Xencor (XNCR) TD Cowen 46th Annual Health Care Conference summary

Strategic focus and clinical development

• Refined clinical strategy in 2024 to prioritize advancing programs into Phase 1 and 2, aiming for commercial-stage assets.

• Achieved three INDs in 2025 and launched the global Phase 2b XENITH-UC study in ulcerative colitis.

• Maintains strong financial position with over $600 million in cash, supporting internal pipeline decisions.

• Emphasizes maximizing outcomes for patients, clinicians, and shareholders through a focused portfolio.

• Partnerships provide meaningful royalties and upfronts, enhancing capital efficiency and technology advancement.

Oncology pipeline highlights

• XmAb819, a T-cell engager, showed promising activity in clear cell renal cell carcinoma and is progressing toward pivotal development in 2027.

• XmAb541, targeting Claudin-6, is being developed for gynecologic and germ cell tumors, with updates expected by year-end.

• Expansion of XmAb819 into additional tumor types, including colorectal and non-small cell lung cancer, is underway.

• Both lead oncology programs are leveraging expertise in CD3 engagement to balance efficacy and toxicity.

• Clinical updates for both programs are planned for the back half of the year.

Autoimmune and immunology pipeline

• XmAb942, an anti-TL1A monoclonal antibody, is in a global Phase 2b study for ulcerative colitis, with healthy volunteer data confirming favorable PK/PD and immunogenicity.

• XmAb412, a bispecific antibody targeting TL1A and IL-23p19, will present preclinical data in early 2026 and start first-in-human studies in the back half of 2026.

• Plamotamab, a CD20 T-cell engager, is being tested in rheumatoid arthritis after regaining rights in 2024, aiming to differentiate from existing CD20 monoclonal antibodies.

• XmAb657, a CD19/CD3 molecule, is positioned as a "CAR T in a bottle" for severe autoimmune diseases, with first-in-human studies planned.

• Both B-cell targeted T-cell engager programs are ramping up in the clinic, with updates expected later in the year.