Xencor, Inc.
- Open
- 14.79
- Day high
- 17.67
- Day low
- 14.60
- Prev close
- 14.95
- Volume
- 1.6M
- Mkt cap
- $1.3B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 2.5
- P/S
- 13.3
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$422K over the last 3 months (0 open-market buys, 6 sales)
- 🏛Institutions mixed (13F)
Xencor, Inc. (XNCR) is a Healthcare company listed on NASDAQ. The stock is up 95% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 6 sales (SEC Form 4).
Xencor, Inc. (XNCR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
XNCR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 12, 2026 | $-0.65 | $-1.71 | -163.1% | $5M | -83.8% |
| Feb 25, 2026 | $-0.66 | $-0.09 | +86.4% | $28M | -5.8% |
| Nov 5, 2025 | $-0.72 | $-0.08 | +88.9% | $21M | -29.9% |
| Aug 6, 2025 | $-0.78 | $-0.41 | +47.4% | $44M | +78.9% |
| May 7, 2025 | $-0.63 | $-0.66 | -4.8% | $33M | +45.5% |
| Feb 27, 2025 | $-0.81 | $-0.62 | +23.5% | $70M | +313.3% |
| May 9, 2024 | $-0.76 | $-1.11 | -46.1% | $13M | -48.8% |
| Feb 27, 2024 | $0.36 | $-0.31 | -186.1% | $45M | -39.5% |
| Aug 3, 2023 | $-0.91 | $-0.37 | +59.3% | $46M | +57.0% |
| Feb 23, 2023 | $-0.83 | $-0.20 | +75.9% | $22M | +7.7% |
| Aug 3, 2022 | $-0.45 | $-0.57 | -26.7% | $30M | -11.3% |
| May 5, 2022 | $-0.61 | $0.39 | +163.9% | $85M | +227.0% |
XNCR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 8, 2026 | GUSTAFSON KURT Adirector | Grant | 20,604 | $12.20 |
| Jul 8, 2026 | Deshaies Raymond Josephdirector | Grant | 10,302 | — |
| Jul 8, 2026 | SIMPSON TODD Edirector | Grant | 10,302 | — |
| Jul 8, 2026 | GUSTAFSON KURT Adirector | Grant | 10,302 | — |
| Jul 8, 2026 | GORMAN KEVIN CHARLESdirector | Grant | 10,302 | — |
| Jul 8, 2026 | Klencke Barbaradirector | Grant | 20,604 | $12.20 |
| Jul 8, 2026 | Feigal Ellendirector | Grant | 20,604 | $12.20 |
| Jul 8, 2026 | Montgomery Alan Brucedirector | Grant | 20,604 | $12.20 |
| Jul 8, 2026 | SIMPSON TODD Edirector | Grant | 20,604 | $12.20 |
| Jul 8, 2026 | RANIERI RICHARD Jdirector | Grant | 20,604 | $12.20 |
| Jul 8, 2026 | Feigal Ellendirector | Grant | 10,302 | — |
| Jul 8, 2026 | RANIERI RICHARD Jdirector | Grant | 10,302 | — |
| Jul 8, 2026 | Montgomery Alan Brucedirector | Grant | 10,302 | — |
| Jul 8, 2026 | GORMAN KEVIN CHARLESdirector | Grant | 20,604 | $12.20 |
| Jul 8, 2026 | Klencke Barbaradirector | Grant | 10,302 | — |
Source: XNCR SEC Form 4 filings, latest Jul 8, 2026. For informational purposes only — not investment advice.
See the full XNCR insider & 13F page →Xencor, Inc. company profile
Overview
Xencor, Inc. (NASDAQ:XNCR) is a clinical-stage biopharmaceutical company founded in 1997 and headquartered in Monrovia, California. The company went public in December 2013 and has established itself as a leader in engineered antibody therapeutics. Xencor specializes in developing innovative treatments for cancer and autoimmune diseases using its proprietary XmAb protein engineering platform, which creates enhanced monoclonal antibodies and cytokines with improved therapeutic properties compared to conventional treatments.
Business
Xencor operates in the biotechnology sector, specifically focusing on the discovery and development of engineered monoclonal antibody and cytokine therapeutics. The company's core technology revolves around its proprietary XmAb protein engineering platform, which allows them to modify antibodies to enhance their effectiveness, safety, and manufacturability. The company's business is built around several key therapeutic areas. Their oncology portfolio represents the largest segment, focusing on cancer treatments through various mechanisms including bispecific antibodies that can simultaneously target cancer cells and immune cells to enhance the body's natural cancer-fighting response. Key oncology candidates include Plamotamab for non-Hodgkin lymphoma, Vudalimab for prostate cancer and solid tumors, and Tidutamab for neuroendocrine tumors. The autoimmune disease segment focuses on developing treatments for conditions where the immune system attacks healthy tissue. Their lead autoimmune candidate, XmAb564, targets inflammatory conditions like atopic dermatitis and psoriasis by modulating immune cell activity. Xencor also generates revenue from commercialized products through royalty agreements. These include Sotrovimab (for COVID-19), Ultomiris (for rare blood disorders), and Monjuvi (for certain lymphomas) - products that were developed using Xencor's technology but are marketed by partner companies. The royalty segment typically represents the most stable revenue stream, while the clinical development programs represent the company's future growth potential. The company's pipeline includes over a dozen clinical-stage programs, with several in Phase I and Phase II trials across multiple therapeutic areas, representing a diversified approach to drug development that spreads risk across various disease targets and mechanisms of action.
Revenue model
Xencor employs a multi-faceted business model centered on licensing partnerships and royalty agreements. The company develops its engineered antibody candidates to a certain stage, then partners with larger pharmaceutical companies who handle late-stage development, manufacturing, and commercialization in exchange for upfront payments, milestone payments, and ongoing royalties on product sales. The primary revenue streams include royalty payments from commercialized products, milestone payments triggered by development and regulatory achievements, and upfront licensing fees from new partnerships. For example, in 2023, the company earned $168.3 million primarily from royalties on Ultomiris and Monjuvi sales, demonstrating the potential of this model when products reach commercial success. Xencor's customers are primarily large pharmaceutical companies who license their technology and drug candidates. These partners include major players like Amgen, Janssen (Johnson & Johnson), Novartis, and others who have the resources and infrastructure to conduct large-scale clinical trials and global commercialization. Several factors influence Xencor's margins and revenue potential. Positive factors include the growing adoption of bispecific antibodies in cancer treatment, increasing understanding of immune system modulation, and the company's strong intellectual property position in antibody engineering. The company's XmAb platform provides a competitive advantage by creating differentiated products with potentially superior safety and efficacy profiles. Negative factors include the inherent high failure rate in drug development, intense competition from other biotechnology companies and large pharma, regulatory risks that can delay or prevent approvals, and the company's dependence on partner companies for commercialization success. Additionally, the loss of key patents or the development of competing technologies could erode Xencor's competitive position. Market dynamics such as healthcare cost containment pressures and changing treatment paradigms also pose ongoing challenges to pricing and adoption of new therapies.
Competitive moat
Xencor's competitive moat is moderately strong but faces ongoing challenges in the rapidly evolving biotechnology landscape. The company's primary moat stems from its proprietary XmAb protein engineering platform, which represents years of accumulated knowledge and intellectual property in antibody modification. This platform allows Xencor to systematically improve antibody properties such as binding affinity, half-life, and immune system activation, creating differentiated products that may offer superior therapeutic profiles compared to conventional antibodies. The company's intellectual property portfolio provides another layer of protection, with numerous patents covering its engineering technologies and specific antibody designs. Additionally, Xencor has built valuable partnership relationships with major pharmaceutical companies, creating a network effect where successful collaborations lead to additional partnership opportunities. However, the moat faces significant challenges. The biotechnology industry is characterized by rapid innovation, and competing platforms from companies like Genmab, MacroGenics, and others are developing alternative approaches to antibody engineering. Large pharmaceutical companies are also investing heavily in internal antibody engineering capabilities, potentially reducing their reliance on external partners like Xencor. The regulatory and clinical risk inherent in drug development represents another vulnerability, as even the most promising engineered antibodies can fail in clinical trials due to safety or efficacy issues. Furthermore, the company's dependence on partner companies for commercialization means that Xencor's success is partly tied to the execution capabilities and strategic priorities of others. While Xencor's technical expertise and platform approach provide meaningful competitive advantages, the moat is not insurmountable, and the company must continue innovating and executing successfully to maintain its position in an increasingly competitive market.
Risks & safety
Xencor presents a moderate margin of safety with strong liquidity but ongoing cash burn concerns. **Cash Position and Solvency:** - Strong current ratio of 5.89x indicates excellent short-term liquidity - Cash and short-term investments of $40.9 million as of Q4 2024, down from higher levels in previous years - Total current assets of $577.6 million provide substantial buffer - Low debt-to-equity ratio of 0.34 indicates minimal financial leverage risk - Free cash flow burn of approximately $208 million in 2024 raises sustainability concerns **Valuation Metrics:** - Trading at 2.48x price-to-book ratio, suggesting modest premium to book value - Negative earnings make P/E ratios less meaningful, but company is loss-making - Enterprise value metrics are distorted by losses but suggest potential value if profitability achieved **Other Considerations:** - Revenue volatility based on milestone and royalty timing creates earnings unpredictability - Clinical-stage pipeline carries high execution risk with binary outcomes - Strong balance sheet provides runway, but cash burn rate requires monitoring - Partnership model reduces capital requirements but creates dependency on external parties
Recent development
Over the past few years, Xencor has undergone significant strategic evolution, shifting its focus toward T-cell engaging bispecific antibodies for solid tumors while reducing investment in cytokine drug candidates. This strategic pivot reflects the company's assessment of where their platform can achieve the greatest competitive advantage and clinical success. The company has made substantial progress in advancing its bispecific antibody pipeline, with multiple candidates entering clinical trials. Key developments include the advancement of XmAb819, an ENPP3 x CD3 bispecific for renal cell carcinoma, and XmAb808, their first CD28-targeting bispecific for prostate cancer. The company also initiated Phase 1 studies for XmAb541, a CLDN6 x CD3 bispecific, demonstrating their systematic approach to developing T-cell engagers across different cancer targets. Vudalimab has emerged as a key clinical asset, showing encouraging monotherapy data in metastatic castration-resistant prostate cancer with a 35% RECIST response rate and 50% disease control rate. The company has expanded Vudalimab development into first-line non-small cell lung cancer, representing a significant market opportunity expansion. In the autoimmune space, Xencor has advanced XmAb564 into clinical development for atopic dermatitis and psoriasis, representing their lead cytokine program despite the broader strategic shift away from this area. The candidate showed promising single-dose data with selective expansion of regulatory T-cells. The company has also strengthened its financial position through strategic monetization, including a $215 million transaction involving partial monetization of Ultomiris and Monjuvi royalties in 2023. This provided additional runway and flexibility for clinical development while maintaining upside exposure to these commercial products. Partnership activities have continued to expand, with Amgen's xaluritamig (STEAP1 x CD3) showing promising prostate cancer data and Janssen advancing CD28 bispecific programs in prostate and B-cell malignancies, validating Xencor's platform across multiple therapeutic areas and partner relationships.
XNCR company profile · for informational purposes only — not investment advice.
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