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Xencor, Inc., a clinical-stage biopharmaceutical company, focuses on the discovery and development of engineered antibodies for the treatment of cancer and autoimmune diseases. The company provides Ultomiris to treat patients with atypical hemolytic uremic syndrome, generalized myasthenia gravis, and neuromyelitis optica spectrum disororder; and Monjuvi for the treatment of patients with relapsed or refractory diffuse large B-cell lymphoma. It also develops XmAb819, a bispecific antibody to treat renal cell carcinoma; XmAb541, which is in Phase I for the treatment of ovarian cancer; XmAb808, a bispecific antibody that binds to the broadly expressed tumor antigen; XmAb942, which is in clinical development for patients with Crohn's disease and ulcerative colitis; Plamotamab, a bispecific T-cell, which is in Phase Ib study to treat rheumatoid arthritis; and XmAb657 for patients with idiopathic inflammatory myopathies. Further, the company develops Xaluritamig, a bispecific T-cell engager that treats prostate cancer; ASP2138 to treat gastric, gastroesophageal junction, and pancreatic cancers; JNJ-9401 to treat metastatic castration-resistant prostate cancer; Obexelimab, an antibody to treat patients with autoimmune diseases; Tobevibart, a treatment for chronic hepatitis Delta; Zaltenibart to treat paroxysmal nocturnal hemoglobinuria and other alternative pathway disorders; Teropavimab and zinlirvimab to treat human immunodeficiency virus; Novartis, an antibody drug candidate that uses XmAb Fc technologies; and JNJ-1493 to treat B-cell malignancies. The company was incorporated in 1997 and is headquartered in Pasadena, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $126M | $-47M | $-92M | $-138M | -14.5% | 13.7% | -60.5% |
| 2024 | $110M | $-186M | $-233M | $-212M | -34.3% | -36.7% | 74.7% |
| 2023 | $175M | $-102M | $-133M | $-99M | -20.1% | 6.1% | 141.3% |
| 2022 | $165M | $-46M | $-55M | $-19M | -7.6% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 164.58 | 174.62 | 110.49 | 125.58 |
| Operating Revenue | - | 164.58 | 174.62 | 110.49 | 125.58 |
| Operating Expense | - | 247.05 | 306.98 | 288.90 | 303.08 |
| Research And Development | - | 199.56 | 253.60 | 227.69 | 239.43 |
| Selling General And Administration | - | 47.49 | 53.38 | 61.22 | 63.64 |
| Total Expenses | - | 247.05 | 306.98 | 288.90 | 303.08 |
| Operating Income | - | -82.47 | -132.36 | -178.41 | -177.50 |
| Total Operating Income As Reported | - | -82.47 | -132.36 | -178.41 | -177.50 |
| EBITDA | - | -45.70 | -101.96 | -186.17 | -47.19 |
| Normalized EBITDA | - | -68.99 | -101.56 | -134.32 | -139.54 |
| EBIT | - | -54.50 | -113.46 | -198.28 | -57.71 |
| Interest Income | - | 4.83 | 19.33 | 31.93 | 27.52 |
| Interest Expense | - | 0.01 | 6.18 | 36.64 | 31.93 |
| Net Interest Income | - | 4.82 | 13.15 | -4.71 | -4.40 |
| Other Non Operating Income Expenses | - | -0.15 | -0.03 | 0.05 | -0.07 |
| Other Income Expense | - | 23.15 | -0.43 | -51.80 | 92.27 |
| Interest Income Non Operating | - | 4.83 | 19.33 | 31.93 | 27.52 |
| Interest Expense Non Operating | - | 0.01 | 6.18 | 36.64 | 31.93 |
| Net Non Operating Interest Income Expense | - | 4.82 | 13.15 | -4.71 | -4.40 |
| Pretax Income | - | -54.51 | -119.63 | -234.92 | -89.63 |
| Tax Provision | - | 0.67 | 13.66 | 1.62 | 2.50 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 4.89 | -0.08 | -10.89 | 19.39 |
| Net Income Continuous Operations | - | -55.18 | -133.30 | -236.54 | -92.14 |
| Net Income From Continuing And Discontinued Operation | - | -55.18 | -133.13 | -232.62 | -91.92 |
| Net Income From Continuing Operation Net Minority Interest | - | -55.18 | -133.13 | -232.62 | -91.92 |
| Net Income | - | -55.18 | -133.13 | -232.62 | -91.92 |
| Net Income Common Stockholders | - | -55.18 | -133.13 | -232.62 | -91.92 |
| Net Income Including Noncontrolling Interests | - | -55.18 | -133.30 | -236.54 | -92.14 |
| Normalized Income | - | -73.58 | -132.82 | -191.65 | -164.88 |
| Diluted NI Availto Com Stockholders | - | -55.18 | -133.13 | -232.62 | -91.92 |
| Basic Average Shares | - | 59.65 | 60.50 | 65.04 | 74.24 |
| Diluted Average Shares | - | 59.65 | 60.50 | 65.04 | 74.24 |
| Reconciled Depreciation | - | 8.80 | 11.50 | 12.11 | 10.51 |
| Total Unusual Items | - | 23.30 | -0.40 | -51.85 | 92.34 |
| Total Unusual Items Excluding Goodwill | - | 23.30 | -0.40 | -51.85 | 92.34 |
| Minority Interests | - | 0 | 0.16 | 3.92 | 0.21 |
| Special Income Charges | - | -0.14 | 0 | -20.43 | -9.17 |
| Write Off | - | 0.14 | 0 | 20.43 | 9.17 |
| Gain On Sale Of Security | - | 23.43 | -0.40 | -31.42 | 101.51 |
| General And Administrative Expense | - | 47.49 | 53.38 | 61.22 | 63.64 |
| Other Gand A | - | 47.49 | 53.38 | 61.22 | 63.64 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Xencor, Inc.this co. | XNCR | $890M | - | 1.40 | -14.5% | - |
| ARS Pharmaceuticals, Inc. | SPRY | $901M | -5.26 | 7.88 | -149.9% | -5.66 |
| Annexon, Inc. | ANNX | $893M | -4.32 | 4.22 | -97.7% | -3.54 |
| Pacira BioSciences, Inc. | PCRX | $892M | 126.89 | 1.29 | 1.0% | 8.75 |
| Cullinan Therapeutics, Inc. | CGEM | $887M | -4.03 | 2.17 |
| - |
| - |
| - |
| - |
| -53.8% |
| -3.32 |
| MeiraGTx Holdings plc | MGTX | $886M | -7.76 | -152.99 | 1971.4% | -10.17 |
| Jade Biosciences, Inc. | JBIO | $876M | - | -18.71 | -38.3% | - |
| Certara, Inc. | CERT | $873M | -547.16 | 0.82 | -0.2% | 9.65 |
| Talkspace, Inc. | TALK | $871M | 111.78 | 7.44 | 6.7% | 129.10 |
| Peer Median | - | -4.32 | 1.73 | -19.2% | -3.32 | |