Xencor Inc (XNCR): auditor change — Xencor dismisses RSM as auditor over material weaknesses; appoints KPMG

Xencor Inc

RSM dismissed Feb 27, 2025; KPMG appointed effective Mar 3, 2025.
Material weaknesses in controls over non-routine royalty sale accounting and tax legislation led to restatement of FY2023 and Q1-Q3 2024 financials.
RSM recalled its 2023 audit opinions and interim reviews; internal control reports flagged weaknesses.
Additional material weakness in impairment analysis of Zenas equity investment was remediated by Q3 2024.
No disagreements with RSM; company requested letter to SEC, not yet received.

item 4.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Xencor Inc engaged KPMG LLP as its auditor.

Action: engagement
Auditor: KPMG LLP

Exact text from the filing

On February 27, 2025, the Audit Committee approved the appointment of KPMG LLP (“KPMG”) as the Company’s new independent registered public accounting firm, effective as of March 3, 2025.

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Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Xencor Inc dismissed RSM US LLP as its auditor.

Action: dismissal
Auditor: RSM US LLP

Exact text from the filing

On February 27, 2025, the Audit Committee (the “Audit Committee”) of the Board of Directors of Xencor, Inc., a Delaware corporation (the “Company”), dismissed RSM US LLP (“RSM”) as the Company’s independent registered public accounting firm, effective immediately.

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Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Xencor Inc reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: RSM US LLP

Exact text from the filing

of the proceeds from the sale of future royalties as part of our non-routine transactions, and (ii) a deficiency in the design of controls related to the evaluation of certain tax legislation, which together led to the restatement of the Company’s audited financial statements for the year ended December 31, 2023 and the unaudited financial statements for the quarterly periods ended March 31, 2024, June 30, 2024 and September 30, 2024.

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Xencor Inc filing history →

Source: SEC EDGAR

accession 0001326732-25-000032

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