Xencor, Inc. Q4 FY2022 earnings call

• Xencor has a portfolio of late and early-stage programs in oncology and autoimmune diseases, using a modular approach and engineering tools. • Pipeline highlights include vudalimab Phase 2 studies in metastatic castration resistant prostate cancer, XmAb564 Phase 1b multiple ascending dose study in atopic dermatitis and psoriasis, new T-cell engagers XmAb819 (targeting CD3 and ENPP3) and XmAb808 (CD28 targeting bispecific), and progress on IL-12 and Claudin-6 bispecific programs. • Laboratory and office relocation to Pasadena to accommodate expanded R&D efforts.

No detailed product segment financial performance with revenue contribution % provided in the transcript.

• Cash: Expected to fund research and development programs and operations through end of 2025. Estimates 2023 cash, cash equivalents, receivables, and marketable debt securities to be between $425 million and $475 million. • Pipeline programs: Expected Phase 1 initiation for XmAb662 and IND filing for XmAb541.

• Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from those anticipated. These include factors in the Risk Factors section of the most recently filed annual report on Form 10-K and quarterly report on Form 10-Q.

Q: Mara Goldstein asked about benchmarks for success in the XmAb564 Phase 1b study for atopic dermatitis and psoriasis.

A: Bassil Dahiyat said goals are to establish a safe dosing regimen with good biomarker movement and look at dosing interval extension.

Q: Mara Goldstein asked about enrollment characteristics for vudalimab.

A: Allen Yang explained there are two Phase 2s, monotherapy Phase 2 explores new dosing, and the first Phase 2 molecularly defines prostate cancer subgroups, with some groups continuing to enroll after protocol modification.

Q: Edward Tenthoff asked about the difference between CD28 and CD3 and prioritization.

A: John Desjarlais discussed CD28 providing co-stimulation and CD3 direct T-cell engagement, with considerations based on target availability and expression.

Q: Dane Leone asked about IL-12 approach and B7-H3 vs B7-H4.

A: John Desjarlais talked about reduced potency design of XmAb662 for improved tolerability and pharmacokinetics, and Bassil Dahiyat mentioned B7-H3's expression in multiple tumor types.

Q: Etzer Darout asked about AMG 509 and XmAb808.

A: Bassil Dahiyat said AMG 509 has initial data and expects second half 2023 data, and XmAb808 combines with pembrolizumab based on theoretical data.

Q: David Dai asked about vudalimab comparison to competitors and subcu formulation of plamotamab.

A: Allen Yang compared vudalimab data to competitors, and Bassil Dahiyat discussed subcu formulation of plamotamab in clinical studies.

Q: Charles Zhu asked about co-developing vudalimab with other assets.

A: Bassil Dahiyat said they consider co-development and are aware of Astra's data.

Q: William Maughan asked about 2+1 T-cell engagers and CD3 targets.

A: Bassil Dahiyat said they consider fast follower approaches carefully.

Q: Michael King asked about cytokine clinical success correlates.

A: Bassil Dahiyat and John Desjarlais discussed interferon gamma as a marker and reduced potency design.

Q: Brian Cheng asked about vudalimab and IL-12 662.

A: Bassil Dahiyat talked about vudalimab strategic shift and John Desjarlais discussed IL-12 662's potential solid tumor types.

Q: Unidentified Analyst asked about 819 and AMG 509 and XmAb 2+1 design.

A: Allen Yang and John Desjarlais discussed 819 accrual and XmAb 2+1 design implications.

Q: Unidentified Analyst asked about CD28 AE profile.

A: Bassil Dahiyat discussed target choice and AE considerations.