.
Q4 2024 revenue was $52.8 million, up from $51.0 million, driven mainly by Amgen and Novartis milestone revenue
Q4 2024 net loss attributable to Xencor was $45.6 million, or $(0.62) per share, versus $26.1 million, or $(0.43), a year earlier
Cash, cash equivalents and marketable debt securities were $706.7 million at December 31, 2024, up from $697.0 million
Company expects to end 2025 with between $535 million and $585 million in cash and marketable debt securities
Xencor's Audit Committee concluded on February 11, 2025 that its 2023 annual report and its three 2024 quarterly reports can no longer be relied upon. The errors involve accounting for a November 2023 royalty transaction with OMERS Life Sciences and the treatment of research and development and state tax items. The company identified material weaknesses in internal control over financial reporting and expects to file amended reports before its 2024 Form 10-K.
The royalty deal with OMERS Life Sciences should be treated as debt, not deferred income; deferred income was overstated by $156.9 million and debt understated by $168.5 million for 2023.
Cash flow from operating activities for 2023 was overstated by $163.0 million, with financing cash flow understated by the same amount; the filing says there is no impact on cash and marketable debt securities.
Tax errors add an uncertain tax position of $5.6 million for 2023 and state income tax expense understated by approximately $2.2 million, excluding interest and penalties.
RSM US LLP recalled its February 28, 2024 audit reports, and the company plans to file amendments to each prior filing.
Xencor said its preliminary, unaudited cash, cash equivalents and marketable debt securities were about $707 million at December 31, 2024, compared with $697.0 million a year earlier. The company expects this cash to fund research and development and operations into 2028, and the figures may change after year-end closing and audit procedures.
Preliminary, unaudited cash, cash equivalents and marketable debt securities of about $707 million at December 31, 2024, versus $697.0 million at December 31, 2023
Based on current operating plans, Xencor expects cash to fund research and development programs and operations into 2028
January 13, 2025 investor presentation also updated XmAb808 to resumed dose escalation and reported completed enrollment in three vudalimab studies
Xencor reported third-quarter 2024 results on November 6, 2024. Revenue fell to $10.7 million from $59.2 million a year earlier, and the net loss attributable to Xencor widened to $45.1 million, or $(0.71) per share, from $24.3 million, or $(0.40) per share. The company expects to end 2024 with between $690 million and $710 million in cash, cash equivalents and marketable debt securities.
Revenue was $10.7 million for the quarter ended September 30, 2024, versus $59.2 million a year earlier, mainly non-cash royalty revenue from Alexion and Incyte.
R&D expenses were $58.2 million, down from $64.9 million, while G&A expenses rose to $14.8 million from $12.5 million.
Other income, net was $16.0 million, compared with other expense, net of $6.0 million a year earlier.
Cash, cash equivalents and marketable debt securities were $754.3 million at September 30, 2024; year-end 2024 guidance is $690 million to $710 million.
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