XNCR

MKT CAP:$960M

Xencor, Inc.

Market Cap

$960M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$13.22-$1.70 (-11.39%)

Apr 24, 2026

Company Details

Xencor, Inc., a clinical stage biopharmaceutical company, focuses on the discovery and development of engineered monoclonal antibody and cytokine therapeutics to treat patients with cancer and autoimmune diseases. The company provides Sotro...

CEO

Bassil I. Dahiyat

IPO Date

Dec 3, 2013

Website

www.xencor.com

Key Metrics TTM

Revenue

$148M

+2.1% YoY

Net Income

-$111M

EPS (Diluted)

-$1.58

Free Cash Flow

-$68M

Revenue / Share

$1.99

Gross Margin

94.2%

Operating Margin

-102.9%

Net Margin

-75.1%

FCF Margin

-46.0%

P/S

6.5x

P/E

—

Earnings Reports

Q4 2025

May 6, 2026

PENDING

FY 2025

Feb 25, 2026

$126MEPS -$1.24

Q3 2025

Nov 5, 2025

$21MEPS -$0.08

Q2 2025

Aug 6, 2025

$44MEPS -$0.41

Q1 2025

May 7, 2025

$33MEPS -$0.66

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 20	$42M	-$6M	-$14M
Q1 21	$34M	-$7M	-$16M
Q2 21	$67M	$18M	$9M
Q3 21	$20M	-$31M	-$41M
Q4 21	$154M	$103M	$92M
Q1 22	$85M	$38M	$26M
Q2 22	$30M	-$17M	-$28M
Q3 22	$27M	-$26M	-$38M
Q4 22	$22M	-$30M	-$43M
Q1 23	$19M	-$47M	-$61M
Q2 23	$46M	-$15M	-$26M
Q3 23	$59M	-$6M	-$18M
Q4 23	$51M	$48M	-$29M
Q1 25	$33M	$30M	-$43M
Q2 25	$44M	$41M	-$33M
Q3 25	$21M	$21M	-$48M

Valuation

Quarter	P/S	P/E
Q4 20	7.8x	—
Q1 21	7.7x	—
Q2 21	5.4x	40.8x
Q3 21	5.9x	—
Q4 21	3.5x	11.6x
Q1 22	2.9x	8.8x
Q2 22	3.3x	42.7x
Q3 22	3.2x	32.1x
Q4 22	5.8x	—
Q1 23	9.8x	—
Q2 23	8.5x	—
Q3 23	6.6x	—
Q4 23	5.5x	—
Q1 25	5.1x	—
Q2 25	5.1x	—
Q3 25	6.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 20	$17M	$13M
Q1 21	-$30M	-$32M
Q2 21	-$10M	-$13M
Q3 21	-$39M	-$43M
Q4 21	$62M	$55M
Q1 22	$6M	$3M
Q2 22	$44M	$30M
Q3 22	-$1M	-$16M
Q4 22	-$24M	-$35M
Q1 23	-$31M	-$42M
Q2 23	-$38M	-$43M
Q3 23	-$27M	-$31M
Q4 23	$18M	$17M
Q1 25	-$16M	-$18M
Q2 25	-$36M	-$37M
Q3 25	-$31M	-$31M

Capital Expenditures

Quarter	CapEx
Q4 20	$4M
Q1 21	$2M
Q2 21	$4M
Q3 21	$4M
Q4 21	$6M
Q1 22	$3M
Q2 22	$15M
Q3 22	$15M
Q4 22	$11M
Q1 23	$11M
Q2 23	$5M
Q3 23	$3M
Q4 23	$980.0K
Q1 25	$1M
Q2 25	$383.0K
Q3 25	$183.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 20	+1090.4%	+63.0%
Q1 21	+4.9%	+20.6%
Q2 21	+415.3%	+15.1%
Q3 21	-44.3%	+17.1%
Q4 21	+268.0%	+12.3%
Q1 22	+151.7%	+18.9%
Q2 22	-55.3%	-0.3%
Q3 22	+38.7%	+7.6%
Q4 22	-86.0%	+3.0%
Q1 23	-77.8%	+35.0%
Q2 23	+50.9%	+22.9%
Q3 23	+116.7%	+18.0%
Q4 23	+135.8%	+24.1%
Q1 25	+72.6%	-4.8%
Q2 25	-4.2%	+7.4%
Q3 25	-64.5%	-11.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 20	$9M	20.4%
Q1 21	$8M	24.4%
Q2 21	$9M	13.9%
Q3 21	$9M	45.4%
Q4 21	$10M	6.7%
Q1 22	$11M	12.6%
Q2 22	$13M	41.8%
Q3 22	$13M	46.7%
Q4 22	$13M	59.0%
Q1 23	$13M	66.4%
Q2 23	$14M	29.8%
Q3 23	$13M	21.8%
Q4 23	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$11M	24.6%
Q3 25	$10M	48.1%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 20	$48M	$9M	—
Q1 21	$41M	$8M	—
Q2 21	$49M	$9M	—
Q3 21	$51M	$9M	$2M
Q4 21	$51M	$13M	—
Q1 22	$48M	$11M	—
Q2 22	$47M	$9M	$2M
Q3 22	$53M	$11M	$2M
Q4 22	$51M	$16M	—
Q1 23	$66M	$14M	—
Q2 23	$60M	$11M	—
Q3 23	$65M	$12M	—
Q4 23	$63M	$15M	—
Q1 25	$59M	$17M	—
Q2 25	$62M	$15M	—
Q3 25	$54M	$14M	—

Revenue Segments

Quarter	Collaboration	License	Milestone	Royalty	Research collaboration	Royalties
Q4 20	$1M	$22M	$12M	$6M	—	—
Q1 21	$15M	—	$13M	$7M	—	—
Q2 21	$59M	—	$2M	$7M	—	—
Q3 21	—	—	—	$13M	$6M	—
Q1 22	—	—	$5M	—	$2M	$79M
Q2 22	—	—	—	—	$200.0K	$30M
Q3 22	—	—	—	—	$100.0K	$27M
Q4 22	—	—	$500.0K	$16M	$5M	—
Q1 23	—	—	$5M	$14M	$200.0K	—
Q2 23	—	—	$10M	$13M	$22M	—
Q3 23	—	—	$46M	$15M	-$1M	—
Q1 25	—	—	$15M	$18M	—	—
Q2 25	—	—	$25M	$19M	—	—
Q3 25	—	—	—	$21M	—	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$78M	$311M	$390M
Q2 22	$49M	$463M	$512M
Q3 22	$53M	$548M	$600M
Q4 22	$54M	$569M	$623M
Q1 23	$72M	$516M	$588M
Q2 23	$35M	$517M	$551M
Q3 23	$53M	$442M	$495M
Q4 23	$54M	$540M	$594M
Q1 24	$31M	$505M	$536M
Q2 24	$31M	$478M	$508M
Q3 24	$29M	$514M	$543M
Q4 24	$41M	$457M	$498M
Q1 25	$40M	$430M	$470M
Q2 25	$44M	$399M	$444M
Q3 25	$28M	$443M	$471M
Q4 25	$54M	$494M	$548M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 20	58M	+0.5%	+1.4%
Q1 21	58M	+0.7%	+1.8%
Q2 21	60M	+4.0%	+5.7%
Q3 21	58M	-3.3%	+1.9%
Q4 21	60M	+3.4%	+4.8%
Q1 22	61M	+1.2%	+5.3%
Q2 22	60M	-2.5%	-1.3%
Q3 22	60M	+0.3%	+2.3%
Q4 22	60M	+0.3%	-0.7%
Q1 23	60M	-0.2%	-2.1%
Q2 23	60M	+0.1%	+0.4%
Q3 23	61M	+1.4%	+1.5%
Q4 23	61M	+0.4%	+1.6%
Q1 25	74M	+21.1%	+23.2%
Q2 25	74M	+0.8%	+24.2%
Q3 25	74M	+0.2%	+22.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 20	$207.2K	202
Q1 21	$168.1K	202
Q2 21	$333.9K	202
Q3 21	$97.4K	202
Q4 21	$606.4K	254
Q1 22	$336.6K	254
Q2 22	$118.8K	254
Q3 22	$107.5K	254
Q4 22	$76.9K	281
Q1 23	$67.5K	281
Q2 23	$162.0K	281
Q3 23	$210.5K	281
Q4 23	$182.0K	280
Q1 25	$130.9K	250
Q2 25	$174.4K	250
Q3 25	$84.0K	250

Revenue / Employee