Xencor (XNCR) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $116.5M and net income was $39.4M, with diluted EPS of $0.50; results included $77.4M of one-time Alexion settlement revenue recognized as royalties.

• Pipeline advanced: XmAb819 dose selection supported proposed Phase 3 planning, XmAb412 began enrolling in Phase 1, and a XmAb541/XmAb808 combination trial was initiated.

Financial highlights

• Q3 revenue was $116.5M vs. $21.0M a year earlier, including $87.5M of royalties and $29.0M of milestones; 9M revenue was $172.3M vs. $97.3M.

• Q3 operating income was $22.9M vs. a $47.5M loss; net income was $39.4M vs. a $6.0M loss, with diluted EPS of $0.50 vs. $(0.08).

• 9M operating loss was $92.1M vs. $123.9M; net loss was $111.2M vs. $85.3M.

• Q3 R&D expense rose to $84.3M from $54.4M, partly offset by lower stock compensation; G&A fell to $9.4M from $14.2M, primarily from a non-recurring legal expense recovery.

• Q3 other income, net, was $16.4M vs. $41.5M, primarily reflecting lower unrealized equity-security gains; 9M R&D was $220.9M vs. $174.6M and G&A was $43.5M vs. $46.6M.

Outlook and guidance

• Year-end 2026 cash, cash equivalents and marketable debt securities are expected at $480M–$500M; current resources are expected to support operations into 2029, subject to assumptions and potential milestone payments.

• XmAb819 FDA engagement on a potential accelerated pathway is planned for 1H27; subject to feedback, a global randomized Phase 3 study may begin by year-end 2027.

• XmAb942 blinded interim analysis is expected around year-end 2026, with its Phase 2b primary endpoint analysis targeted for 2H27.

• Initial XmAb412 data and additional XmAb819 IV and subcutaneous cohort results are planned for 1H27.