Xencor Inc (XNCR)

Price$26.51Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkValuation looks balanced after a sharp rally, with cash support offset by clinical-stage risk.

At the latest close, Xencor’s equity value was about $1.85 billion, while June cash, cash equivalents and marketable debt securities were $486.4 million. That cash cushion lowers the effective price paid for the pipeline, but trailing sales are mostly royalties and milestone payments, so a high price-to-sales ratio is not a clean valuation measure. FactSet’s mean analyst target after August results sat only in the low-teens percentage above the latest close, suggesting moderate expected upside rather than a clear bargain.

Big pictureXencor is not economically cyclical, but its revenue and stock are strongly catalyst-driven.

Xencor, Inc. is a Nasdaq-listed clinical-stage antibody developer, so quarterly earnings are not yet the core valuation anchor. Collaboration, milestone and royalty revenue can jump or fall depending on partner events, making results lumpy rather than tied to a normal economic cycle. The important cycle is clinical: trial data, regulatory decisions and partnership payments can rapidly reset expectations. That means current valuation depends more on probability-adjusted pipeline value and cash durability than on near-term earnings multiples.

Business strengthLiquidity is strong enough for planned trials, though losses and dilution still matter.

At June 30, Xencor held $486.4 million of cash and marketable debt securities and guided to $420 million-$440 million at year-end, with funding expected through 2028. First-half operating cash burn was $123.3 million as R&D spending rose. The balance sheet’s main debt-accounted obligation is $104.9 million tied to prior royalty sales, rather than conventional borrowing. Shares outstanding increased about 3.4% from year-end. No ATM shares had been issued by June 30, but a shelf registration and $200 million ATM facility preserve future financing flexibility and dilution risk.

What could change the storyUpcoming data can justify today’s premium, while weak efficacy or faster burn would undermine it.

Bull case: XmAb819 shows durable, competitive kidney-cancer responses at ESMO, supports a registration-enabling study in 2027, and XmAb942 plus autoimmune programs deliver credible 2027 efficacy data without major financing. Bear case: efficacy or safety disappoints, timelines slip, partner milestones fade after the Ultomiris U.S. royalty settlement, and R&D burn forces equity issuance before approval. XmAb541’s reversible hearing impairment at higher doses is a reminder that seemingly strong biology can still limit development. Those binary outcomes keep a wide valuation range reasonable.

AI: News

Cantor presentation sharpens late-stage focusManagement emphasized XmAb819 and upcoming data as Xencor shifts toward internally developed late-stage medicines.

At the September 9 Cantor Global Healthcare Conference, management framed XmAb819 in renal cell carcinoma as the lead program in Xencor’s move from primarily platform licensing toward late-stage internal development. The discussion highlighted the previously reported 25% objective response rate and stressed that durability data expected at ESMO in October will be important for designing the next study. The message raises upside potential, but also concentrates near-term valuation sensitivity around one key oncology readout.

Second-quarter results extend runwayHigher milestone and royalty revenue softened losses while management kept funding guidance through 2028.

On August 5, Xencor reported second-quarter revenue of $51.2 million and a net loss of $21.7 million. Cash, cash equivalents and marketable debt securities were $486.4 million at June 30. Management still expects year-end liquidity of $420 million-$440 million and says current resources should fund operations through 2028. R&D expense increased to $71.9 million, showing that the runway is substantial but is being consumed as multiple wholly owned programs advance.

Alexion royalty dispute settledA $105 million settlement adds non-dilutive cash but ends future U.S. Ultomiris royalties.

On July 29, Xencor settled its U.S. Ultomiris royalty dispute with Alexion for $105 million, split into two equal payments. The first payment was expected in August 2026 and the second after the agreement’s one-year anniversary. In exchange, Alexion owes no further royalties on U.S. sales, while ex-U.S. royalties continue. The settlement strengthens near-term liquidity and removes legal uncertainty, but it also converts a potentially recurring U.S. royalty stream into fixed payments.

XmAb819 earns ESMO oral slotXencor secured an oral ESMO presentation for expansion data intended to guide Phase 3 dosing.

On July 17, Xencor announced that Phase 1 XmAb819 clear-cell renal cell carcinoma expansion-cohort results were accepted for an oral presentation at ESMO 2026, scheduled for October 23-27. The company said the presentation will focus on intravenous dose levels being evaluated for a recommended Phase 3 dose, with a registration-enabling monotherapy study planned for 2027. This creates a clearly dated catalyst that could materially change assumptions about efficacy, durability and commercial potential.

Loading local price history

Revenue

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Net income

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Free cash flow

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012
Revenue	$125.6M	$110.5M	$174.6M	$164.6M	$275.1M	$122.7M	$156.7M	$40.6M	$46.1M	$109.0M	—	—	—	—
Research & development	$239.4M	$227.7M	$253.6M	$199.6M	$192.5M	$169.8M	$118.6M	$97.5M	$71.8M	$51.9M	$34.1M	$18.5M	$17.0M	$12.7M
Operating expenses	$303.1M	$288.9M	$307.0M	$247.1M	$231.3M	$199.5M	$142.9M	$120.0M	$89.3M	$65.0M	$46.1M	$26.0M	$20.7M	$15.8M
Operating income	−$177.5M	−$178.4M	−$132.4M	−$82.5M	$43.8M	−$76.8M	$13.8M	−$79.4M	−$43.1M	$44.0M	−$18.3M	−$16.5M	−$10.5M	−$6.2M
Operating margin	−141.35%	−161.47%	−75.80%	−50.11%	15.91%	−62.59%	8.82%	−195.48%	−93.44%	40.40%	—	—	—	—
EBITDA	−$167.0M	−$166.3M	−$120.9M	−$73.7M	$51.3M	−$71.0M	$18.1M	−$76.1M	−$41.1M	$45.5M	−$17.2M	−$15.6M	−$9.8M	−$5.7M
EBITDA margin	−132.98%	−150.51%	−69.22%	−44.77%	18.63%	−57.87%	11.56%	−187.47%	−89.04%	41.74%	—	—	—	—
Net income	−$91.9M	−$232.6M	−$133.1M	−$55.2M	$82.6M	−$69.3M	$26.9M	−$70.4M	−$38.5M	$45.1M	−$17.6M	−$16.4M	−$60.3M	—
Net profit margin	−73.20%	−210.53%	−76.24%	−33.53%	30.04%	−56.51%	17.15%	−173.41%	−83.39%	41.39%	—	—	—	—
Basic EPSper basic share	-$1.24	-$3.58	-$2.20	-$0.93	$1.42	-$1.21	$0.48	-$1.31	-$0.82	$1.09	-$0.45	-$0.52	$34.18	-$118.86
Diluted EPSper diluted share	-$1.24	-$3.58	-$2.20	-$0.93	$1.37	-$1.21	$0.46	-$1.31	-$0.82	$1.07	-$0.45	-$0.52	-$3.85	-$118.86

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

18.37%of listed shares

BlackRock, Inc.13.65M shares · Jun 30, 2026

View holders

Top 20 reported holders of XNCR
Holder	% owned
BlackRock, Inc.	18.37%13.65M shares
PRIMECAP MANAGEMENT CO/CA/	13.70%10.18M shares
BVF INC/IL	9.60%7.13M shares
RTW INVESTMENTS, LP	9.12%6.78M shares
RA CAPITAL MANAGEMENT, L.P.	7.10%5.27M shares
STATE STREET CORP	6.66%4.95M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.41%3.28M shares
TCG Crossover Management, LLC	3.30%2.45M shares
PRICE T ROWE ASSOCIATES INC /MD/	3.17%2.36M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	2.98%2.22M shares
GEODE CAPITAL MANAGEMENT, LLC	2.58%1.92M shares
MORGAN STANLEY	2.36%1.75M shares
UBS Group AG	1.76%1.31M shares
BAKER BROS. ADVISORS LP	1.48%1.1M shares
Legal & General Group Plc	1.47%1.09M shares
DIMENSIONAL FUND ADVISORS LP	1.36%1.01M shares
GOLDMAN SACHS GROUP INC	1.30%968.78K shares
MILLENNIUM MANAGEMENT LLC	1.15%853.68K shares
TWO SIGMA INVESTMENTS, LP	1.10%819.52K shares
NORTHERN TRUST CORP	1.07%794.28K shares

Percentages use 74.33M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)41$8.87M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 18, 2026Form 4 · 10b5-1	Feigal EllenDirector	SellCommon Stock	6.8K	$13.06	$89.4K	12.3K
Jun 15, 2026Form 4 · 10b5-1	GUSTAFSON KURT ADirector	SellCommon Stock	5.5K	$12.31	$67.4K	14.7K
Jun 15, 2026Form 4 · 10b5-1	Montgomery Alan BruceDirector	SellCommon Stock	5.1K	$12.31	$62.3K	15.5K
Jun 15, 2026Form 4 · 10b5-1	RANIERI RICHARD JDirector	SellCommon Stock	5.5K	$12.31	$67.4K	13.7K
Jun 15, 2026Form 4 · 10b5-1	GORMAN KEVIN CHARLESDirector	SellCommon Stock	7.5K	$12.31	$92.7K	11.4K

Review ownership filings at SEC.gov ↗

Community posts

View community

It’s quiet here.

No posts about XNCR yet. Start the conversation.

Write the first post

Xencor Inc (XNCR)

Financial charts

Financial statements

Owners

Insider buys & sells

Community posts

It’s quiet here.