Executive Summary

Q4 2024 revenue was $52.8M, up 3% YoY, with net loss of $45.6M and EPS of $(0.62); operating loss narrowed materially vs prior year driven by lower R&D .
Pipeline rebalanced toward protein-engineered programs; dosing initiated for XmAb942 (anti‑TL1A) in healthy volunteers, with initial SAD data expected 1H25; XmAb819 (ENPP3 x CD3) Phase 1 data targeted for 2H25 .
2025 cash guidance set to $535–$585M, with runway into 2028; 2024 year‑end cash was $706.7M, above prior 2024 cash guidance following the September equity raise and partner milestones in Q4 .
Notable swing in other income/expense: Q4 2024 other expense was $(31.4)M vs +$14.7M in Q4 2023, increasing GAAP net loss despite higher revenue; management did not provide drivers in the release .
No Q4 earnings call transcript was available; near‑term stock catalysts include XmAb942 SAD readout (1H25) and clarity on dose‑expansion starts for XmAb819/XmAb808 (1H25) .

What Went Well and What Went Wrong

What Went Well

“We began rebalancing our pipeline to focus on XmAb drug candidates that leverage our protein engineering strengths and reduce exposure to biological uncertainties,” positioning programs toward near‑term clinical milestones .
Initiated dosing of XmAb942 in healthy volunteers; company expects initial SAD data in 1H25 and MAD data plus Phase 2 UC start in 2H25, advancing a potentially best‑in‑class anti‑TL1A asset .
Partner momentum: Amgen started a Phase 3 study of xaluritamig (STEAP1 x CD3) in 4Q24; Xencor earned $30M in milestones, plus $4M from Novartis for an XmAb Fc program—both received in 2025 .

What Went Wrong

Other expense, net deteriorated sharply to $(31.4)M in Q4 2024 vs +$14.7M in Q4 2023, amplifying GAAP net loss and overshadowing improved operating metrics; release did not detail specific drivers .
Vudalimab development paused and resources prioritized to other programs, signaling strategic de‑emphasis of the dual checkpoint program despite completed enrollments .
Revenue composition remains milestone/royalty‑heavy rather than recurring product sales; full‑year revenue fell to $110.5M from $174.6M in 2023, underscoring variability of external payments .

Financial Results

Quarterly Trend vs Prior Periods

Metric	Q2 2024	Q3 2024	Q4 2024
Revenue ($USD Millions)	$16.960	$10.710	$52.794
Operating Income (Loss) ($USD Millions)	$(62.317)	$(62.283)	$(13.178)
EBIT Margin %	-367.5% (calc from revenue & op loss)	-581.8% (calc from revenue & op loss)	-25.0% (calc from revenue & op loss)
Net Income - (IS) ($USD Millions)	$(65.963)	$(45.143)	$(45.552)
Net Income Margin %	-388.8% (calc from revenue & net loss)	-421.5% (calc from revenue & net loss)	-86.3% (calc from revenue & net loss)
Diluted EPS - Continuing Operations ($USD)	$(1.07)	$(0.71)	$(0.62)
R&D Expense ($USD Millions)	$61.531	$58.226	$51.056
G&A Expense ($USD Millions)	$17.746	$14.767	$14.916
Other Income (Expense), net ($USD Millions)	$(4.974)	$15.986	$(31.404)
Cash, Cash Equivalents & Marketable Debt Securities ($USD Millions, quarter-end)	$585.0	$754.3	$706.7

Year-over-Year (Q4 2024 vs Q4 2023)

Metric	Q4 2023	Q4 2024
Revenue ($USD Millions)	$50.966	$52.794
Operating Income (Loss) ($USD Millions)	$(27.352)	$(13.178)
EBIT Margin %	-53.7% (calc from revenue & op loss)	-25.0% (calc from revenue & op loss)
Net Income - (IS) ($USD Millions)	$(26.147)	$(45.552)
Diluted EPS - Continuing Operations ($USD)	$(0.43)	$(0.62)
R&D Expense ($USD Millions)	$63.046	$51.056
G&A Expense ($USD Millions)	$15.272	$14.916
Other Income (Expense), net ($USD Millions)	$14.705	$(31.404)

Notes: EBIT margin and Net Income margin are computed from cited revenue and operating loss/net loss in the tables above .

Revenue Composition (Qualitative)

Q4 revenue primarily from partner milestones (Amgen $30M, Novartis $4M) and non‑cash royalties (Ultomiris, Monjuvi); 2023 comps were primarily collaboration/milestone revenue (Alexion, Gilead, J&J, Omeros, Zenas) .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash, Cash Equivalents & Marketable Debt Securities ($USD Millions)	FY 2024 Year-End	$475–$525	$690–$710	Raised
Cash Runway	Multi-year	Into 2027	Into 2028	Extended
Cash, Cash Equivalents & Marketable Debt Securities ($USD Millions)	FY 2025 Year-End	N/A	$535–$585	New
Revenue Guidance	FY 2025	N/A	N/A	No guidance provided
OpEx / Margin Guidance	FY 2025	N/A	N/A	No guidance provided

Earnings Call Themes & Trends

Note: No Q4 2024 earnings call transcript was available; themes reflect press releases and corporate materials.

Topic	Previous Mentions (Q2 2024)	Previous Mentions (Q3 2024)	Current Period (Q4 2024)	Trend
Pipeline Rebalancing	Focus on first‑in‑class TCEs; new candidates forthcoming	Rebalancing to protein‑engineered programs; autoimmune expansion	Continued emphasis on engineered drug candidates to reduce biological uncertainty	Strengthening
XmAb942 (anti‑TL1A)	Program outlined; near‑term plans	Ph1 initiated; dosing in healthy volunteers expected in Q4	Dosing started; SAD data 1H25; MAD + Phase 2 UC start 2H25	Advancing on schedule
XmAb819 (ENPP3 x CD3)	Dose escalation progressing; target dose by YE	Initial anti‑tumor activity; plan dose expansion 1H25	Phase 1 data to be presented 2H25	Nearing inflection
XmAb808 (B7‑H3 x CD28)	Target dose by YE; combo with pembro	DLTs in higher dose; back‑fill tolerable cohort	Dose escalation resumed late Q4; final cohort enrollment complete	Resumed; cautious
Vudalimab (PD‑1 x CTLA‑4)	Multiple studies ongoing	Completed enrollment in mCRPC and NSCLC parts	Development paused; resources prioritized elsewhere	Paused
Partner Programs (Amgen/Novartis)	Regained rights to plamotamab; partners active	Amgen Phase 3 indicated; investor optimism	Amgen Phase 3 started; $30M milestone; Novartis Phase 2; $4M milestone	Positive external tailwinds

Management Commentary

“We began rebalancing our pipeline to focus on XmAb drug candidates that leverage our protein engineering strengths and reduce exposure to biological uncertainties—changes we believe increase our overall opportunities for clinical success.” — Bassil Dahiyat, Ph.D., President & CEO .
“In the first half of 2025, we look forward to presenting initial first‑in‑human healthy volunteer data for XmAb942… In the second half of the year, we plan to present data from our Phase 1 dose‑escalation study of XmAb819…” — Bassil Dahiyat, Ph.D. .

Q&A Highlights

No Q4 2024 earnings call transcript was available in our document catalog; therefore, Q&A themes and any guidance clarifications cannot be assessed from a call transcript [ListDocuments returned none].

Estimates Context

Wall Street consensus estimates (S&P Global) for Q4 2024 EPS and revenue were unavailable due to a system request‑limit error at the time of retrieval; as a result, beat/miss vs estimates cannot be determined from S&P Global in this report. Values would ordinarily be retrieved from S&P Global.

Key Takeaways for Investors

Operating discipline: EBIT margin improved YoY in Q4 (‑25.0% vs ‑53.7%) as R&D declined; monitor OpEx trajectory as pipeline milestones approach .
Earnings quality: Q4 revenue strength was milestone‑driven; expect volatility in reported revenue absent product sales; watch partner milestones and licensing cadence .
Cash runway: Year‑end 2024 cash was $706.7M; 2025 cash guided to $535–$585M, runway into 2028—sufficient to fund multiple Phase 1/2 milestones; equity raise in Sep 2024 bolstered cash .
Near‑term catalysts: XmAb942 SAD readout (1H25) and Phase 2 UC initiation (2H25); XmAb819 dose‑escalation data at a major meeting (2H25); XmAb808 dose‑expansion decision (1H25) .
Risk watch: Other income/expense is a swing factor; Q4’s $(31.4)M negative item increased GAAP loss—track for further mark‑to‑market or investment impacts .
Strategic focus: Pausing vudalimab reallocates resources to TCEs and autoimmune assets where Xencor believes engineering advantages can drive differentiated outcomes .
Trading implications: Stock likely to trade on clinical readouts and partner progress; absence of a call transcript limits immediate narrative clarity—monitor upcoming conferences and company presentations for additional detail .

Xencor Inc (XNCR)·Q4 2024 Earnings Summary