Xencor (XNCR) Q4 2025 earnings summary

Executive summary

• Lead oncology candidate XmAb819 advanced to Phase 1 dose expansion in multiple tumor types, with pivotal ccRCC study planned for 2027.

• Multiple pipeline programs progressed, including XmAb541, XmAb942, XmAb412, plamotamab, and XmAb657, with key data readouts and study initiations expected in 2026.

• Xtend U.S. patent extension secured, supporting royalty revenue from Ultomiris through 2028.

Financial highlights

• Cash, cash equivalents, and marketable debt securities totaled $610.8M as of Dec 31, 2025, down from $706.7M at year-end 2024.

• Q4 2025 revenue was $28.2M, down from $52.8M in Q4 2024; full-year 2025 revenue was $125.6M, up from $110.5M in 2024, driven by Alexion and Incyte license agreements.

• Q4 2025 net loss was $6.7M ($0.09/share), improved from $45.6M ($0.62/share) in Q4 2024; full-year 2025 net loss was $91.9M ($1.24/share), improved from $232.6M ($3.58/share) in 2024.

• Other income, net, was $49.4M in Q4 2025 and $87.9M for 2025, compared to net expenses in 2024, due to realized and unrealized gains from marketable equity securities.

Outlook and guidance

• Expected to end 2026 with $400M–$430M in cash and equivalents, sufficient to fund operations through 2028.

• Plans to present key clinical data and initiate new studies across oncology and autoimmune pipeline in 2026.