Xencor Inc XNCR
We are a clinical-stage biopharmaceutical company focused on discovering and developing engineered antibody therapeutics to treat patients with cancer and autoimmune diseases, who have unmet medical needs. We use our protein engineering capabilities to design new technologies and XmAb® drug candidates with improved properties and multi-target mechanisms of action. We advance these candidates into clinical-stage development, where we are conducting Phase 1 and Phase 2 studies for a broad portfolio of programs, to determine which programs to advance into later stages of development and potentially commercialization, which programs we partner to optimize development, and which programs we discontinue.
Last close
25.18
2026-10-23
Market cap
$1.87B
2026-06-30 share count
52-week range
10.38 - 30.61
Valuation FY2025 figures against the last close
P/S14.9x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-1.24
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $125.6M | $110.5M | $174.6M | $164.6M | $275.1M | $122.7M | $156.7M | $40.6M | $46.1M | $109.0M |
| R&D | $239.4M | $227.7M | $253.6M | $199.6M | $192.5M | $169.8M | $118.6M | $97.5M | $71.8M | $51.9M |
| SG&A | $63.6M | $61.2M | $53.4M | $47.5M | $38.8M | $29.7M | $24.3M | $22.5M | $17.5M | $13.1M |
| Total operating expenses | $303.1M | $288.9M | $307.0M | $247.1M | $231.3M | $199.5M | $142.9M | $120.0M | $89.3M | $65.0M |
| Operating income | -$177.5M | -$178.4M | -$132.4M | -$82.5M | $43.8M | -$76.8M | $13.8M | -$79.4M | -$43.1M | $44.0M |
| Interest expense | $31.9M | $36.6M | $6.2M | $13.0K | $13.0K | $7.3M | $13.6M | $9.1M | $4.2M | $21.0K |
| Pre-tax income | -$89.6M | -$234.9M | -$119.6M | -$54.5M | $82.6M | -$69.3M | $27.2M | -$70.4M | -$38.9M | $46.1M |
| Income tax | $2.5M | $1.6M | $13.7M | $673.0K | $0 | $0 | $312.0K | $0 | $463.0K | $991.0K |
| Net income | -$91.9M | -$232.6M | -$133.1M | -$55.2M | $82.6M | -$69.3M | $26.9M | -$70.4M | -$38.5M | $45.1M |
| EPS, basic | -1.24 | -3.58 | -2.20 | -0.93 | 1.42 | -1.21 | 0.48 | -1.31 | -0.82 | 1.09 |
| EPS, diluted | -1.24 | -3.58 | -2.20 | -0.93 | 1.37 | -1.21 | 0.46 | -1.31 | -0.82 | 1.07 |
| Shares, diluted (wtd. avg.) | 74.2M | 65.0M | 60.5M | 59.7M | 60.5M | 57.2M | 58.5M | 53.9M | 46.8M | 42.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $54.1M | $40.9M | $54.2M | $53.9M | $143.5M | $163.5M | $50.3M | $26.2M | $16.5M | $14.5M |
| Short-term investments | — | — | — | — | — | — | $479.5M | $268.1M | $207.6M | $115.6M |
| Receivables | $29.3M | $60.8M | $23.7M | $29.0M | $66.4M | $11.4M | $21.6M | $10.2M | $1.1M | $8.6M |
| Total current assets | $599.8M | $577.6M | $635.6M | $675.3M | $424.4M | $637.7M | $558.4M | $315.7M | $230.9M | $141.7M |
| Property, plant and equipment | $53.3M | $59.8M | $66.1M | $59.2M | $28.2M | $21.7M | $15.8M | $11.8M | $7.1M | $3.1M |
| Other intangibles | $8.4M | $18.5M | $18.7M | $18.5M | $16.5M | $16.0M | $14.4M | $12.0M | $11.1M | $10.4M |
| Total assets | $875.5M | $951.9M | $965.1M | $846.3M | $838.2M | $703.2M | $670.2M | $576.7M | $390.2M | $428.6M |
| Accounts payable | $10.8M | $16.8M | $13.9M | $10.1M | $14.0M | $9.0M | $10.2M | $3.8M | $6.9M | $3.9M |
| Short-term debt | $43.3M | $48.4M | $27.7M | $0 | — | — | — | — | — | — |
| Total current liabilities | $95.9M | $87.4M | $73.9M | $63.8M | $70.7M | $121.1M | $66.6M | $53.9M | $72.7M | $106.3M |
| Long-term debt | $76.5M | $115.2M | $161.8M | $0 | — | — | — | — | — | — |
| Total liabilities | $239.9M | $277.9M | $303.0M | $118.8M | $104.7M | $130.8M | $77.0M | $55.1M | $73.7M | $114.6M |
| Retained earnings | -$796.0M | -$704.0M | -$471.4M | -$338.3M | -$283.1M | -$365.7M | -$296.4M | -$323.3M | -$252.9M | -$238.0M |
| Total equity | $635.6M | $677.6M | $662.1M | $727.5M | $733.5M | $572.4M | $593.2M | $521.7M | $316.5M | $337.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$135.1M | -$202.2M | -$77.9M | $24.5M | -$16.9M | -$5.0M | $64.4M | -$79.8M | -$33.6M | $95.2M |
| Depreciation and amortisation | $10.5M | $12.1M | $11.5M | $8.8M | $7.5M | $5.8M | $4.3M | $3.3M | $2.0M | $1.5M |
| Stock-based compensation | $43.2M | $53.3M | $53.8M | $48.9M | $37.0M | $31.6M | $31.9M | $20.5M | $13.7M | $7.8M |
| Capital expenditure | $3.1M | $6.1M | $18.4M | $38.5M | $13.3M | $10.5M | $7.4M | $7.2M | $5.3M | $1.5M |
| Investing cash flow | $140.0M | -$7.9M | -$111.1M | -$119.7M | -$46.2M | $100.2M | -$51.0M | -$164.8M | $31.9M | -$214.3M |
| Financing cash flow | $8.2M | $197.2M | $189.2M | $5.7M | $43.0M | $18.0M | $10.7M | $254.2M | $3.7M | $121.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001326732-26-000031.
Plot the figures US dollars
Income statement
Revenue
Cost of revenue
Gross profit
R&D
SG&A
Total operating expenses
Operating income
Interest expense
Pre-tax income
Income tax
Net income
EPS, basic
EPS, diluted
Shares, diluted (wtd. avg.)
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $109.0M | $46.1M | $40.6M | $156.7M | $122.7M | $275.1M | $164.6M | $174.6M | $110.5M | $125.6M |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | $45.1M | -$38.5M | -$70.4M | $26.9M | -$69.3M | $82.6M | -$55.2M | -$133.1M | -$232.6M | -$91.9M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Results announced Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
- Regulation FD disclosure Item 7.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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