10-K · February 25, 2026
Xencor describes a platform-led strategy to advance XmAb engineered Fc domains and multi‑specific antibodies across oncology and autoimmune indications, growing revenues via milestone and royalty receipts while…
Earnings analysis · 10-Q
XNCR earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Xencor reported a substantial decline in revenue and increased operational losses in Q1 2026. Total revenue dropped to $4.5 million, a decrease of $28.2 million compared to Q1 2025, while operating expenses rose to…
Read full summary
Xencor reported a substantial decline in revenue and increased operational losses in Q1 2026. Total revenue dropped to $4.5 million, a decrease of $28.2 million compared to Q1 2025, while operating expenses rose to $82.4 million, leading to a significant loss of $128.6 million. Management highlighted lower milestone receipts and increased R&D expenditures as key drivers of the results.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-1.71
What stood out
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Significant Revenue Decline
Total revenue decreased by $28.2 million to $4.5 million from $32.7 million in Q1 2025.
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Higher Operating Expenses
Operating expenses rose to $82.4 million, up $6.5 million from $75.9 million in Q1 2025.
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Increased Net Loss
Net loss for the quarter expanded to $128.6 million from $48.3 million in Q1 2025.
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R&D Expense Increase
Research and development costs increased by $6.1 million to $64.7 million compared to $58.6 million in Q1 2025.
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Cash Burn Rate Up
Cash flow used in operating activities was $67.6 million, a significant increase from $16.2 million in Q1 2025.
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End of Period Cash Reserves
Cash, cash equivalents, and marketable securities fell to $541.8 million from $610.8 million as of December 31, 2025.
What to watch
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Surging Net Loss
Net loss for Q1 2026 reached $128.6 million, up from $48.3 million in Q1 2025, indicating rising financial distress.
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Decreased Cash Reserves
Cash, cash equivalents, and marketable securities decreased by $69 million from $610.8 million at year-end 2025.
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Operational Dependency Risks
Total revenues heavily reliant on milestone and royalty payments, which are uncertain and volatile.
Management's outlook
Management has lowered revenue guidance for 2026 to $80 million to $90 million, consistent with previous estimates.
Earlier filings 4
10-Q · November 5, 2025
Xencor reported Q3 revenue of $20.999 million (up from $17.796 million a year ago) and GAAP net loss per share of $(0.08), materially narrower than $(0.72) in Q3 2024. Operating loss improved to $(47.519) million from…
10-Q · May 7, 2025
Xencor reported Q1 2025 revenue of $32.7M, up 104.6% versus Q1 2024 ($16.0M) driven by milestone and royalty recognition, but remains unprofitable with an operating loss of $43.2M and diluted EPS of $(0.66). Liquidity…
10-Q · August 5, 2024
Xencor reported Q2 revenue of $16,960 (in thousands), up sequentially from $12,805 (Q1) but down sharply year-over-year from $45,523. Operating loss widened to $(62,317) and GAAP net loss attributable to Xencor was…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.