Start here if you're new
what it is
Xencor designs engineered antibodies and gets paid through partnerships, royalties, and clinical pipeline progress.
how it gets paid
Last year Xencor made $126M in revenue.
why it's growing
Revenue grew 13.7% last year. EDGAR shows latest-quarter revenue of $97M, up 364% vs. prior year, alongside EPS of -$1.15.
what just happened
The quarter showed $97M of revenue, but Xencor still lost money and the business remains wildly uneven.
At a glance
B balance sheet — gets the job done, barely
10/100 earnings predictability — expect surprises
11.3% return on capital — nothing to write home about
-$3.58 fy2024 eps est
$111M fy2024 rev est
xvary composite: 46/100 — below average
What they do
Xencor designs engineered antibodies and gets paid through partnerships, royalties, and clinical pipeline progress.
The edge is XmAb, Xencor's antibody engineering platform, aimed at the Fc domain instead of the target-binding end. Platform → reusable drug-design toolkit → so what: one technology can feed multiple programs and partner deals. You are buying a 250-employee biotech with a licensing engine, not a one-drug company.
How they make money
$126M
annual revenue · their business grew +13.7% last year
total revenue
$126M
+13.7%
The products that matter
antibody engineering platform
XmAb® Platform
$126M · 100% of revenue
it generated all $126M of company revenue through partner deals. that's the business today: platform economics, not product sales.
100% of revenue
autoimmune drug candidate
XmAb412
nearest owned-asset catalyst
management has framed a potential 2026 launch as the nearest shot at a first owned product. if that timeline slips or the data disappoints, the cash-backed valuation gets harder to defend.
pipeline optionality
Key numbers
-141.4%
operating margin
Operating margin → money left after running the business → so what: Xencor is burning cash, not harvesting profits.
$126M
annual revenue
That is the full sales base supporting an ~$880M market cap, so every lost deal matters a lot.
$3.58
2024 EPS est
EPS → profit per share → so what: losses worsened from -$2.08 in 2023 to -$3.58 in 2024.
$153M
long-term debt
Debt is 15% of capital by, which is tolerable, but less comfortable when revenue swings quarter to quarter.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 20 / 100
- long-term debt $153M (15% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for XNCR right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The quarter showed $97M of revenue, but Xencor still lost money and the business remains wildly uneven.
EDGAR shows latest-quarter revenue of $97M, up 364% vs. prior year, alongside EPS of -$1.15. Contrast frame: revenue surged, but still pegs full-year 2024 EPS at -$3.58.
$97M
revenue
$1.15
eps
n/a
n/a
the number that mattered
$97M matters because it was 77.0% of the full $126M annual revenue base, which tells you this company lives on chunky deal payments.
source: company earnings report, 2026
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What could go wrong
the #1 risk is pipeline clinical failure in Xencor's owned programs.
med
Clinical failure would hit the part of the valuation that sits above cash
The market cap is about $880M and cash is $611M. That leaves roughly $269M being assigned to pipeline value, platform value, and future optionality. If a key internal program disappoints, that premium can shrink quickly.
This is a direct risk to the non-cash part of the thesis.
med
A strong cash balance still burns if quarterly losses keep landing near $41M
Xencor has $611M in cash and a B balance sheet, which matters. But it also reported a $41M Q4 2025 net loss and has no owned product revenue to offset trial spending.
Time is an asset until it runs short. Then it becomes dilution risk or forced prioritization.
med
All $126M of revenue comes from counterparties Xencor does not control
Royalties, milestones, and collaboration payments depend on partners hitting their own targets and keeping programs on track. The March 4, 2026 Ultomiris royalty forecast update is the reminder.
If partner economics move the wrong way, revenue can fall even when Xencor itself did nothing different.
The combined risk picture is straightforward: about 69% of the market cap is cash, and the remaining 31% depends on clinical progress plus partner execution.
source: institutional data · regulatory filings · risk analysis
Pay attention to
valuation
cash is $611M against an $880M market cap
That spread is the whole story. If you think the pipeline is worth much more than $269M, the stock is interesting. If you do not, the stock is mostly a cash box with burn attached.
risk
quarterly losses versus the cash runway
Q4 2025 produced a $41M net loss. One quarter is not destiny, but this is the meter running in plain sight.
calendar
march 11, 2026 barclays healthcare conference
Biotech presentations matter when investor confidence is part of the financing equation. You are listening for clarity on owned-program milestones, not polished slides.
trend
revenue is expected to fall from $126M to $111M
That is roughly a 12% step down. In a company without product sales, declining partner revenue makes the path to self-funding longer.
Analyst rankings
earnings predictability
10 / 100
Earnings predictability: 10/100. In human-speak, analysts do not expect clean, steady quarterly numbers here.
balance sheet
B
Balance sheet: B. That's decent by biotech standards because $611M of cash buys time, but it does not remove the need for clinical wins.
price stability
20 / 100
Price stability: 20/100. Translation: the market revises this story quickly when pipeline odds change.
source: institutional data
Institutional activity
institutional ownership data for XNCR is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$12
current price
n/a
target midpoint · n/a from current
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