Xencor(XNCR) - 2023 Q4 - Annual Results

Revenue Performance - Total revenue for Q4 2023 was $44.7 million, a 106% increase from $21.6 million in Q4 2022[16] - Full year 2023 revenue reached $168.3 million, compared to $164.6 million in 2022, primarily driven by milestone revenues from partnerships[16] - Revenue for Q4 2023 was $44.7 million, a 106.7% increase from $21.6 million in Q4 2022[31] - Total revenue for the year ended December 31, 2023, reached $168.3 million, slightly up from $164.6 million in 2022[31] Expenses - Research and development (R&D) expenses for Q4 2023 were $63.0 million, an increase from $51.5 million in Q4 2022; full year R&D expenses were $253.6 million compared to $199.6 million in 2022[17] - Research and development expenses increased to $63.0 million in Q4 2023, compared to $51.5 million in Q4 2022, representing a 22.5% rise[31] - Total operating expenses for the year were $307.0 million, up 24.2% from $247.1 million in 2022[31] Net Loss - Net loss for Q4 2023 was $19.1 million, or $(0.31) per share, compared to a net loss of $12.0 million, or $(0.20) per share, in Q4 2022[21] - Net loss for Q4 2023 was $19.3 million, compared to a net loss of $12.0 million in Q4 2022, reflecting a 60.5% increase in losses[31] - The net loss attributable to Xencor, Inc. for the year was $126.1 million, significantly higher than the $55.2 million loss in 2022[31] Cash and Assets - Cash, cash equivalents, and marketable debt securities totaled $697.4 million as of December 31, 2023, up from $584.5 million a year earlier[15] - Total assets increased to $952.7 million in 2023, up from $846.3 million in 2022, marking a growth of 12.5%[29] - Cash, cash equivalents, and marketable debt securities decreased to $551.5 million from $580.6 million in 2022, a decline of 5.4%[29] Liabilities - Total liabilities rose to $283.6 million in 2023, compared to $118.8 million in 2022, indicating a 138.0% increase[29] Workforce and Development - Xencor's workforce was reduced by approximately 10% to align resources with its clinical development focus[13] - The objective response rate for vudalimab in a Phase 2 study was 33%, with 25% of evaluable patients showing PSA reductions of more than 90%[6] - Two bispecific antibody candidates developed in partnership with Janssen Biotech entered Phase 1 clinical development, resulting in $27.5 million in milestone payments to Xencor[11] Future Projections - Xencor plans to end 2024 with between $475 million and $525 million in cash, sufficient to fund operations into 2027[14]