Quarterly ResultMay 6, 2026, 04:08 PM
Xencor Q1 Net Loss $128.9M; Revenue $4.5M; Pipeline Advances
AI Summary
Xencor reported a net loss of $128.9 million, or $(1.71) per share, for Q1 2026, significantly wider than the $48.4 million loss in Q1 2025. Revenue decreased to $4.5 million from $32.7 million year-over-year, primarily due to a reduction from disputed Alexion royalties and lower milestone revenue. Despite the financial decline, the company highlighted significant progress in its clinical pipeline, including upcoming data presentations for XmAb819 and XmAb541, and the planned initiation of a first-in-human study for XmAb412 in Q3 2026. Xencor expects to end 2026 with $380-$400 million in cash, funding operations into mid-2028.
Key Highlights
- Q1 2026 net loss attributable to Xencor was $128.9 million, or $(1.71) per share.
- Q1 2026 revenue decreased to $4.5 million from $32.7 million in Q1 2025.
- Research and development expenses increased to $64.7 million from $58.6 million year-over-year.
- Cash, cash equivalents, and marketable debt securities totaled $541.8 million as of March 31, 2026.
- Xencor expects to end 2026 with $380-$400 million in cash, funding operations into mid-2028.
- XmAb819 expansion cohort results for ccRCC to be presented in 2H26; pivotal study planned for 2027.
- First-in-human study for XmAb412 (TL1A x IL23p19) on track for 3Q26 start.
- XmAb942 Phase 2b XENITH-UC study interim analysis expected around year-end 2026.