Xencor, Inc. (NASDAQ:XNCR) Q4 2022 Earnings Conference Call February 23, 2023 4:30 PM ET Company Participants Charles Liles - Head, Corporate Communications and IR Bassil Dahiyat - President and CEO Allen Yang - Chief Medical Officer John Kuch - CFO John Desjarlais - Chief Scientific Officer Conference Call Participants Mara Goldstein - Mizuho Edward Tenthoff - Piper Sandler Dane Leone - Raymond James Etzer Darout - BMO Capital Markets David Dai - SMBC Charles Zhu - Guggenheim Partners William Maughan - Can ...

Proteins by Design® XmAb® Antibody & Cytokine Therapeutics ® Corporate Overview November 2022 Forward-Looking Statements Certain statements contained in this presentation, other than statements of historical fact, may constitute forwardlooking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements regarding Xencor's development plans and timelines; potential regulatory actions; expected use of cash resources; the tim ...

Financial Data and Key Metrics Changes - Total revenue for Q3 2022 was $27.3 million, with total revenue for the first nine months of 2022 at $143 million, primarily from royalty revenue related to partnerships with Vir and Alexion [16][18] - Total cash, cash equivalents, receivables, and marketable debt securities at September 30 totaled $564.6 million, down from $664.1 million at the beginning of the year, with an updated year-end cash position guidance of $575 million to $600 million [17][18] Business Line Data and Key Metrics Changes - XmAb564, a reduced potency cytokine targeting regulatory T-cells, showed promising biomarker data in a Phase 1 single-dose study, indicating well-tolerated subcutaneous administration and significant Treg expansion [10][23] - Vudalimab, a Phase 2 PD-1 by CTLA-4 dual checkpoint bispecific antibody, is enrolling patients for studies in metastatic castration-resistant prostate cancer and advanced gynecologic tumors [11][12] Market Data and Key Metrics Changes - The company is focusing on autoimmune diseases and oncology, leveraging its modular protein engineering tools to create a diverse development portfolio [9][10] - The Phase 1a study of XmAb564 demonstrated a significant increase in CD25 bright Treg counts, with a peak of about 150 cells per microliter at the highest dose [40] Company Strategy and Development Direction - The company aims to use proof-of-concept data from early-stage studies to guide the advancement, termination, or partnering of programs, focusing resources on those with the greatest potential for success [10] - XmAb564 is positioned as a potential best-in-class treatment in autoimmune diseases, with plans to explore multiweek dosing schedules in ongoing studies [51][52] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential of XmAb564 and its ability to provide durable Treg expansion, which could lead to improved therapeutic profiles in autoimmune diseases [50][51] - The company is committed to advancing its pipeline quickly while monitoring biomarker data to inform dosing strategies [65][66] Other Important Information - The company has sufficient cash and equivalents to fund R&D programs and operations through the end of 2025 [18] - XmAb564 is the second clinical program in the XmAb cytokine platform, with plans for additional programs to follow [52][53] Q&A Session Summary Question: Duration of dosing for atopic dermatitis and psoriasis patients - Management indicated that patients will be dosed for eight weeks, primarily focusing on biomarker data [59][60] Question: Comparison of XmAb564 with other drugs in development - Management highlighted that XmAb564's half-life and Treg expansion metrics are competitive compared to other therapies, suggesting a strong position in the market [70] Question: Insights on anti-drug antibodies - No evidence of anti-drug antibodies was observed in the early analysis of XmAb564 [107] Question: Recruitment for plamotamab combination trials - Recruitment for plamotamab is ongoing, with studies expanding beyond the U.S. [68] Question: Variability in Treg expansion data - Management expressed confidence in the data despite variability due to small sample sizes, emphasizing consistent trends across multiple measures [119][120]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number: 001-36182 Xencor, Inc. (Exact name of registrant as specified in its charter) Delaware 20-1 ...

| --- | --- | --- | --- | --- | |--------------------|-------|-------|-------|-------| | | | | | | | Proteins by Design | | ® | | | Forward-Looking Statements Certain statements contained in this presentation, other than statements of historical fact, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements regarding Xencor's development plans and timelines; potential regulatory actions; ...

Financial Data and Key Metrics Changes - Total revenue for Q2 2022 was $31 million, and for the first six months, it was $115.6 million, primarily from royalty revenue related to partnerships with Vir and Alexion [20][21] - Total cash equivalents, receivables, and marketable debt securities at June 30, 2022, totaled $679.7 million, an increase of approximately $50 million from the beginning of the year [21][22] - The company updated its year-end guidance, estimating a cash balance between $550 million and $575 million by the end of 2022, sufficient to fund R&D programs through the end of 2025 [22] Business Line Data and Key Metrics Changes - The company has three royalty-producing marketed products, including ULTOMIRIS, which received a positive opinion from CHMP in Europe for generalized myasthenia gravis [8] - The company is advancing multiple clinical programs, including XmAb-564, plamotamab, and vudalimab, with data presentations planned through the end of the year [12][13][14] Market Data and Key Metrics Changes - The company is exploring external collaborations to enhance its technology for creating new drug molecules, exemplified by a partnership with Caris Life Sciences for target discovery [9] - The competitive landscape includes other companies like Amgen, which is advancing similar bispecific programs [18] Company Strategy and Development Direction - The company aims to utilize proof-of-concept data from early-stage studies to guide its development portfolio, focusing on programs with the greatest potential for success [6][7] - The modular approach and engineering tools allow the company to create a broad internal development portfolio in oncology and autoimmune diseases [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to avoid accessing public markets for capital for over four years due to revenue from strategic licensing and collaboration agreements [7] - The management highlighted the importance of differentiating their IL-15 assets from competitors, emphasizing a systemic therapy approach compared to local delivery methods [36][38] Other Important Information - The company is initiating a Phase I study of XmAb808, a CD28 targeting bispecific antibody, in combination with pembrolizumab [19] - The company is also exploring various immune indications for its IL-2 Fc program, with plans to disclose initial indications in the coming months [41] Q&A Session Summary Question: Can you talk about the B7-H3 target and its competitive landscape? - Management indicated that B7-H3 is a broadly expressed target across various solid tumor histologies and expressed no immediate concerns regarding recent adverse events reported by competitors [27][28] Question: What are the differentiating factors for your IL-15 assets compared to competitors? - The company highlighted that their IL-15 program is designed for systemic therapy, contrasting with a competitor's local delivery method, which may limit broader application [36][38] Question: How do you view the upcoming data readout for vudalimab? - Management noted that the initial data readout would be too early to draw conclusions about different patient subtypes but would provide insights into efficacy and tolerability [63] Question: What drove the increase in guidance for cash balance at year-end? - The increase was primarily attributed to higher-than-expected royalty revenue from partnerships, which provided more clarity on timing and amounts [108][109]

Revenue and Financial Performance - In the first half of 2022, the company recorded royalty revenues of $70.3 million in Q1 and $22.1 million in Q2 from sales of sotrovimab, with expectations of declining royalties in subsequent quarters [128]. - The company received approximately $30.0 million in revenue from partnerships and collaborations during the quarter ended June 30, 2022 [129]. - Total revenues for the three months ended June 30, 2022, were $30.2 million, a decrease of $37.2 million compared to $67.4 million in the same period in 2021 [169]. - Royalty revenue increased by $22.7 million to $30.0 million for the three months ended June 30, 2022, compared to $7.3 million in the same period in 2021 [169]. - Total revenues for the six months ended June 30, 2022, were $115.7 million, an increase of 14.3% compared to $101.4 million in the same period of 2021 [178]. - Royalty revenue for the six months ended June 30, 2022, was $108.7 million, a significant increase of 94.7% from $14.0 million in the same period of 2021 [178]. - Net income (loss) for the six months ended June 30, 2022, was a loss of $10.4 million, a decrease of 60.2% compared to a net income of $49.8 million in the same period of 2021 [178]. - Other income (expense), net for the six months ended June 30, 2022, was ($8.9) million, a decrease of $65.3 million compared to $56.4 million in the same period of 2021 [184]. Research and Development - The company initiated a Phase 1 study of XmAb808, its first tumor-selective CD28 bispecific candidate, and plans to present initial data from the vudalimab Phase 2 study in the second half of 2022 [132][134]. - The company is currently enrolling patients in multiple clinical trials for six wholly owned or co-development candidates targeting various cancers and autoimmune diseases [133]. - The company plans to present data from expansion cohorts of plamotamab in the second half of 2022, with ongoing studies in collaboration with Janssen and MorphoSys AG [140][139]. - The company has decided to discontinue further internal development of tidutamab and XmAb841 due to lack of competitive clinical profiles [145]. - The company is advancing its XmAb 2+1 bispecific antibody format, which may preferentially kill tumor cells with high target expression, in multiple clinical-stage programs [149]. - The company plans to initiate a Phase 1 study for XmAb808 in the second half of 2022 after submitting an IND application in Q2 2022 [150]. - The company plans to submit an IND application for XmAb662, a reduced-potency IL12-Fc cytokine, and initiate a Phase 1 study in patients with advanced solid tumors in 2023 [153]. - The company has licensed its Xtend Fc technology to multiple partners for investigational antibodies targeting SARS-CoV-2, eligible for royalties on net sales [129]. - The company has over 1,300 issued and pending patents worldwide to protect its XmAb technology platform and drug candidates [166]. Expenses and Financial Position - Research and development expenses decreased by $2.4 million to $47.1 million for the three months ended June 30, 2022, compared to $49.5 million in the same period in 2021 [175]. - General and administrative expenses increased by $2.2 million to $11.1 million for the three months ended June 30, 2022, compared to $8.9 million in the same period in 2021 [176]. - Research and development expenses increased by $3.9 million to $94.8 million for the six months ended June 30, 2022, primarily due to increased spending on new development programs [182]. - General and administrative expenses rose by $5.3 million to $22.4 million for the six months ended June 30, 2022, mainly due to increased staffing and lease expenses [183]. - The company had an accumulated deficit of $293.5 million as of June 30, 2022, primarily due to expenses related to product candidate development and research activities [168]. - Cash provided by operating activities for the six months ended June 30, 2022, was $50.1 million, compared to cash used of $39.6 million in the same period of 2021, reflecting an increase of $89.7 million [186]. - As of June 30, 2022, the company had $679.7 million in cash, cash equivalents, receivables, and marketable debt securities, up from $664.1 million as of December 31, 2021 [190]. - The company expects that existing cash and potential milestone payments will fund operating expenses through the end of 2025, although this is subject to uncertainties [192]. Product Development and Regulatory Approval - The FDA approved Monjuvi® (tafasitamab-cxix) under accelerated approval in July 2020 for the treatment of adult patients with relapsed or refractory diffuse large B-cell lymphoma [156]. - The company recognized a $5.0 million milestone from Astellas for a development milestone for the six months ended June 30, 2022 [161]. - The company has not generated revenue from product sales to date and does not expect to do so until regulatory approval is obtained for its internal product development candidates [191].

Xencor, Inc. (NASDAQ:XNCR) Q1 2022 Earnings Conference Call May 5, 2022 4:30 PM ET Company Participants Charles Liles - Head, Corporate Communications and Investor Relations Bassil Dahiyat - President and Chief Executive Officer Allen Yang - Chief Medical Officer John Kuch - Chief Financial Officer John Desjarlais - Chief Scientific Officer Conference Call Participants Jonathan Chang - SVB Securities Supawat Thongthip - Mizuho Dane Leone - Raymond James Charles Zhu - Guggenheim Securities Etzer Darout - BMO ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number: 001-36182 Xencor, Inc. (Exact name of registrant as specified in its charter) Delaware 20-16225 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-36182 Xencor, Inc. (Exact Name of Registrant as Specified in its Charter) Delaware (State or Other Jurisdiction of I ...