Pulling SEC filings + quote and writing the call…

Xencor Inc
Next earnings Aug 4, 2026 · consensus $-0.82 EPS, $21.3M rev
Last earnings +1.2% on 2026-05-06
Royalty-funded biotech with improving losses and a clean balance sheet, but cash runway and pipeline risk cap upside at $14.51.
Sources: SEC EDGAR (CIK 0001326732, latest 10-Q filed 2026-05-06) · EODHD · analysis by claude-code · as of 6/25/2026, 2:13:03 PM.
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Xencor is a clinical-stage biotech monetizing its XmAb Fc engineering platform through partner royalties (Ultomiris/Alexion: $70.1M FY25; Monjuvi/Incyte: $10.2M FY25) and milestone payments (Amgen $30M, Incyte $12.5M+$25M+$4M in FY25). The MD&A makes clear that essentially all FY25 revenue is partner-derived — license, milestone, and non-cash royalty streams — not product sales. Top-line grew 13.7% to $126M and FY25 net loss narrowed 60.5% to -$91.9M, helped by an $87.9M swing in 'other income (expense), net' that includes mark-to-market on marketable equity securities; the operating loss itself barely moved (-$177.5M vs -$178.4M). Strip out the non-operating swing and the underlying P&L is essentially unchanged year-over-year.
The risks, catalysts, 12-month price target and the cited SEC figures behind this rating — with Pro.
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| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $275M | $165M | $175M | $110M | $126M |
| Gross profit | — | — | — | — | — |
| Operating income | $43.8M | -$82.5M | -$132M | -$178M | -$178M |
| Net income | $82.6M | -$55.2M | -$133M | -$233M | -$91.9M |
| Diluted EPS | $1.37 | -$0.93 | -$2.20 | -$3.58 | -$1.24 |
| Net margin | 30.0% | -33.5% | -76.2% | -210.5% | -73.2% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Annual meeting vote results disclosed; routine director and proposal outcomes
Q1 2026 details; royalties (Ultomiris/Monjuvi) continue carrying the top line
Q1 2026 details; royalties (Ultomiris/Monjuvi) continue carrying the top line
Reg FD disclosure — likely conference/pipeline update slides
2026 proxy: director slate, say-on-pay and equity-plan items
2026 proxy: director slate, say-on-pay and equity-plan items
Material definitive agreement terminated — partner/collab program ended
Reg FD disclosure — investor/clinical update via press release
FY25: revenue $126M (+14%), loss narrowed 60% on $30M Amgen + Incyte milestones
1071 tracked peers · median
Last 90 days: 0 open-market buys · 6 sales
| 2026-06-18 | Feigal Ellen Director | Sell | 6.84K @ $13.06 | $89.4K |
| 2026-06-15 | GORMAN KEVIN CHARLES Director | Sell | 7.53K @ $12.31 | $92.7K |
| 2026-06-15 | GUSTAFSON KURT A Director | Sell | 5.47K @ $12.31 | $67.4K |
| 2026-06-15 | RANIERI RICHARD J Director | Sell | 5.47K @ $12.31 | $67.4K |
| 2026-06-15 | Montgomery Alan Bruce Director | Sell | 5.06K @ $12.31 | $62.3K |
| 2026-04-10 | Cornelissen Bart Jan SR. VICE PRESIDENT & CFO | Sell | 3.50K @ $12.29 | $43.0K |
| 2026-03-06 | Desjarlais John R SR. VICE PRESIDENT & CSO | Sell | 2.50K @ $11.02 | $27.6K |
| 2026-03-06 | Eckert Celia SVP, GENERAL COUNSEL | Sell | 1.77K @ $11.02 | $19.5K |
| 2026-03-05 | Desjarlais John R SR. VICE PRESIDENT & CSO | Sell | 4.12K @ $11.25 | $46.3K |
| 2026-03-05 | Eckert Celia SVP, GENERAL COUNSEL | Sell | 3.24K @ $11.25 | $36.5K |
Recent news tone vs the market's typical (which skews positive). A soft signal, not a recommendation.
Dates from 8-K (Item 2.02); beat/miss = reported EPS vs consensus (Finnhub, recent quarters); move = prior close → close on/after.