Xencor dismisses auditor RSM, appoints KPMG after material weaknesses and restatement

Xencor Inc

Dismissed RSM on Feb 27, 2025; engaged KPMG effective March 3, 2025.
Material weaknesses in internal controls over royalty sale accounting and tax legislation led to restatement of 2023 annual and Q1-Q3 2024 interim financials.
RSM recalled its 2023 audit reports on internal controls and financial statements.
Additional material weakness in impairment analysis of Zenas equity investment existed Q1-Q2 2024, remediated by Q3 2024.
Company has implemented remediation plans for the material weaknesses.

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