---
schema_version: "secwatch.filing_event.v1"
accession: "0001326732-25-000005"
form_type: "8-K"
ticker: "XNCR"
cik: "0001326732"
company_name: "Xencor Inc"
filed_at: "2025-02-13T23:59:59+00:00"
generated_at: "2026-05-26T22:08:33.357562+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Xencor restates FY2023 and Q1-Q3 2024 results; errors in royalty accounting and tax

## Summary
- Royalty transaction with OMERS Life Sciences misclassified as deferred income instead of debt; impacted balance sheet by ~$168.5M debt understatement.
- Estimated FY2023 impact: revenue understated by $6.3M, interest expense understated by $5.5M; operating cash flow overstated by $163M.
- Additional tax errors: R&D expense under Section 174 and state tax lead to ~$7.8M shareholder equity overstatement for FY2023.
- Material weaknesses identified in internal control over financial reporting related to both royalty and tax errors.
- RSM US LLP recalls its audit reports on 2023 financials and internal controls; company will file amendments before 2024 10-K.

## SEC filing metadata
- accession: 0001326732-25-000005
- form_type: 8-K
- ticker: XNCR
- cik: 0001326732
- company_name: Xencor Inc
- filed_at: 2025-02-13T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 4.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1326732/000132673225000005/0001326732-25-000005-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1326732/000132673225000005/xncr-20250207.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001326732-25-000005
- JSON: https://secwatch.observer/filing/0001326732-25-000005.json
- Plain text: https://secwatch.observer/filing/0001326732-25-000005.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.