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.
Valuation FY2025 figures against the last close
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.
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