Xencor, Inc.

xencor.com

What Do They Do?

Develops engineered antibody drug candidates for cancer and autoimmune diseases, and licenses antibody technologies and candidates to pharmaceutical and biotechnology partners.

How Do They Make Money?

Partners pay upfront for licenses when the rights are delivered; milestone payments follow development, regulatory or sales achievements, and royalties are tied to sales of licensed medicines.

revenue

Segment	Share	How money arrives
License Licensed	0.0% FY2022: 0.0%	Licensed
Milestone Sold outright	36% FY2022: 3.3%	Sold outright
Royalties Licensed	64% FY2022: 92%	Licensed
Collaboration	0.0% FY2022: 4.3%

Who Are Their Customers?

Pharmaceutical and biotechnology companies partner with Xencor through licenses and collaborations involving its antibody technologies and drug candidates.

Do Revenues Turn Into Profits?

No. It lost $91.9M in FY2025.

Operating income, FY2025

−141% of revenue

▼ −1% (Loss) vs FY2024 (−$178.4M, −161%)

Net income, FY2025

−73% of revenue

▼ −60% (Loss) vs FY2024 (−$232.6M, −211%)

Free cash flow, FY2025

−110% of revenue

▼ −34% (Loss) vs FY2024 (−$208.3M, −189%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +17%; vs $43.6M in Q2 FY2025
Net income: ▼ −30% (Loss); vs −$30.8M in Q2 FY2025

Royalties share of revenue vs 42.7% in Q2 FY2025

Jul 29, 2026 Settles Ultomiris U.S. royalty dispute and ends future U.S. royalties Xencor will receive $105 million in two equal payments; royalties on sales outside the United States continue.
Mar 9, 2026 Genentech terminates its collaboration and license agreement Termination takes effect September 4, 2026; efbalropendekin alfa was the agreement's sole active collaboration product.

Greater oncology focus The earlier strategy described advancing bispecific antibody and cytokine candidates; the latest report prioritizes T-cell-engaging bispecific antibody programs in oncology.

Revenue over time

License Milestone Royalties Collaboration Non-cash royalties Non-cash royalties

$500M$250M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Amgen, Genmab, Regeneron Pharmaceuticals, Roche Holding, Astellas, Context Therapeutics, CytomX Therapeutics, Immunocore Holdings, Janux Therapeutics, Johnson & Johnson, Rondo Therapeutics, Takeda Pharmaceutical, Third Arc Bio, Vir Biotechnology, Candid Therapeutics, Cullinan Therapeutics, Novartis, Absci, Caldera Therapeutics, and Merck &

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