Xencor Inc
XNCR · Pharmaceutical Preparations · 74.1M shares · +1%/yr ↑ dilution · EDGAR filings ↗
Reference price $13.06 · est. market cap ~$968M — last insider sale, 2026-06-18 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D50Antibody-engineering platform with real royalty revenue and partnerships, but a dangerously thin cash runway.
Strengths
- Diversified revenue ($126M incl. $80M royalties) and three marketed medicines built on XmAb tech
- Reasonable liquidity ratios (current/quick ~6.3) and moderate leverage
- One positive proof-of-concept readout (obexelimab in IgG4-RD)
Risks
- Cash runway just 1.6 quarters (12th pct) with -$138M FCF — imminent financing pressure
- Lead obexelimab SLE Phase 2 missed its primary endpoint (p=0.18); pipeline largely early/partnered
- Persistent operating losses (operating margin -141%) and reliance on milestone lumpiness
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -73.2%)
- Cash burnNegative free cash flow (-138.3M)
- Material weakness• If we identify material weaknesses in our internal control over financial reporting in the future or otherwise fail to maintain an effective system of internal control over financial reporting, we m
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, CITADEL ADVISORS LLC +2 more (as of 2026-03-31)
- Revenue declineRevenue -84.0% YoY
- Insider sellingInsider selling — 16 open-market sale(s) by 9 insider(s) (cluster of 9 insiders, ~$950,090, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-141.4%
Net margin
-73.2%
Return on equity
-14.5%
Return on assets
-10.5%
ROIC
-18.6%
Revenue growth (QoQ)
-84.0%
Debt / equity
0.2×
Current ratio
6.3×
Free cash flow
-$138M
EBITDA
-$167M
Tangible book value
$627M
Cash & investments
$54M
Cash runway
2q
Stock comp / revenue
34.4%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-18 | Feigal Ellen | Sell | 6.8K | $13.06 |
| 2026-06-15 | GUSTAFSON KURT A | Sell | 5.5K | $12.31 |
| 2026-06-15 | Montgomery Alan Bruce | Sell | 5.1K | $12.31 |
| 2026-06-15 | GORMAN KEVIN CHARLES | Sell | 7.5K | $12.31 |
| 2026-06-15 | RANIERI RICHARD J | Sell | 5.5K | $12.31 |
| 2026-04-10 | Cornelissen Bart Jan | Sell | 3.5K | $12.29 |
| 2026-03-06 | Eckert Celia | Sell | 1.8K | $11.02 |
| 2026-03-06 | Dahiyat Bassil I | Sell | 6.6K | $11.02 |
| 2026-03-06 | Desjarlais John R | Sell | 2.5K | $11.02 |
| 2026-03-05 | Dahiyat Bassil I | Sell | 15K | $11.25 |
| 2026-03-05 | Cornelissen Bart Jan | Sell | 2.5K | $11.25 |
| 2026-03-05 | Eckert Celia | Sell | 3.2K | $11.25 |
| 2026-03-05 | Desjarlais John R | Sell | 4.1K | $11.25 |
| 2026-03-03 | Desjarlais John R | Sell | 2.7K | $11.90 |
| 2026-03-03 | Eckert Celia | Sell | 1.5K | $11.90 |
| 2026-03-03 | Dahiyat Bassil I | Sell | 6.8K | $11.90 |
| 2026-03-02 | Dahiyat Bassil I | Grant | 97K | — |
| 2026-03-02 | Cornelissen Bart Jan | Grant | 19K | — |
| 2026-03-02 | Eckert Celia | Grant | 19K | — |
| 2026-03-02 | Desjarlais John R | Grant | 25K | — |
| 2026-01-23 | Desjarlais John R | Option exercise | 5.3K | $12.51 |
| 2025-12-22 | Desjarlais John R | Option exercise | 6.3K | $12.51 |
| 2025-12-22 | Dahiyat Bassil I | Option exercise | 11K | $12.51 |
| 2025-12-19 | Dahiyat Bassil I | Sell | 114K | $15.71 |
| 2025-12-19 | Desjarlais John R | Option exercise | 73K | $12.51 |
| 2025-12-19 | Desjarlais John R | Sell | 73K | $15.72 |
| 2025-12-19 | Dahiyat Bassil I | Option exercise | 114K | $12.51 |
| 2025-06-16 | RANIERI RICHARD J | Sell | 3.0K | $9.22 |
| 2025-06-16 | Montgomery Alan Bruce | Sell | 2.2K | $9.22 |
| 2025-06-16 | GUSTAFSON KURT A | Sell | 3.0K | $9.22 |
| 2025-06-16 | GORMAN KEVIN CHARLES | Sell | 3.2K | $9.22 |
| 2025-06-16 | Feigal Ellen | Sell | 3.0K | $9.22 |
| 2025-06-12 | GORMAN KEVIN CHARLES | Grant | 14K | — |
| 2025-06-12 | RANIERI RICHARD J | Grant | 14K | — |
| 2025-06-12 | Feigal Ellen | Grant | 14K | — |
| 2025-06-12 | Montgomery Alan Bruce | Grant | 14K | — |
| 2025-06-12 | Klencke Barbara | Grant | 14K | — |
| 2025-06-12 | GUSTAFSON KURT A | Grant | 14K | — |
| 2025-06-12 | SIMPSON TODD E | Grant | 14K | — |
| 2025-05-02 | Valente Nancy | Sell | 4.6K | $11.03 |
| 2025-04-10 | Cornelissen Bart Jan | Sell | 3.8K | $8.06 |
| 2025-03-10 | Valente Nancy | Sell | 2.6K | $13.60 |
| 2025-03-10 | Eckert Celia | Sell | 5.7K | $13.60 |
| 2025-03-10 | Desjarlais John R | Sell | 9.7K | $13.60 |
| 2025-03-10 | Dahiyat Bassil I | Sell | 20K | $13.60 |
| 2025-03-04 | Desjarlais John R | Grant | 30K | — |
| 2025-03-04 | Eckert Celia | Grant | 22K | — |
| 2025-03-04 | Dahiyat Bassil I | Grant | 110K | — |
| 2025-03-04 | Cornelissen Bart Jan | Grant | 22K | — |
| 2025-02-03 | Desjarlais John R | Option exercise | 3.5K | $15.69 |
| 2025-02-03 | Dahiyat Bassil I | Option exercise | 8.8K | $15.69 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07284797 ↗ | A Phase 1 Open-label Study to Evaluate Safety in Healthy Participants and Participants With Autoimmune Diseases Healthy, Idiopathic Inflammatory Myopathies | PHASE1 | Recruiting | 2028-10-01 |
| NCT07230353 ↗ | A Phase 1b Open-label Study to Evaluate Safety of Plamotamab in Participants With Rheumatoid Arthritis Rheumatoid Arthritis | PHASE1 | Recruiting | 2028-06-01 |
| NCT06619990 ↗ | Study of XmAb942 in Healthy Participants and Participants With Ulcerative Colitis Ulcerative Colitis (UC) | PHASE1/PHASE2 | Recruiting | 2028-04-01 |
| NCT06276491 ↗ | Phase 1, Safety and Tolerability Study of XmAb541 in Advanced Solid Tumors Ovarian Cancer, Endometrial Cancer | PHASE1 | Recruiting | 2027-12-01 |
| NCT05433142 ↗ | Study of XmAb®819 in Subjects With Advanced Clear Cell Renal Cell Carcinoma Clear Cell Renal Cell Carcinoma | PHASE1 | Recruiting | 2027-02-01 |
| NCT05032040 ↗ | A Study of XmAb20717 (Vudalimab)in Patients With Selected Advanced Gynecologic and Genitourinary Malignancies Ovarian Cancer, Clear Cell Carcinoma | PHASE2 | Active Not Recruiting | 2025-10-15 |
| NCT07593092 ↗ | Phase 1, Safety and Tolerability Study of XmAb541 and XmAb808 in Advanced Solid Tumors Ovarian Cancer | PHASE1 | Not Yet Recruiting | 2028-12-01 |
| NCT06173505 ↗ | Study of Vudalimab or Pembrolizumab in Combination With Chemotherapy as First-line Treatment in Patients With Advanced NSCLC Nonsquamous Non-small Cell Lung Cancer | PHASE1/PHASE2 | Terminated | 2025-12-24 |
| NCT05005728 ↗ | XmAb®20717 (Vudalimab) Alone or in Combination With Chemotherapy or Targeted Therapy in Patients With Metastatic Castration-Resistant Prostate Cancer Metastatic Castration-Resistant Prostate Cancer | PHASE2 | Completed | 2025-06-10 |
| NCT05585034 ↗ | Phase 1, First-in-human, Dose-finding and Expansion Study to Evaluate XmAb®808 in Combination With Pembrolizumab in Advanced Solid Tumors Head and Neck Squamous Cell Carcinoma, Melanoma Excluding Uveal Melanoma | PHASE1 | Completed | 2025-05-20 |
| NCT05996445 ↗ | A Study of XmAb®662 as Monotherapy or in Combination With Pembrolizumab in Advanced Solid Tumors Solid Tumors | PHASE1 | Terminated | 2024-05-21 |
| NCT02924402 ↗ | Study to Evaluate Safety and Tolerability of XmAb13676 (Plamotamab) in Patients With CD20-expressing Hematologic Malignancies B-cell Non-Hodgkins Lymphoma, Chronic Lymphocytic Leukemia | PHASE1 | Completed | 2024-04-01 |
| NCT06005792 ↗ | Multiple Ascending-Dose Study of XmAb®27564 in Patients With Psoriasis or Atopic Dermatitis Psoriasis, Atopic Dermatitis | PHASE1 | Terminated | 2024-03-22 |
| NCT03752398 ↗ | A Study of XmAb®23104 in Subjects With Selected Advanced Solid Tumors (DUET-3) Melanoma (Excluding Uveal Melanoma), Cervical Carcinoma | PHASE1 | Completed | 2024-02-15 |
| NCT05328102 ↗ | Phase 2 Study of Plamotamab Combined With Tafasitamab Plus Lenalidomide Versus Tafasitamab Plus Lenalidomide in Relapsed or Refractory (R/R) Diffuse Large-cell B-cell Lymphoma (DLBCL) Diffuse Large-cell B-cell Lymphoma | PHASE2 | Terminated | 2023-02-21 |
| NCT03849469 ↗ | A Study of XmAb®22841 Monotherapy & in Combination w/ Pembrolizumab in Subjects w/ Selected Advanced Solid Tumors Melanoma, Cervical Carcinoma | PHASE1 | Completed | 2023-02-16 |
| NCT04857866 ↗ | Safety, Tolerability and PK of a Single Subcutaneous Injection of XmAb27564 in Healthy Volunteers Safety in Healthy Volunteers | PHASE1 | Completed | 2022-11-10 |
| NCT03517488 ↗ | A Study of XmAb®20717 in Subjects With Selected Advanced Solid Tumors Melanoma, Breast Carcinoma | PHASE1 | Completed | 2022-06-01 |
| NCT04590781 ↗ | Safety and Efficacy of XmAb18087 ± Pembrolizumab in Advanced Merkel Cell Carcinoma or Extensive-stage Small Cell Lung Cancer Merkel Cell Carcinoma, Small Cell Lung Cancer | PHASE1/PHASE2 | Terminated | 2022-03-24 |
| NCT03411915 ↗ | A Study of XmAb®18087 in Subjects With NET and GIST Neuroendocrine Tumor, Gastrointestinal Neoplasm | PHASE1 | Completed | 2021-10-26 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-18 | 2026-06-16 | 0001326732-26-000045 ↗ |
| 10-Q | 2026-05-06 | 2026-03-31 | 0001326732-26-000043 ↗ |
| 8-K | 2026-05-06 | 2026-05-06 | 0001326732-26-000042 ↗ |
| 8-K | 2026-05-05 | 2026-05-04 | 0001326732-26-000036 ↗ |
| 8-K | 2026-04-27 | 2026-04-23 | 0001326732-26-000030 ↗ |
| 8-K | 2026-03-09 | 2026-03-04 | 0001326732-26-000023 ↗ |
| 8-K | 2026-03-04 | 2026-03-04 | 0001326732-26-000021 ↗ |
| 10-K | 2026-02-25 | 2025-12-31 | 0001326732-26-000015 ↗ |
| 8-K | 2026-02-25 | 2026-02-25 | 0001326732-26-000014 ↗ |
| 8-K | 2026-01-08 | 2026-01-08 | 0001326732-26-000002 ↗ |
| 10-Q | 2025-11-05 | 2025-09-30 | 0001326732-25-000087 ↗ |
| 8-K | 2025-11-05 | 2025-11-05 | 0001326732-25-000086 ↗ |