Xencor(US:XNCR)2025-11-05 21:02Financial Performance - Xencor reported third quarter 2025 revenue of $21.0 million, up 17.9% from $17.8 million in the same period of 2024[10] - Revenue from collaborations, milestones, and royalties for Q3 2025 was $20.999 million, up from $17.796 million in Q3 2024, representing a 17.4% increase[21] - Other income increased significantly to $41.5 million in Q3 2025 from $7.8 million in Q3 2024, primarily due to unrealized gains from marketable equity securities[13] - The operating loss for Q3 2025 was $47.519 million, improved from a loss of $55.197 million in Q3 2024[21] - The net loss attributable to Xencor, Inc. for Q3 2025 was $6.027 million, compared to a net loss of $46.288 million in Q3 2024[21] - The net loss per share attributable to Xencor, Inc. for Q3 2025 was $0.08, a significant improvement from $0.72 in Q3 2024[21] - Comprehensive loss for Q3 2025 was $5.127 million, compared to a comprehensive loss of $44.990 million in Q3 2024[21] Expenses - Research and development expenses decreased to $54.4 million in Q3 2025 from $58.2 million in Q3 2024, reflecting lower stock-based compensation and reduced costs for winding down programs[11] - General and administrative expenses remained stable at $14.2 million in Q3 2025 compared to $14.8 million in Q3 2024[12] - Total operating expenses for Q3 2025 were $68.518 million, a decrease of 6.8% from $72.993 million in Q3 2024[21] - Research and development expenses for the nine months ended September 30, 2025, were $174.610 million, slightly down from $176.630 million in the same period of 2024[21] - General and administrative expenses for the nine months ended September 30, 2025, were $46.603 million, compared to $46.300 million in the same period of 2024[21] Cash and Financial Position - Cash, cash equivalents, and marketable debt securities totaled $633.9 million as of September 30, 2025, down from $706.7 million as of December 31, 2024[10] - Xencor expects to end 2025 with between $570 million and $590 million in cash, sufficient to fund operations into 2028[9] Clinical Development - XmAb819 and XmAb541 are advancing through Phase 1 studies, with pivotal studies expected to initiate in 2027[3] - The first patient was dosed in the Phase 2b XENITH-UC study of XmAb942 for inflammatory bowel disease, aiming to identify a pivotal dose regimen[3] - Xencor is eligible for up to $225 million in milestone payments from Amgen related to the XALience study and additional royalties on net sales[9] Share Information - The weighted-average shares used in calculating net loss per share (basic and diluted) increased to 74,413 in Q3 2025 from 64,023 in Q3 2024[21]