Xencor (XNCR) Company Report

Xencor preliminarily estimates its cash, cash equivalents, and marketable debt securities were approximately $611 million as of December 31, 2025, compared to $706.7 million as of December 31, 2024. The company expects to have sufficient cash resources to fund research and development programs and operations through 2028.
The company plans to present new clinical data to support a recommended Phase 3 dose for XmAb819 and XmAb541 in 2H26, with pivotal studies for both expected to initiate in 2027.
Xencor intends to provide updates on the Phase 1b study of plamotamab in rheumatoid arthritis and the Phase 1 study of XmAb657 in idiopathic inflammatory myopathies in 2H26.
For inflammatory bowel disease programs, Xencor plans to present final results from the Phase 1 study of XmAb942 in 1H26 and initiate a first-in-human study of XmAb412 in 2H26.

Jan 8, 2026, 1:05 PM

8-K

Xencor Highlights Corporate Priorities and 2026 Pipeline Milestones

XNCR

Guidance Update

New Projects/Investments

Xencor, a clinical-stage biopharmaceutical company, announced its corporate priorities and 2026 pipeline advancement milestones for its clinical-stage XmAb drug candidates.
For its oncology programs, Xencor plans to present new clinical data for XmAb819 and XmAb541 to support recommended Phase 3 doses in 2H26, with pivotal studies anticipated in 2027.
In autoimmune and inflammatory bowel disease programs, updates are expected in 2H26 for Plamotamab and XmAb657, and a first-in-human study for XmAb412 is planned for 2H26.
Xencor reported an unaudited cash, cash equivalents, and marketable debt securities balance of approximately $611 million at the end of Q4 2025, which is expected to fund operations through 2028.

Jan 8, 2026, 1:01 PM

Press Release

Xencor's licensed drug Minjuvi® (Tafasitamab) receives approval in Japan

XNCR

Product Launch

New Projects/Investments

Incyte Japan announced the approval of Minjuvi® (Tafasitamab) in combination with Rituximab and Lenalidomid for adult patients with relapsed or refractory follicular lymphoma (2L+ FL) in Japan.
This marks the first regulatory approval for Minjuvi in Japan and is the first dual-targeted CD19- and CD20-immunotherapy combination for this condition in the country.
The approval is based on the Phase 3 inMIND study, which demonstrated that patients treated with Minjuvi achieved a median progression-free survival (PFS) of 22.4 months, significantly longer than the 13.9 months observed in the control group.
Incyte holds the exclusive worldwide rights to develop and commercialize Tafasitamab, which it acquired from Xencor, Inc..

Dec 22, 2025, 7:01 PM

Press Release

Xencor Discusses Pipeline Progress at Piper Sandler Conference

XNCR

New Projects/Investments

Product Launch

Xencor is advancing its autoimmune pipeline, including XmAb 942 (anti-TL1A antibody), which demonstrated a half-life greater than 71 days in Phase 1, and is now in a Phase 2 study (XENITH-UC) for ulcerative colitis with 220 patients targeted for primary analysis.
The oncology pipeline includes XmAb 819 (ENPP3 CD3 bispecific), which achieved a 25% overall response rate in 20 heavily pretreated renal cell carcinoma patients in early data, and XmAb 541 (CLDN6 CD3 bispecific), showing three out of nine responders in ovarian and germ cell tumors.
Xencor maintains strategic partnerships, notably with Amgen for Xaluritamig (Phase 3 in prostate cancer), which could yield mid-single to high-single digit royalties and $225 million in milestones, and with J&J for CD28 bispecifics.

Dec 2, 2025, 7:00 PM

Transcript

Xencor Highlights Autoimmune and Oncology Pipeline Progress and Partnership Value

XNCR

New Projects/Investments

Revenue Acceleration/Inflection

Xencor is expanding its autoimmune pipeline with XmAb942 (anti-TL1A), currently in a Phase II study for ulcerative colitis with dosing started in Q3 2025, and XmAb412 (TL1A IL-23 bispecific) slated for first-in-human trials in 2026.
In oncology, XmAb819 (ENPP3 targeting bispecific) demonstrated a 25% overall response rate in heavily pretreated clear cell renal cell carcinoma patients in October 2025 Phase I data, with plans to expand into colorectal and lung cancers in 2026.
The company also reported early efficacy for XmAb541 (Claudin-6 targeting bispecific) with three out of nine responders in ovarian and germ cell tumors.
Key partnerships include Amgen for Xaluritamig (Phase III), potentially generating mid-single to high-single digit royalties and $225 million in milestones, and J&J for CD28 bispecifics. Xencor has capital through 2028 to advance its pipeline and aims for commercialization.

Dec 2, 2025, 7:00 PM

Transcript

Xencor Provides Update on Autoimmune and Oncology Clinical Programs and Partnerships

XNCR

New Projects/Investments

Product Launch

Revenue Acceleration/Inflection

Xencor is advancing multiple clinical programs, including XmAb 942 (anti-TL1A) in a Phase 2b study for ulcerative colitis with dosing started in Q3, and XmAb 819 (ENPP3 bispecific) which demonstrated a 25% overall response rate in heavily pretreated renal cell carcinoma patients.
The company is expanding its autoimmune pipeline with XmAb 412 (TL1A IL-23 bispecific) expected to enter first-in-human studies in 2026, and has opened a study for XmAb 657 (CD19, CD3 bispecific) for myositis.
Key partnerships include Amgen's Phase 3 trial for Xaluritamig in metastatic castration-resistant prostate cancer, where Xencor retains mid-single to high-single digit royalties and $225 million in milestones.
Xencor is well-funded with capital through 2028 and plans to make strategic decisions on its assets to maximize value, aiming to become a commercial company.

Dec 2, 2025, 7:00 PM

Transcript

Xencor details clinical advancements for oncology and autoimmune programs

XNCR

New Projects/Investments

Guidance Update

Xencor is strategically focusing its oncology portfolio on T-cell engagers and expanding into autoimmune disease with TL1A axis and B-cell depleters.
In oncology, Xencor presented data for XmAb 819 (ENPP3xCD3 T-cell engager) in renal cell carcinoma, demonstrating a 25% objective response rate in heavily pretreated patients, with a Phase 3 dose expected next year and pivotals in 2027.
For autoimmune diseases, Xencor has completed Phase 1 and initiated a Phase 2b dose-ranging study for XmAb 942, a long-acting anti-TL1A antibody for ulcerative colitis, designed for every 12-week subcutaneous administration.
The company is also advancing Plamotamab (CD20xCD3), which started a Phase 1 study in rheumatoid arthritis, and XmAb 412, a bispecific TL1A IL-23 designed for high potency and convenient single subcutaneous injection.

Nov 12, 2025, 8:00 PM

Transcript

Vir Biotechnology Reports Positive Phase 2 Data for Tobevibart & Elebsiran Combination

XNCR

New Projects/Investments

Vir Biotechnology announced positive Week 48 endpoint analysis from its Phase 2 SOLSTICE trial for the combination of tobevibart and elebsiran in chronic hepatitis delta (CHD).
The trial demonstrated that 66% of participants achieved undetectable HDV RNA at Week 48, with approximately 90% achieving reduction in hepatitis B surface antigen (HBsAg) and 56% normalizing ALT.
The combination, which includes tobevibart incorporating Xencor’s Xtend™ technology, showed a favorable safety profile with no grade 3 or higher treatment-related adverse events or discontinuations.
The ECLIPSE registrational program for the combination is fully underway, with topline data expected in the first quarter of 2027.
The combination has received Breakthrough Therapy and Fast Track designations from the U.S. FDA, and Priority Medicines (PRIME) and orphan drug designations from the European Medicines Agency (EMA).

Nov 9, 2025, 11:07 PM

Press Release

Xencor Reports Q3 2025 Financial Results and Clinical Program Updates

XNCR

Earnings

Guidance Update

New Projects/Investments

Xencor reported a net loss attributable to Xencor, Inc. of $6.0 million, or $(0.08) per share, for the third quarter ended September 30, 2025, compared to a net loss of $46.3 million, or $(0.72) per share, for the same period in 2024. Revenue for Q3 2025 was $21.0 million, an increase from $17.8 million in Q3 2024.
As of September 30, 2025, cash, cash equivalents, and marketable debt securities totaled $633.9 million. The company anticipates ending 2025 with $570 million to $590 million in cash, cash equivalents, and marketable debt securities, providing a cash runway into 2028.
Xencor's CD3 T-cell engaging bispecific antibodies, XmAb819 and XmAb541, demonstrated compelling clinical data in Phase 1 studies, with plans to select recommended Phase 3 doses in 2026 and initiate pivotal studies in 2027. The company also dosed the first patient in the Phase 2b XENITH-UC study of XmAb942 for ulcerative colitis and the Phase 1b study of plamotamab for rheumatoid arthritis.
Significant partnership developments include Amgen initiating the Phase 3 XALience study for xaluritamig, Astellas presenting early clinical data for ASP2138 with potential registrational studies planned, and Zenas Biopharma reporting positive Phase 2 results for obexelimab in relapsing multiple sclerosis.

Nov 5, 2025, 9:02 PM

8-K

Xencor Announces Initial Phase 1 Results for XmAb819 in Advanced Clear Cell Renal Cell Carcinoma

XNCR

Product Launch

New Projects/Investments

Guidance Update

Xencor, Inc. announced initial Phase 1 results for XmAb819, a first-in-class ENPP3 x CD3 bispecific T-cell engager for advanced clear cell renal cell carcinoma (ccRCC), on October 24, 2025.
The study reported a 25% overall response rate (ORR) and a 70% disease control rate (DCR) in heavily pretreated patients within the target dose range.
XmAb819 demonstrated a well-tolerated safety profile, with common adverse events being Grade 1 or 2 cytokine release syndrome (CRS), rash, and gastrointestinal toxicities.
The company anticipates selecting a recommended Phase 3 dose (RP3D) in 2026 and initiating a pivotal study in advanced ccRCC in 2027.
Measures are being implemented to address prior dose preparation errors, including a new low concentration formulation expected in 1H 2026.