UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 __________________________________________________________ FORM 10-K __________________________________________________________ (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to ____________________________________________ ...

Financial Position - As of December 31, 2025, Xencor, Inc. estimates its cash, cash equivalents, and marketable debt securities to be approximately $611 million, a decrease from $706.7 million as of December 31, 2024[4] - The company expects to have sufficient cash to fund its research and development programs and operations through 2028 based on current operating plans[4]

Core Insights - Xencor, Inc. is a clinical-stage biopharmaceutical company focused on developing engineered antibodies for cancer and autoimmune diseases [1] - The company announced its corporate priorities and pipeline advancement milestones for 2026, emphasizing the development of novel XmAb® drug candidates [1] - Xencor aims to create potential first-in-class and best-in-class medicines, building on the momentum from 2025 [1]

Core Viewpoint - Guolian Minsheng Securities initiates coverage on Baiaosaitu (02315) with a "recommended" rating, highlighting the company's three major business segments experiencing high growth and industry prosperity, alongside significant financial relief from fundraising efforts as the "Thousand Mice and Ten Thousand Antibodies" plan achieves milestones [1] Group 1: Model Animals - The company dominates the humanized mouse market with over 1,700 strains, contributing significantly to core profits, with a projected sales revenue of 257 million yuan from humanized mice sales and licensing by H1 2025, accounting for 94% of revenue [1] - The sales CAGR for model animals is expected to be 51.6% from 2022 to 2024, with increasing customer repurchase rates [1] - By 2024, overseas sales of model animals are projected to account for 56.4%, with a mature U.S. subsidiary facilitating rapid order acquisition [1] Group 2: Preclinical CRO Services - The preclinical CRO services segment, which extends from model animals, has an overseas revenue share of 79%, with strong growth certainty amid a recovering investment environment [2] - The pharmacology and efficacy team operates across Beijing, Haimen, and the U.S., having completed over 6,350 drug evaluation projects for approximately 950 global partners by H1 2025 [2] - Revenue for this segment reached 155 million yuan in H1 2025, reflecting a year-on-year growth of over 90%, driven by industry prosperity and a significant increase in client numbers [2] Group 3: Antibody Molecule Transfer/Authorization - The revenue model based on upfront payments, milestones, and sales sharing allows for stepwise revenue growth as pipelines advance, significantly reducing uncertainty for pharmaceutical companies [3] - The "Thousand Mice and Ten Thousand Antibodies" plan has created a vast array of antibody formats, positioning the company as a potential global source of new drug development [3] - By H1 2025, the company has signed 61 transfer/authorization/co-development projects with renowned pharmaceutical companies, with a projected CAGR of 58.3% for this segment from 2022 to 2024 [3]

Core Viewpoint - The article does not provide any specific insights or analysis related to a company or industry, focusing instead on the author's qualifications and disclosures [1][2][3]. Group 1 - The author holds multiple degrees in Electronics and Telecommunication Engineering, Computer Science, Business Management, and Computer Applications from various institutions [1]. - The author collaborates professionally with another individual, ensuring that analyses are conducted independently [1]. - There is a clear disclosure stating that the author has no financial positions in any mentioned companies and does not plan to initiate any within the next 72 hours [2].

Group 1 - The article does not provide any specific insights or analysis related to companies or industries, focusing instead on the author's credentials and disclosures [1][2][3]

Summary of Xencor Conference Call Company Overview - **Company**: Xencor - **Industry**: Biopharmaceuticals, specifically focusing on protein engineering and bispecific antibodies - **Key Executives Present**: Basil Dahiyat (Co-founder, President, CEO), Dane Leone (Executive Vice President, Chief Strategy Officer) [1][2] Core Points and Arguments Expansion into Autoimmune Diseases - Xencor is re-entering the autoimmune disease space with the development of the anti-TL1A antibody, XmAb 942, after previously focusing on oncology [3][4] - The decision to return to autoimmune diseases was driven by the potential for creating differentiated clinical assets [4] - XmAb 942 is designed for high potency and long half-life, targeting TL1A, an inflammatory cytokine linked to inflammatory bowel diseases (IBD) [5][6] Clinical Data and Studies - Phase 1 data for XmAb 942 showed a half-life of over 71 days and sustained suppression of TL1A for over 16 weeks in healthy volunteers [7] - The ongoing Phase 2b study, XENITH-UC, aims to enroll approximately 220 patients to assess clinical remission in ulcerative colitis [11] - The study is designed to facilitate a seamless transition into registration-enabling studies, aiming for a competitive time to market [9] Future Developments - XmAb 412, a bispecific antibody targeting TL1A and IL-23, is expected to enter first-in-human trials in 2026 [10][12] - The combination of TL1A and IL-23 targeting is anticipated to enhance efficacy in IBD treatment [12][13] Other Autoimmune Programs - Xencor is also developing plamotamab, a CD20/CD3 bispecific antibody for rheumatoid arthritis (RA), leveraging their oncology experience to optimize dosing regimens [14][15] - XmAb 657, another bispecific targeting CD19/CD3, is in early development stages for myositis and other indications [16][17] Oncology Developments - XmAb 819, targeting ENPP3 in renal cell carcinoma, has shown a 25% overall response rate in heavily pretreated patients [23][24] - The company plans to expand the use of XmAb 819 into colorectal and lung cancers by 2026 [23][25] - XmAb 541, targeting CLDN6 in gynecologic tumors, is also progressing with early promising data [26][27] Partnerships and Collaborations - Xencor has established partnerships with Amgen and Johnson & Johnson, focusing on bispecific antibodies and other therapeutic areas [30][31] - The partnership with Amgen includes a phase 3 trial for Xaluritamig in metastatic castration-resistant prostate cancer, with potential royalties and milestones for Xencor [30] - Future partnerships are anticipated to enhance Xencor's capabilities and market reach [34][35] Additional Important Information - Xencor aims to be a commercial company, focusing on maximizing stakeholder value through strategic clinical development and potential partnerships [34][36] - The company is well-funded through 2028, allowing for flexibility in decision-making regarding asset management and partnerships [36] This summary encapsulates the key points discussed during the conference call, highlighting Xencor's strategic direction, clinical developments, and partnership strategies in the biopharmaceutical industry.

Summary of Xencor Fireside Chat Company Overview - **Company**: Xencor - **Industry**: Biotechnology, specifically focusing on oncology and autoimmune diseases Key Points and Arguments Expansion into Immunology - Xencor has expanded into immunology, focusing on delivering new medicines for oncology and autoimmune diseases using differentiated molecules designed with XmAb protein design tools [2][3] Oncology Pipeline Developments - The company is focusing its oncology portfolio on T-cell engagers, with significant progress in various programs: - XmAb 942, a long-acting TL1A antibody, has completed phase one and is now in a phase 2b study for ulcerative colitis [4] - XmAb 819, an ENPP3xCD3 T-cell engager for renal cell carcinoma, showed a 25% objective response rate in a heavily pretreated population [5] - Plans for phase three trials are expected next year, with pivotal studies anticipated in 2027 [6] Autoimmune Disease Focus - Xencor is advancing its autoimmune pipeline with promising candidates: - Plamotamab (CD20xCD3) is in phase one for rheumatoid arthritis (RA) [4] - The company aims to leverage its experience from oncology to develop effective dosing regimens for autoimmune diseases [27] Differentiation of XmAb 942 - XmAb 942 is designed to maximize drug exposure and potency, potentially making it best-in-class in the crowded anti-TL1A space [12][15] - The development plan emphasizes a single subcutaneous administration every 12 weeks, enhancing convenience for patients [15] Competitive Landscape in IBD - Xencor's products are positioned in a competitive market for inflammatory bowel disease (IBD), with a focus on differentiating their offerings from first-generation drugs [24] - The company anticipates a future with various biosimilar options, enhancing treatment flexibility [25] Clinical Execution and Milestones - The company emphasizes a strong focus on clinical execution, aiming to deliver timely updates and milestones to investors [7][8] - The phase 2b study for XmAb 942 is designed to efficiently identify a recommended phase three dose [16] Insights on Plamotamab and CD19/CD20 Programs - Xencor is applying learnings from oncology to develop Plamotamab for RA, focusing on ease of administration and deep B-cell depletion [27][28] - The company is exploring indications that address high unmet needs, particularly in RA, with a focus on safety and efficacy [32] Other Important Content - Xencor's strategy includes a rigorous approach to clinical trial design, aiming for efficient pathways to market [16][22] - The company is optimistic about the potential of bispecific therapies to enhance treatment outcomes in autoimmune diseases [19][20] - The leadership expressed excitement about the upcoming data and milestones, indicating a proactive approach to investor communication [17][18]

Group 1 - Ocular Therapeutix (OCUL) stock has achieved a Relative Strength (RS) Rating of 81, indicating strong market leadership [1] - Syndax Pharmaceuticals has received an RS Rating upgrade, reflecting improved technical performance [3] - Krystal Biotech's RS Rating has risen to 86, showcasing its strengthening position in the market [3] Group 2 - Genmab has entered into an $8 billion deal to acquire Merus, a company focused on cancer treatments, indicating strategic growth in the oncology sector [3] - Halozyme Therapeutics has seen an improvement in its RS Rating, suggesting positive market sentiment [3] - Incyte's stock has declined after its 2025 outlook did not meet Wall Street's optimistic expectations, highlighting potential challenges [3]

Group 1 - Halozyme Therapeutics (HALO) stock improved its Relative Strength (RS) Rating from 68 to 73, indicating a positive trend in market leadership [2] - Incyte stock declined despite exceeding third-quarter forecasts, attributed to a conservative 2025 outlook that did not meet Wall Street's expectations [3] Group 2 - Taiwan Semiconductor Manufacturing Company (TSMC) is highlighted as a leading player in the chipmaking industry, alongside other notable tech stocks that are featured on best stock lists [5] - Several companies, including Xencor, Scholar Rock Holding, Ginkgo Bioworks Holdings, Cytokinetics, and Oric Pharmaceuticals, received upgrades in their Relative Strength Ratings, reflecting improved market performance [5]