Xencor Q4 net loss narrows to $6.7M; XmAb819 dose expansion advances; Xtend royalty upside $100-120M

Xencor Inc

2025-FY EPS reported -$1.24 revenue$125,576,000

Q4 revenue $28.2M (down 47% YoY), full year $125.6M (up 14%). Net loss $6.7M ($0.09/sh) vs $45.6M prior-year Q4.
Cash $610.8M at Dec 31, 2025; expects $400-430M at end 2026, funding operations through 2028.
XmAb819 (ENPP3 x CD3) dose expansion open in CRC, NSCLC, pRCC; plan to present data 2H26 for recommended Ph3 dose, pivotal start 2027.
Xtend U.S. patent to Dec 2028; expects $100-120M aggregate royalty above OMERS cap from Ultomiris sales.

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