Xencor (XNCR) Piper Sandler 37th Annual Healthcare Conference summary

Expansion into autoimmune disease

• Re-entered autoimmune space with XmAb942, a high-potency, long half-life anti-TL1A antibody targeting IBD, aiming for best-in-class efficacy and less frequent dosing.

• Phase I data showed >71-day half-life, sustained TL1A suppression, and strong tolerability in healthy volunteers.

• XENITH-UC phase IIb study in ulcerative colitis is underway, targeting 220 patients across 150+ sites, with primary analysis at 12 weeks for clinical remission.

• XmAb412, a TL1A/IL-23 bispecific, is set for first-in-human studies in 2026, aiming to combine two leading IBD mechanisms in one molecule.

• XmAb657, a CD19/CD3 bispecific, opened its first study in myositis, with plans to expand indications and deliver data granularity by year-end.

Oncology pipeline progress

• XmAb819, an ENPP3 x CD3 bispecific, showed a 25% response rate in heavily pretreated clear cell renal cell carcinoma patients, with plans for expansion into colorectal and lung cancers.

• XmAb541, a Claudin-6 x CD3 bispecific, demonstrated early efficacy in ovarian and germ cell tumors, with three of nine responders in the highest completed cohort.

• Plans to optimize XmAb541 dosing and move into late-line studies, with phase III dose selection expected next year.

Strategic partnerships and future outlook

• Amgen partnership includes phase III trials for Xaluritamig in prostate cancer, with mid- to high-single digit royalties and $225M in milestones.

• J&J collaboration focuses on CD28 bispecifics, leveraging orthogonal binding for improved safety and efficacy in combination therapies.

• Partnerships remain central, with a strategy to advance key assets in oncology, TL1A, and B-cell depleters, and flexibility to partner or commercialize based on ROI.

• Well-funded through 2028, with multiple data readouts expected in 2026 and beyond to inform future development and partnering decisions.