Xencor

Xencor designs new medicines for cancer and autoimmune disorders. These drugs help patients who need better treatment options. The company engineers proteins to make therapies more effective.

Medicines Built from Engineered Proteins

• Marketed Therapies: Licensed medicines such as Monjuvi and Ultomiris; developed using Xencor technology to treat blood cancers and rare immune conditions.
• Cancer Pipeline: Experimental bispecific antibodies that target two markers at once; currently undergoing early-stage clinical testing for kidney and ovarian tumors.
• Autoimmune Candidates: Engineered proteins designed to calm overactive immune responses; includes a lead program for ulcerative colitis currently in mid-stage trials.

Clinical Milestones and Strategic Shifts

• Initiated a global Phase 2b study for XmAb942 to treat ulcerative colitis in the third quarter of 2025.
• Reported that partner Zenas BioPharma met primary goals in a Phase 3 trial for a rare inflammatory disease in January 2026.
• Entered a master services agreement with Alimentiv Inc. in February 2025 to manage autoimmune clinical trials.
• Supported Amgen as it started a Phase 3 study for a prostate cancer treatment in the third quarter of 2025.
• Acknowledged Novo Nordisk acquiring rights to an engineered antibody program from Omeros in December 2025.

A Modular Approach to Design

The company uses its XmAb platform to redesign the constant part of antibodies, known as the Fc domain. This modular system allows Xencor to quickly create different drugs that can either trigger or block specific immune responses.

Tracking the Financial Path

• Revenue was $28.2 million in Q4 2025, down 59.7% from $70 million in Q4 2024.
• Net loss narrowed to $6.7 million in Q4 2025, an 87.6% improvement compared to the previous year.
• Operating income worsened to -$53.6 million in Q4 2025, falling from a $4 million profit in Q4 2024.
• Free cash flow reached -$52.9 million in Q4 2025, a 9.3% improvement from the $58.3 million deficit in Q4 2024.

Evolution of the Business

Xencor has transitioned from a technology provider to a drug developer with a broad clinical pipeline. Its strategy balances internal research with high-profile partnerships to manage the costs of drug discovery.